Could Bitcoin-Only Miners See a Rerating Similar to AI/HPC Operators?

Pure-play bitcoin miners are showing renewed strength after months of lagging behind peers diversifying into data centers, with the sector catching a fresh wave of momentum as bitcoin pushes toward record highs.

Pure-Play Miners Rebound

MARA Holdings (MARA) surged 10%, while CleanSpark (CLSK) jumped 17% on Thursday, topping the leaderboard of the CoinShares Bitcoin Mining ETF. The rally suggests investors are once again rewarding firms most directly tied to bitcoin’s performance.

Bitcoin Momentum Builds

Bitcoin rose 2.2% to about $115,700, narrowing the gap to its all-time high to just 5% after the Federal Reserve’s recent rate cut. The token is now within striking distance of $118,000, fueling optimism for a strong year-end — a period that has historically delivered some of bitcoin’s strongest gains.

Miners with large BTC holdings stand to benefit the most if prices break higher. MARA holds 52,477 BTC ($6.2 billion), while CleanSpark owns 12,703 BTC ($1.5 billion). MicroStrategy (MSTR), the largest corporate bitcoin holder, also advanced 7% Thursday.

Rotation Out of AI/HPC Miners

Another dynamic at play may be a rotation of capital away from AI and HPC-focused miners, which have already posted massive gains. Bitfarms (BITF) has rallied 150% this month, Iren Energy (IREN) is up 600% since April, and Cipher Mining (CIFR) has advanced 500% over the same period.

But Thursday saw some cooling in the segment, with CIFR down 7% and IREN slipping 4%, suggesting investors may be shifting profits into bitcoin-focused names.

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