David Moadel
4 min read
Quick Read
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CleanSpark sinks 7% and MARA drops 5% while Strategy slips just 1%, exposing how operating costs punish miners far harder than direct Bitcoin holders.
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IBIT falls just 1% today while CleanSpark and MARA are down 40% and 51% over the past year, far outpacing the coin’s losses.
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CleanSpark’s pivot to AI data center hosting promises steadier revenue but demands capital it doesn’t generate, risking further share dilution for investors already underwater.
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Mining stocks are trailing Bitcoin (CRYPTO:BTC) by a wide margin, and CleanSpark (NASDAQ:CLSK) stock is absorbing the biggest losses in the group. CleanSpark stock is at $10.72, down 7% in morning trading. Selling this uneven points to pressure on the miners themselves, since the coin they produce is holding up far better.
Meanwhile, MARA Holdings (NASDAQ:MARA) stock is at $9.89, down 5%, a smaller drop than the one in CleanSpark stock that still far exceeds the dip in the coin. For its part, Strategy (NASDAQ:MSTR) stock is at $151.76, down 1%, a much softer slip for the one company in this group that holds Bitcoin outright. The spread between those two moves maps onto the difference in how each company makes money.
Tracking the coin directly, the iShares Bitcoin Trust ETF (NASDAQ:IBIT) is at $46.54, down 1%. As a gauge of large U.S. companies, the SPDR S&P 500 ETF Trust (NYSEARCA:SPY) is at $775.01, down 0.3%. Against that calm backdrop, the biggest selling sits directly with the miners.
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Miners Keep Falling Harder Than the Coin
A full year of trading shows the same pattern. Over that span, CleanSpark stock is down 40%, while MARA stock is down 51%. The iShares Bitcoin Trust ETF is down 33% across the same year, a smaller loss for a fund that tracks the asset both miners are exposed to.