Are Pure Play Bitcoin Miners Going to Reprice Like AI/HPC Miners?

Pure-play bitcoin (BTC) mining stocks are waking up from their slumber after lagging behind those pivoting to the red-hot data center business. Pure-play miners such as MARA Holdings (MARA) and CleanSpark (CLSK) surged 10% and 17% on Thursday, leading gains among the CoinShares Bitcoin Mining ETF ￰0￱ are two key factors that may be driving the sharp ￰1￱ first is the idea that investors could be front-running expectations of a strong year-end for bitcoin, a period that has historically delivered some of its most bullish ￰2￱ is climbing towards $118,000 following the Federal Reserve's interest rate cut, up 2.2% on Thursday and trading only 5% below its all-time ￰3￱ sentiment improving, miners with significant BTC stash on the balance sheet could be leveraged plays on bitcoin's potential rally to new ￰4￱ and CleanSpark remain the sector’s largest BTC holders with 52,477 ($6.2 billion) and 12,703 ($1.5 billion) tokens, ￰5￱ (MSTR), the world's largest corporate owner of BTC, is up 7% as well ￰6￱ second driver could be investors rotating profits from stocks in high-performance computing (HPC) and artificial intelligence (AI), which have enjoyed outsized gains over the past ￰7￱ Energy (IREN), Cipher Mining (CIFR), and Bitfarms (BITF) have all surged, with Bitfarms up 150% in September alone, IREN gaining over 600% since April and CIFR advancing 500% during the same period.