Bitcoin Mining Stocks Surge as Investors Bet on Year-End Rally

Bitcoin mining stocks are seeing renewed momentum after months of lagging behind companies shifting toward high-performance computing and artificial intelligence. Shares of pure-play miners such as MARA Holdings (MARA) and CleanSpark (CLSK) soared 10% and 17% on Thursday, making them top performers within the CoinShares Bitcoin Mining ETF.

The rally comes as bitcoin (BTC) climbs to $117,096, up 2.2% on the day and just 5% shy of its all-time high. Following the Federal Reserve’s recent interest rate cut, optimism is growing for a strong year-end performance. Historically, bitcoin has delivered some of its most bullish gains in the final quarter, and miners with large BTC reserves are seen as leveraged plays on the potential breakout. MARA currently holds 52,477 BTC worth $6.2 billion, while CleanSpark owns 12,703 BTC valued at $1.5 billion. MicroStrategy (MSTR), the largest corporate bitcoin holder, also gained 7% on Thursday.

Another factor driving momentum is investor rotation from AI and data center stocks into pure-play mining companies. Over recent months, firms such as Iren Energy (IREN), Cipher Mining (CIFR), and Bitfarms (BITF) captured massive gains—Bitfarms surged 150% in September, while IREN jumped over 600% since April and CIFR advanced 500%. However, recent pullbacks in CIFR (-7%) and IREN (-4%) suggest profit-taking, with some capital flowing back into bitcoin miners.

With bitcoin nearing record levels and investor sentiment improving, mining stocks may continue to benefit. If BTC pushes beyond its all-time high, companies with significant holdings like MARA and CleanSpark could offer amplified returns, positioning them as key beneficiaries of the crypto market’s next leg higher.