Bitcoin miners are suddenly outpacing the recent cryptocurrency rally after trailing bitcoin's price action through late April. Shares of miners generally hit two-month highs last week as bitcoin notched a record and after putting earnings results in the rearview mirror. Meanwhile, Strategy made another substantial bitcoin purchase.
Australia-based bitcoin miner Iren has rallied 51% so far in May. The company on May 14 reported a 164% increase in bitcoin mining revenue for Q3 to $141.2 million. Earnings and revenue came in just below FactSet expectations. Despite the recent gains, IREN stock is still down 7% in 2025.
Bitdeer Techs, TeraWulf and Core Scientific saw gains range from 53% to 37% over the past month.
Mara Holdings stock recently received a price target hike from Rosenblatt. The firm sees an opportunity in bitcoin mining stocks as bitcoin recently reached new highs, according to a research note by The Fly. Rosenblatt said that network hashrate growth has slowed. The hashrate is the computational power required to mine bitcoin. This slowdown has driven a significant increase in miner economics, according to the firm. Rosenblatt raised its price on MARA stock to 20 from 17 and kept a buy rating on the shares.
Elsewhere, Citizens JMP on Thursday initiated coverage of Hut 8 with an outperform rating and a 25 price target. The firm said that bitcoin miners and power companies are "uniquely situated to provide additional space and power for data centers," noting their ability to leverage existing deployments. Citizens JMP believes that Hut 8 could hypothetically achieve a stock price of 74 on the high-performance computing business alone in the long term if it sells out of capacity.
Meanwhile, major companies like Meta Platforms and Microsoft continue spending big on AI and data centers.
Gryphon Digital Mining has led bitcoin miners over the past month with a 442% gain, MarketSurge data shows. GRYP stock rocketed 173% on May 12 after the company announced an agreement to buy American Bitcoin, the Trump-backed subsidiary of Hut 8, in a go-public transaction. The combined company will operate under the American Bitcoin brand and trade on the Nasdaq under the symbol ABTC. The deal is expected to close in the third quarter of 2025 subject to approval and closing conditions. Gryphon shareholders will own about 2% of the combined company, while American Bitcoin stockholders will own 98%.
Still, GRYP stock is only trading around 1.15 with a year-to-date gain of about 187%.
Bitcoin's New High
Meanwhile, bitcoin's recent surge also supports bitcoin miners. Bitcoin last Wednesday rallied to a record $111,970 to surpass its previous peak above $109,200 set on Jan. 20.
LMAX analyst Joel Kruger told IBD that bitcoin's latest record high has "sparked renewed demand for mining stocks." He added that optimism about increased revenue potential, miner diversification into AI and high-performance computing, as well as expectations for favorable U.S. crypto regulations have also contributed to the bitcoin miner rally.
Kruger in a note last week said that "robust institutional interest, advancing regulatory clarity and strong market fundamentals" helped drive the rally. Kruger added that Texas' recent bitcoin reserve bill, Coinbase's addition to the S&P 500 and the U.S. Senate advancing the GENIUS stablecoin bill are also supportive factors.
Meanwhile, bitcoin is demonstrating resilience despite global macro headwinds, such as the Moody's U.S. credit downgrade, fiscal deficit concerns and rising Treasury yields.
On-chain data shows there has been minimal selling pressure, Kruger said, while large holders are accumulating, which provides a solid price floor for bitcoin. Record ETF inflows in 2025 are also bolstering a bullish outlook and sustaining upward momentum.
Kruger noted that bitcoin's record high could set the stage for a measured rally toward $145,000.
"Overall, favorable regulatory progress, rising institutional adoption, and growing recognition of bitcoin's value proposition should continue to drive optimism," he said.
Trump Media Bitcoin Treasury Deal
Elsewhere, Trump Media and Technology Group on Tuesday announced a new deal to build up a bitcoin treasury. Trump Media has entered subscription agreements with about 50 institutional investors to issue and sell around $1.5 billion in common stock and $1 billion in convertible senior notes. The company plans to use the $2.5 billion in proceeds to create a bitcoin treasury. The deal will bring Trump Media's liquid assets to over $3 billion and make it marks one of the largest bitcoin treasury deals of any public company, according to the release.
Trump Media CEO Devin Nunes said the company plans to evolve into a holding company by acquiring additional profit-generating "crown jewel" assets.
Crypto.com and Anchorage Digital will provide custody services for the bitcoin treasury. The deal is expected to close around May 29, subject to customary closing conditions.
Bitcoin Miners, Crypto Stock Action
Meanwhile, bitcoin traded around $109,800 late Tuesday, down a fraction over the past day. The price of bitcoin has rallied about 16% over the past month with a year-to-date gain of 17.6%.
Bitcoin miners were mixed in Tuesday's early action.
MARA stock jumped almost 12% Tuesday. Riot, CleanSpark, and Bitdeer advanced about 7% to 4%.
Hut 8 and Iren both advanced more than 1%.
Gryphon Digital reversed for a 9.5% decline.
Coinbase climbed 1.2% Tuesday.
Strategy inched higher Tuesday. Michael Saylor on Monday announced that Strategy acquired another 4,020 bitcoin for $427.1 million, or about $106,237 per bitcoin. As of May 25, Strategy holds 580,250 bitcoin acquired for $40.61 billion, or about $69,979 per bitcoin.
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