As 2025 comes to a close, bitcoin faced a tough year, down around 7% year-to-date, while gold, the S&P 500 and tech stocks continue to hit all-time highs.
As a result, public bitcoin mining stocks have shown stark contrasts, driven largely by diversification into artificial intelligence (AI) and high-performance computing (HPC) infrastructure. The strongest performers have been the companies that have pivoted aggressively toward AI.
IREN (IREN) led with a massive +300% year-to-date (YTD) gain, driven by major GPU cloud deals and support from Microsoft.
Cipher Mining (CIFR) followed strongly with +230%, expanding AI hosting partnerships specifically with Fluidstack.
Hut 8 (HUT) also soared, around +139%, capped by its recent AI announcement: a 15-year, $7 billion 245 MW AI data center lease at its River Bend site in Louisiana.
In contrast, three of the four largest bitcoin holders among public miners underperformed AI/HPC miners.
Marathon Digital (MARA), the top BTC hodler among miners with 53,250 BTC, is down -44% year to date. CleanSpark (CLSK) (13,011 BTC) and Riot Platforms (RIOT) (19,324 BTC) posted modest gains of 16% and 32% respectively, without aggressive AI diversification until much later in the year.
Core Scientific (CORZ) remained independent after shareholders rejected a $9 billion takeover bid for CoreWeave shares in October, betting on higher independent value amid demand for AI. Its shares are up just 9% so far this year.
Bitdeer Technologies (BTDR), the largest underperforming mining company in the sector, has fallen by around 50%. Most of the losses came after its third-quarter earnings announcement, when the company reported a larger-than-expected net loss and revealed a delay in its ASIC chip, adding uncertainty around its AI expansion plans.
This year underlined a clear trend: miners repurposing sites for AI data centers that outperformed pure-play bitcoin operators.
