Bitcoin mining stock prices trend lower as firms ink infrastructure, financing deals

Bitcoin mining equities trended lower on Tuesday, as the price of bitcoin continues to struggle for momentum after a monthly decline. 

Major operators including Marathon (NASDAQ: MARA), CleanSpark (NASDAQ: CLSK), and Riot (NASDAQ: RIOT) registered losses during early-week trading despite a flurry of infrastructure and financing updates across the sector.

At the time of publication, bitcoin is up 1.5% on the day at $88,900, a 1.3% increase week-over-week that has not erased a 2.8% month-over-month decrease. The stagnation in bitcoin’s price is exerting pressure on mining stocks as investors digested new developments.

Marathon (NASDAQ: MARA) shares fell 0.21% week-over-week, while CleanSpark (NASDAQ: CLSK) dropped 1.79% and IREN (NASDAQ: IREN) posted a decline of 4.44% over the same period .

Cipher (NASDAQ: CIFR) has declined 2.90% week-over-week even as the company expanded its development pipeline. Cipher announced the acquisition of a new site in Ohio designed to provide 200 megawatts of capacity. The deal brings the total development pipeline for Cipher to 3.4 gigawatts across eight sites.

TeraWulf (NASDAQ: WULF) shares slid 3.79% over the last week. The company finalized a $1.3 billion debt financing agreement on Tuesday for its joint venture in Texas, with the capital earmarked for the construction of high-performance computing infrastructure at the site.

Riot (NASDAQ: RIOT) fell 1.23% over the same period. Analysts at J.P. Morgan issued a research note on December 18 forecasting 45% upside for the stock through 2026. The bank expects Riot to sign a 600-megawatt colocation deal by the end of 2026 in a projected boost to shareholder value.

Hut 8 (NASDAQ: HUT) dropped 3.08% week-over-week following a volatility spike earlier in the month. The company entered into a hosting agreement with Fluidstack on December 17 for computer clusters to be used by Anthropic. The partnership is estimated to bring in $7 billion in revenue for Hut 8 over the 15-year contract.

Core Scientific (NASDAQ: CORZ) declined 2.42% over the lat week. Two Seas Capital filed a disclosure on December 19 revealing an increase in its ownership stake in the miner following its failed acquisition by CoreWeave, against which Two Seas protested. The investment firm now holds 8.1% of the outstanding shares in Core Scientific.

Header image by Arturo Añez via Unsplash.