Bitcoin Miners Are Moving Pre-Market Even As Crypto Prices Hold Firm

Bitfarms was included in Canada's TSX Composite Index, increasing passive fund exposure, and marked a strategy shift toward AI data centers and high-performance computing infrastructure.

• Bitcoin miners led pre-market gains, with MARA, RIOT, and CORZ higher despite mixed spot crypto performance.
• Stock-specific catalysts, including analyst updates, index inclusion, and AI-HPC pivots, drove moves rather than broad fund flows.
• Options activity in Bitfarms shifted moderately bullish, indicating speculative positioning, even as volatility expectations remained contained.

Crypto-linked equities were higher in pre-market trading on Friday, even as the broader cryptocurrency market showed limited movement overnight.

The strength in mining stocks comes as Bitcoin (BTC) traded modestly higher, hovering near $88,600. On Stocktwits, the retail sentiment around Bitcoin remained in the ‘extremely bearish’ territory, accompanied by ‘low’ levels of chatter over the day.

Bitcoin Miners Lead Pre-Market Moves

Marathon Digital Holdings (MARA), the largest publicly traded pure-play Bitcoin miner by market capitalization, was among the early movers, trading near $9.94, up about 0.8% in pre-market activity. 

Marathon was also in focus after Rosenblatt lowered its price target on the Bitcoin miner. As per The Fly, Rosenblatt analyst Chris Brendler cut his price target on MARA to $15 from $22, while maintaining a buy rating on the shares. Brendler said persistently high network competition has pressured Bitcoin miners throughout 2025, a trend he said has “gone from bad to worse” following Bitcoin’s recent pullback. 

While pure-play mining economics remain under pressure, the analyst added that the impact is more limited for miners with exposure to high-performance computing (HPC) hosting, which he described as “entirely uncorrelated and considerably more profitable” than traditional mining operations.

Riot Platforms (RIOT), a vertically integrated Bitcoin miner, was trading around $13.92, up about 1.8% ahead of the open. On Stocktwits, retail sentiment around Riot Platforms improved from ‘bearish’ to ‘neutral’ zone, accompanied by ‘low’ levels of chatter over the past day.

Likewise, CleanSpark (CLSK), a rapidly scaling Bitcoin miner focused on energy efficiency, was modestly lower, trading near $11.40, down about 1% in early indications. On Stocktwits, retail sentiment around CleanSpark remained in the ‘bearish’ zone, as chatter levels dropped from ‘low’ to ‘extremely low’ over the past day.

Core Scientific (CORZ), one of the largest miners by installed hash rate, was also higher, changing hands around $15.57, up roughly 0.6% over the past day. On Stocktwits, retail sentiment around Core Scientific dropped from the ‘bullish’ zone to the ‘bearish’ zone, as chatter levels dropped from ‘normal’ to ‘low’ over the past day.

Bitfarms (BITF) was also in focus after the stock saw moderately bullish trading activity earlier this week. BITF shares rose about 9.5% on Dec. 22, or roughly 24 cents, to trade near $2.77, according to The Fly. On Stocktwits, retail sentiment around Bitfarms remained in the ‘bearish’ zone, as chatter levels remained at ‘low’ levels over the past day.

The move coincided with a series of company-specific developments. Bitfarms was added to Canada’s TSX Composite Index, a step that can increase passive fund exposure, while the company has also signaled a strategic pivot toward AI data center and high-performance computing infrastructure, according to a report by TS2 Tech. The company continues to emphasize geographically diversified mining operations across North America alongside efforts to broaden revenue beyond Bitcoin mining.

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