Crypto Mining Stocks Hit Hard By Bitcoin Plunge, But Retail Refuses To Buckle

Bitcoin’s (BTC.X) price dipped by nearly 6% in the last 24 hours as positive labor data and continued economic strength signaled that the Federal Reserve is unlikely to cut interest rates further, dragging crypto-mining stocks down with it. 

The apex crypto is now trading at around $95,000, sharply correcting from highs of over $100,000 on Monday – the first time Bitcoin crossed that threshold this year. 

Marathon Digital Holdings Sentiment and Message Volume on Jan 8 as of 8:00 a.m. ET | Source: Stocktwits

Shares of Marathon Digital Holdings (MARA) dipped more than 2% in the pre-market trade on Wednesday after closing 7% in the red on Tuesday. 

However, retail sentiment on Stocktwits improved to ‘bullish’ from ‘neutral’ a day ago. 

The second-largest corporate holder of Bitcoin, after MicroStrategy Inc. (MSTR), currently has 44,893 Bitcoin in its treasury, valued at around $4.3 billion. 

Despite Bitcoin’s recent rally, Marathon Digital’s stock is down 26.6% in the last year. 

One user expressed frustration at the performance divergence between the two, forecasting that 2025 may be a better year given President-elect Donald Trump’s more crypto-friendly outlook.

Riot Platforms Inc. Sentiment and Message Volume on Jan 8 as of 8:10 a.m. ET | Source: Stocktwits

Shares of Riot Platforms Inc. (RIOT) tumbled more than 3% in pre-market trade on Wednesday, even as retail sentiment remained in the ‘bullish’ territory on Stocktwits. 

The stock closed Tuesday down 3.72%.

The Bitcoin miner is the third-largest corporate holder of the cryptocurrency with 17,722 BTC in its coffers, valued at approximately $1.7 billion. 

Like most other miners, the Riot’s stock did not rally alongside Bitcoin in 2024, falling over 22% in the last year. 

However, so far this year, the shares have gained around 18%. 

One user on Stocktwits opined that the market will dump Bitcoin until Trump’s inauguration on Jan. 20, before rallying back up again. 

Cleanspark Inc. Sentiment and Message Volume on Jan 8 as of 8:15 a.m. ET | Source: Stocktwits

Shares of Cleanspark Inc. (CLSK) also fell more than 3% in pre-market trade on Wednesday, after falling more than 6.3% on Tuesday.

Retail sentiment on Stocktwits also simmered to ‘normal’ levels from ‘bullish’ a day ago. 

Cleanspark has 10,096 BTC in its treasury, valued at around $948 million. 

The stock had a better year than other Bitcoin miners, with relatively flat performance over the last year. So far this year, the stock is up 13%. 

Users on Stocktwits are using the stock price dip to buy up more shares. 

Shares of other Bitcoin miners were also in the red during pre-market trade on Wednesday. Hut 8 Corp. (HUT), Bit Digital Inc. (BTBT), and TeraWulf Inc. (WULF) were down more than 2%.

Meanwhile, Grayscale Bitcoin Mini-Trust ETF (BTC) was down over 1%. 

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