Bitcoin Mining Stocks Outperform BTC’s Record $126K High

As Bitcoin reached a new all-time high of $126,080 on Monday, the stock prices of publicly traded mining companies demonstrated even more dramatic momentum. HIVE Digital led the charge with a remarkable 25% jump to nearly $6 per share by market close, while Iris Energy (IREN) climbed more than 14% to $57.75. Other major players in the space followed suit, with Marathon Digital Holdings (MARA) finishing Monday priced at $21 per share after jumping more than 9%, and CleanSpark (CLSK) rising by the same percentage to trade at $17. Riot Platforms (RIOT) completed the bullish picture, climbing nearly 11% on the day to $21.56.

This significant outperformance occurred even as Bitcoin itself showed strong momentum, recently up over 2% over a 24-hour period according to CoinGecko data, though it had dropped slightly to $125,191 after hitting its peak—still representing a 9.5% jump over the past week. The divergence between Bitcoin’s performance and mining stock gains highlights investors’ growing recognition that these companies offer more than just simple exposure to cryptocurrency price movements.

According to Texas Blockchain Council President Lee Bratcher, miners are winning because they’re ‘flexing optionality: power, infrastructure, AI revenue, and leveraged exposure to Bitcoin rallies, all packaged in stocks.’ This multifaceted value proposition gives them ‘an edge over crypto companies whose exposure is narrower or more operationally constrained.’ Bratcher emphasized that investors are increasingly viewing miners not just as Bitcoin proxies but as ‘owners of scarce infrastructure: power contracts, land, grid access, and cooling capacity.’

The infrastructure advantage became particularly evident last month when Google announced it was backstopping a deal between AI compute company Fluidstack and Bitcoin miner Cipher, giving Google the right to buy a 5.4% stake in Cipher. This partnership demonstrates how mining companies are leveraging their high-powered computing capabilities to diversify revenue streams beyond cryptocurrency mining. As Bratcher noted, ‘When crypto is hot, that infrastructure becomes more valuable, especially if grid demand becomes tight.’

Adding to their appeal, some miners are holding onto their mined BTC rather than selling it, giving them a benefit akin to crypto treasury firms, particularly as Bitcoin continues its upward trajectory. This strategic accumulation of Bitcoin reserves positions these companies to benefit directly from price appreciation while maintaining their operational infrastructure.

The mining stock surge coincides with what experts call the ‘debasement trade’—when investors seek protection against weakening currencies and geopolitical headwinds. Over the past seven days, the ongoing U.S. government shutdown and an expected October interest rate cut from the Federal Reserve has led Bitcoin, gold, and other cryptocurrencies and precious metals to rally. The dollar index, which measures the value of the greenback against major world currencies, suffered its worst first half of the year since the early 1970s as President Donald Trump advanced his trade war policies.

This macroeconomic environment has driven record investment into cryptocurrency products. U.S. investors last week poured a record amount into Bitcoin ETFs to gain exposure to the biggest and oldest digital coin. According to data from European asset manager CoinShares, crypto investment products received $5.95 billion in fresh cash, with the largest portion ever directed to Bitcoin funds in a single week: $3.55 billion in total. The report confirmed that the lion’s share of this investment was directed at Bitcoin ETFs trading in the U.S.

The convergence of these factors—currency concerns, institutional ETF inflows, and miners’ infrastructure advantages—has created a perfect storm for mining stock outperformance. As investors worldwide grow increasingly worried about currency debasement, they’re turning not just to Bitcoin itself but to the companies positioned to benefit most from its ecosystem growth and infrastructure demands.