Winners and laggards emerge as IREN leads and BTDR falls behind

As 2025 draws to a close, bitcoin BTC$87,013.75 faced a tough year, down about 7% year-to-date, while gold, the S&P 500 and technology 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 standout performers have been companies aggressively pivoting to AI.

IREN (IREN) led with a massive +300% year-to-date (YTD) gain, fueled by major GPU cloud deals and Microsoft’s backing.

Cipher Mining (CIFR) followed strongly at +230%, expanding AI hosting partnerships specifically with Fluidstack.

Hut 8 (HUT) also soared, up around +139%, capped by its recent AI announcement: a $7 billion, 15-year AI data center lease for 245 MW at its River Bend site in Louisiana.

In contrast, three of the four largest bitcoin holders among public miners underperformed the AI/HPC miners.

Marathon Digital (MARA), the top BTC hodler among miners with 53,250 BTC, dropped -44% YTD. CleanSpark (CLSK) (13,011 BTC) and Riot Platforms (RIOT) (19,324 BTC) saw modest gains of 16% and 32% respectively, without aggressive AI diversification until much later in the year.

Core Scientific (CORZ) stayed independent after shareholders rejected a $9 billion all-stock takeover bid from CoreWeave in October, betting on higher standalone value amid AI demand. Its shares are up just 9% year-to-date.

Bitdeer Technologies (BTDR), the biggest underperforming mining company in the sector, is down around 50%. The bulk of the losses came after its Q3 earnings announcement, when the company reported a larger-than-anticipated net loss and disclosed a delay to its ASIC chip, adding uncertainty around its AI expansion plans.

This year underscored a clear trend: miners repurposing sites for AI data centers which outperformed pure-play bitcoin operators.