Bitcoin’s price surged to $94,500 at midday on Tuesday, as popular bitcoin stocks like Strategy (NASDAQ: MSTR), IREN (NASDAQ: IREN), and others rallied as well.
Bitcoin tested the $90,000 Tuesday morning before surging 4% and breaking above $94,000 before retracing to $93,000. This follows a recovery from a low of $85,000 on November 22. So far, Bitcoin’s lowest point for 2025 occurred on April 9 when the bitcoin price dropped to $75,000 during a broader market selloff.
Bitcoin miners transitioning infrastructure to support AI and high-performance computing (HPC) led the sector’s equity performance. IREN shares rose 3.65% on Tuesday. The stock has gained 375% year-to-date, marking the highest return among the bitcoin mining cohort.
Cipher Mining (NASDAQ: CIFR) joined the upward trend with a 1.04% daily gain. The company has returned 317% since the start of the year, with this performance placing it second only to IREN in year-to-date growth among the group.
TeraWulf (NASDAQ: WULF) shares climbed 3.17% during the session. The stock is up 161% year-to-date. These three companies have emphasized strategies to utilize power capacity for computing tasks beyond bitcoin mining.
Core Scientific (NASDAQ: CORZ) also recorded positive momentum, rising 3.39% on the day, versus a 25% gain for the year. CleanSpark (NASDAQ: CLSK) added 1.28%, pushing its year-to-date increase to 51%.
Hut 8 (NASDAQ: HUT) shares advanced 1.18% Tuesday. The miner has more than doubled its value in 2024 with a 108% year-to-date return. Galaxy Digital (Nasdaq: GLXY) rose 2.27%, maintaining a 56% gain for 2024.
Larger market capitalization miners showed mixed results, particularly those without a clear AI strategy. MARA Holdings (NASDAQ: MARA) rose 2.64% Tuesday but remains down 29% for the year. Riot Platforms (NASDAQ: RIOT) remained flat with a 0.13% increase, holding a 44% year-to-date gain.
MicroStrategy, often traded as a proxy for bitcoin exposure, advanced 2.63% on the day. Despite the daily move, the stock is down 37% year-to-date.Another bitcoin treasury company, Strive (Nasdaq: ASST), emerged as the day’s biggest gainer, jumping 9.36% to bring its yearly return to 98%
Some miners struggled to find momentum. Bitfarms (NASDAQ: BITF) fell 0.34%, though it retained a 92% gain for the year. Canaan (NASDAQ: CAN) edged up 0.33% but remains down 55% year-to-date.
Bitdeer (NASDAQ: BTDR) increased 1.61% on Tuesday. The stock is down 46% for the year. American Bitcoin (NASDAQ: ABTC) suffered the largest daily loss in the group, dropping 9.42% and pushing its year-to-date performance to -2%.
Header photo by Arthur A. via Unsplash
