Bitcoin Miners IREN and CleanSpark Slide After Earnings Misses Deepen Sector Pressure
Shares of Bitcoin miners IREN and CleanSpark fell sharply following weak quarterly results and a broader crypto market slump. CleanSpark’s shares dropped 19%, closing at $7.55 after-hours, while IREN’s shares fell 11% to $32.42. IREN reported $184.7 million in revenue for its fiscal Q2 2025, down from $240.3 million in the previous quarter, and a net loss of $155.4 million, reversing earlier net income. Losses were affected by non-cash items, debt-related expenses, and mining hardware impairments due to a strategic shift from Bitcoin mining to AI cloud infrastructure. CleanSpark reported $181.2 million in revenue but faced a net loss of $378.7 million, mainly due to Bitcoin price volatility and asset revaluations. The broader crypto downturn, with Bitcoin dropping over 11% that day, exacerbated the pressure on these companies, highlighting ongoing volatility and exposing their balance sheets to market swings. Both companies emphasized progress in AI infrastructure and strategic flexibility despite current challenges.
