Bitcoin Miners IREN and CleanSpark Slide After Earnings Misses Deepen Sector Pressure

In brief

• IREN and CleanSpark shares fell sharply after both companies missed revenue estimates in their latest earnings reports.
• The results landed as Bitcoin contines its slide, amplifying pressure on publicly traded miners.
• Investors appeared focused on near-term execution and balance-sheet risk despite both companies’ push into AI infrastructure.

Publicly traded Bitcoin miners IREN and CleanSpark saw their share prices drop sharply on Thursday, as disappointing quarterly results coincided with a broader crash across cryptocurrency markets. CleanSpark shares closed sharply lower, falling $1.95, around 19%, on the session, and were trading at $7.55 in after-hours trading. IREN shares fell $5.11, or 11%, during the day and were trading at $32.42 after the close, according to MarketWatch. The downturn underscores the ongoing financial volatility for miners and investors as they navigate fluctuating asset prices and infrastructure expenses. 

IREN reported $184.7 million in revenue for its fiscal second quarter ended December 31, 2025, down from $240.3 million in the prior quarter. The company posted a net loss of $155.4 million, reversing $384.6 million in net income reported in the previous period. The company said the quarter reflected a transition as it shifts from Bitcoin mining toward AI cloud infrastructure. Results included significant non-cash and non-recurring items, including $219.2 million in unrealized losses tied to financial instruments and a one-time debt conversion inducement expense, as well as $31.8 million in mining hardware impairments related to an ongoing ASIC-to-GPU transition across its British Columbia operations. Even though the company’s stock slid, Daniel Roberts, co-founder and co-CEO of IREN, said the company continued to make progress during the quarter as it expanded its AI cloud business.

“Last quarter marked meaningful progress across capacity expansion, customer engagement, and capital formation, reflecting IREN’s progress as a scaled AI Cloud platform,” Roberts said in a statement on X. CleanSpark also reported quarterly results that fell short of expectations. The company posted $181.2 million in revenue for the quarter ended December 31, 2025, up from a year earlier, but reported a net loss of $378.7 million, compared with net income in the same quarter last year. CleanSpark said the loss was driven largely by non-cash items tied to Bitcoin price movements and asset revaluations. As of quarter-end, the company reported $458 million in cash, $1 billion in Bitcoin holdings, and $1.3 billion in working capital, alongside $1.8 billion in long-term debt. The earnings reports landed during a broad selloff across cryptocurrency markets, with Bitcoin falling more than 11% on the day. The decline has weighed on publicly traded miners and other crypto-exposed companies, increasing scrutiny of earnings volatility and balance-sheet exposure. Despite the sell-off, CleanSpark President and CFO Gary A. Vecchiarelli tried to paint an optimistic picture. “Bitcoin mining generates the cash flow, AI infrastructure monetizes the assets over the long term, and our Digital Asset Management function optimizes capital and liquidity across cycles.,” he wrote on X. "This approach gives us flexibility and provides the framework to allocate capital where returns are most attractive, a combination we believe is increasingly rare in today’s market.”