IREN and CleanSpark Shares Slide After Earnings Miss

Shares of bitcoin mining companies IREN and CleanSpark dropped sharply after both firms reported quarterly results below Wall Street expectations. The earnings misses came amid worsening market conditions and a broad risk-off move across digital assets.

Bitcoin fell 12% in 24 hours and briefly touched $60,000, intensifying pressure on mining equities. At the same time, total crypto market capitalization declined by nearly 9%, according to CoinMarketCap data.

CleanSpark led the decline. Its shares fell 19.13% during regular trading and dropped another 8.6% after hours to $7.55. The sell-off followed weaker-than-expected revenue for the quarter ended Dec. 31.

CleanSpark turns toward AI infrastructure

CleanSpark reported quarterly revenue of $181.2 million, missing analyst expectations of $186.66 million by approximately 2.9%. The shortfall added to concerns over mining profitability in the post-halving environment.

Zacks analysts noted that reduced block rewards following the April 2024 bitcoin halving likely constrained mining efficiency and margins during the period.

The company posted a net loss of $378.7 million, compared with a net profit of $246.8 million in the same quarter a year earlier.

CleanSpark chief financial officer and president Gary Vecchiarelli said the firm is repositioning itself beyond pure bitcoin mining. He emphasized artificial intelligence infrastructure as a long-term revenue driver alongside digital asset management.

IREN earnings also disappoint

IREN Ltd also missed earnings expectations, sending its shares down 11.46% during the session. After-hours trading saw an additional 18.5% decline, with the stock falling to $32.42.

The company reported revenue of $184.69 million for the final quarter of 2025. This figure came in 16.49% below market expectations. IREN posted a net loss of $155.4 million, compared with net income of $384.6 million a year earlier.

Other major mining stocks declined as well. RIOT Platforms fell 14.71%, while MARA Holdings dropped 18.72%, according to Google Finance.

Bitcoin’s price has declined 29% over the past 30 days, sharply weakening market sentiment. The Crypto Fear and Greed Index fell to 9 out of 100, marking its lowest level since the Terra collapse in mid-2022.

Read also: Bitcoin Trades Below Mining Production Cost