MARA and CleanSpark Surge as Bitcoin Rallies Toward $118K

Bitcoin miners MARA and CleanSpark posted strong double-digit gains as BTC approaches $118,000. Investors are rotating out of AI stocks and returning to core mining plays.

Pure-Play Miners Rally on Bitcoin Momentum

Shares of bitcoin miners MARA Holdings and CleanSpark jumped 10% and 17% respectively on Thursday, leading the CoinShares Bitcoin Mining ETF. The rally comes as bitcoin climbs 2.2% in a day, now trading just 5% below its all-time high, following the Fed’s recent interest rate cut.

With bullish sentiment returning, miners holding significant BTC reserves are seen as leveraged vehicles for upside. MARA holds 52,477 BTC ($6.2B), while CleanSpark has 12,703 BTC ($1.5B), making them top targets for investors expecting a year-end rally. MicroStrategy, which owns the most BTC among corporations, also rose 7%.

Rotation From AI to Bitcoin Mining Accelerates

Another key driver behind the surge could be profit-taking in high-flying AI and HPC stocks. Bitfarms soared 150% in September, Iren Energy surged 600% since April, and Cipher Mining rose 500%. However, this week, both IREN and CIFR are down 4% and 7% respectively, suggesting a rotation into bitcoin mining stocks.

This capital rotation signals renewed belief in bitcoin’s upside and suggests that pure-play miners may reprice similarly to their AI-linked peers. As institutional capital flows back into BTC, core miners could become the next major growth story in the market.