Following disappointing earnings reports, shares of CleanSpark and IREN have declined significantly. CleanSpark's stock fell 19.13% during Thursday's trading, closing at $7.55 after a further drop of 8.6% in after-hours trading. The company's revenue for the quarter ending December 31 was reported at $181.20 million, falling short of analyst expectations by around 2.9%.
Meanwhile, IREN Ltd reported a revenue of $184.69 million for the last quarter of 2025, which was 16.49% below Wall Street’s estimates. Its shares experienced an 11.46% decrease and a further decline of 18.5% after hours, settling at $32.42. Both companies attributed their challenges to lower mining rewards and decreased efficiency, exacerbated by the recent drop in Bitcoin's price.
The cryptocurrency market faced additional pressures, with Bitcoin (BTC) falling approximately 12% overnight to a low of $60,000, contributing to a nearly 9% decrease in overall market capitalization. Other crypto mining firms also suffered losses, with RIOT Platforms down 14.71% and MARA Holding dropping 18.72% on Thursday.