Riot Platforms, IREN, and MARA Drop Further as Bitcoin Miners Wrestle With the AI Headwinds
Key takeaways
- Bitcoin miners pivoting to AI are facing steep headwinds, with shares falling back and short interest climbing, raising doubts about the long‑term viability of the strategy.
- IREN share price $27 (65% below all‑time high)
- Riot share price $13.72 (55% below year‑high)
- MARA share price $7.53 (68% below record high)
What happened
Bitcoin mining firms that have shifted to artificial‑intelligence data centers are losing momentum, with shares falling back to levels seen earlier in the year. IREN slid to $27, its lowest since September 2025, a 65% drop from its all‑time high. Riot Platforms fell to $13.72, 55% below its year‑high, and MARA Holdings sank to $7.53, 68% off its record peak. Short interest has climbed to 20.7% for IREN and 12.8%–26% for Riot and MARA, while other miners such as Core Scientific, Terawulf,…
Why it matters
The decline signals that the AI pivot may not be delivering the expected upside for these miners. Investors are wary because AI data centers are capital‑intensive and the industry faces a projected $3.8 trillion in impairments by 2030. The high short interest and falling prices suggest growing skepticism about the…
Short-term and longer-term
Short-term. Over the next few days, watch for any new funding announcements or Bitcoin sales from IREN, Riot or MARA.
Longer-term. In the coming months, investors should reassess the long‑term prospects of these miners.