Shares of Publicly Listed BTC Mining Firms Collapse As Bitcoin Price Drops Under $90k

Bitcoin’s price saw a sharp pride dip at the start of this week which resulted in it going down below $90k per coin for the first time since mid-November 2024.

Soon after, the shares of numerous major publicly listed Bitcoin mining firms tumbled as well. Due to the widening net losses and growing competition, the worst-performing stock lost almost 30% in a single day.

The negative trend even impacted the industry leaders, as index tracking the condition of BTC mining stocks hit the lowest levels since September 2024.

In other words, Bitcoin’s price drop has a sharp impact in the traditional financial industry. One example of this is Cipher Mining (NASDAQ: CIFR) which saw a sharp decline in shares despite reporting Q4 net earnings of $18 million. Its CEO, Tyler Page, said that the firm had an extremely productive Q4 last year, as it continued the on-time execution of growth and expansion plans.

The firm’s net results, however, turned out to be worse than last year, with losses deepening to $45 million after sitting at only $26 million the year before. Now, with the BTC price drop, Cipher Mining’s share price went down by more than 17%, reaching a four-month low at the price of $4.10.

Other Affected Firms Have Seen Similar Drops

Bitdeer is another example, seeing a 29% drop in its share price during the Tuesday session, closing at $9.26 and testing its lowest levels in three months. 

A similar decline hit MARA, Wall Street’s largest publicly traded miner, which saw its shares go down 11% to $12.42; Canaan, which dropped 17% to $1.29, and even Hashrate’s Bitcoin Mining Stock Index, which hit the levels not seen in five months.

While these and other companies have seen relatively strong numbers in their latest financial reports, shareholders seem to be more focused on Bitcoin’s performance. In this case, that performance led most stocks to multi-month lows.