Key Highlights
- WULF, MARA, ABTC, and IREN posted double-digit gains as Bitcoin traded near $64,856.
- IREN led the rally after reaffirming strong AI compute demand and progress toward its 2026 revenue targets.
- Investors remain cautious as miner stocks continue to face risks from energy costs, dilution, regulation, and Bitcoin price volatility.
Bitcoin mining stocks rallied sharply on Thursday as rising Bitcoin prices and renewed investor optimism lifted the sector.
Terawulf Inc (NASDAQ: WULF) gained 17.06% to $17.67, while MARA Holdings Inc (NASDAQ: MARA) rose 17.01% to $11.76. American Bitcoin Corp (NASDAQ: ABTC) advanced 11.08% to $5.77, and IREN Ltd (NASDAQ: IREN) led the group with a 25.32% jump to $36.73.
The gains came as Bitcoin (BTC) traded around $64,856, up approximately 0.55% in the 24 hours, according to CoinMarketCap, providing a supportive tailwind for the mining sector.
Catalysts leading to today’s gains
The rally in these stocks reflects a combination of company-specific catalysts and broader market sentiment tied to Bitcoin’s price action.
Terawulf attracted both retail and institutional interest ahead of its second-quarter 2026 earnings report, scheduled for August 5. Investors appeared encouraged by the company’s operational momentum as crypto markets stabilized.
MARA Holdings also gained ahead of its August 6 earnings release. After facing pressure in recent weeks, the stock recovered as investors positioned themselves ahead of quarterly results.
American Bitcoin Corp (ABTC) saw gains primarily correlated with Bitcoin’s intraday move toward the $64,500–$65,000 range. The company’s performance remains closely tied to BTC price fluctuations, though it has dealt with challenges including a highly dilutive 1-for-15 reverse stock split earlier in the month, which contributed to its longer-term decline.
IREN posted the strongest gain of the group after Co-founder and Co-CEO Daniel Roberts reiterated strong customer demand for the company’s AI compute capacity. He noted that approximately 85% of IREN’s $4 billion-plus annualized 2026 revenue target is already backed by signed contracts while construction continues across multiple expansion sites.
IREN had previously declined roughly 33% over the past month amid broader weakness across crypto mining stocks, making Thursday’s rebound particularly notable.
Bitcoin drives broader mining rally
Bitcoin’s recovery provided support across the mining sector. As the leading cryptocurrency climbed toward $64,855 with healthy 24-hour volume, miner stocks amplified the move due to their leveraged exposure to BTC prices.
Higher Bitcoin values directly improve mining profitability (measured by metrics like hash price and revenue per terahash), boosting investor sentiment. This correlation was evident in the synchronized green candles on the 1-day charts, where early morning momentum accelerated as BTC stabilized above key support levels.
WULF’s market cap stood near $8.45B after today’s trading, while MARA held around $4.2B. ABTC’s smaller capitalization reflected its post-reverse-split structure, and IREN maintained a solid $12.44B valuation. High betas (ranging from 3.7 to over 5) explain the outsized daily moves relative to Bitcoin itself.
Risks remain despite surge
Despite Thursday’s rally, the sector continues to face significant headwinds.
Many mining stocks remain well below their 52-week highs, including WULF ($29.84), MARA ($23.45), and IREN ($76.87). Investor sentiment continues to be weighed down by concerns over share dilution, rising energy costs, regulatory uncertainty, and growing competition from companies expanding into AI infrastructure and high-performance computing.
Persistent challenges like high electricity costs, potential halvings’ long-term impact on margins, share dilution history, insider selling, and macro sensitivity could quickly reverse today’s optimism.
While today’s gains offer relief after recent weakness, crypto mining stocks have historically experienced sharp reversals. Future performance will likely remain closely tied to Bitcoin’s price trajectory and the sector’s ability to maintain profitability in a volatile operating environment.
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