Investors penalize CleanSpark’s AI landlord strategy despite a 7% Bitcoin surge, diverging from Marathon Digital’s flat performance.
CleanSpark shares fell 6% to $11.84 in morning trading, underperforming Bitcoin’s 7% rally to $77,740.82 and Marathon Digital’s near-flat 0.1% dip to $11.14. The decline reflects growing skepticism over the miner-to-AI-landlord transition, not crypto weakness.
Riot Platforms’ $9.1B Anthropic deal failed to sustain its initial 20% gain, while the miner ETF WGMI slid 3% despite Bitcoin’s surge. CleanSpark’s $6.6B Sandersville lease remains non-cash, with mining revenue down 30% and EBITDA turning deeply negative.
The split in miner performance signals a repricing of AI-related narratives, as traders weigh execution risks over long-term power infrastructure promises.