HPC/AI exposure drove miner valuations in 2025. The next phase will separate execution from narratives, and that's where re-ratings will diverge. $IREN $APLD $CIFR $WULF $HUT
Institutions increased positions in Bitcoin miners during first 9 months of 2025, with $IREN, $APLD, $CIFR, and $RIOT leading gains in holder numbers and capital flows.
In 2025, $IREN, $APLD, and $CIFR led the Bitcoin mining sector, each delivering >200% 1-year returns. But the bigger story sits beneath the leaderboard: the market clearly favored certain types of companies over the past year.
Applied Digital's $11B HPC deal puts it in the same league as Core Scientific and TeraWulf. But is the market sleeping on it?
