Mining stocks surged past Bitcoin in September, igniting chatter about decoupling. The 15 largest public miners hit a record $58.1B in market cap, while BTC’s six-month run lagged. [1]
What happened — The aggregate miner market cap rose to $58.1B in September, up $16.5B from August and almost triple the March trough. BTC rose about 21% over six months, but mining stocks posted much bigger gains. [1]
Historically, Bitcoin's rise has spilled into miners, but September's performance hints at a potential shift. These moves prompt investors to ask whether miners are a BTC proxy or a separate growth vehicle. [1]
Top movers - Iris Energy (IREN) up 624% [1] - Applied Digital (APLD) up 345% [1] - Cipher Mining (CIFR) up 321% [1] - TeraWulf (WULF) up 179% to 280% [1] - Riot Platforms (RIOT) up 147% [1] - HIVE (HIVE) up 133% [1] - Core Scientific (CORZ) up 105% [1] - CleanSpark (CLSK) outperformed BTC [1] - Bitdeer (BTDR) outperformed BTC [1] - MARA (MARA) outperformed BTC [1]
Bottom line: Septembers' strength fuels the Oct 2025 debate about whether miners stay a BTC proxy or become a standalone growth vehicle. Time will tell how the sentiment evolves. [1]
References
Капитализация акций майнеров достигла рекорда. По динамике роста они обошли биткоин
Капитализация 15 майнеров достигла $58,1 млрд; акции выросли выше BTC; лидеры Iris Energy, Applied Digital, Cipher Mining.
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