Shares of major crypto mining firms fell sharply on Thursday after disappointing earnings from CleanSpark and IREN coincided with a steep drop in Bitcoin, pushing investors into risk-off mode.
Today we reported financial results for fiscal first quarter 2026 (ended 12/31/25), which delivered $181 million in revenue, strengthened our balance sheet, and advanced $CLSK‘s multi-gigawatt AI infrastructure platform.
*Revenue: $181.2 million
*Total Assets: $3.3 billion… pic.twitter.com/F2PFW89pOP— CleanSpark Inc. (@CleanSpark_Inc) February 5, 2026
Bitcoin plunged as much as 12% over the past 24 hours, briefly slipping to $60,000 early Friday before rebounding slightly. The broader crypto market followed suit, with total market capitalization shedding nearly 9%, according to CoinMarketCap.
CleanSpark hit by earnings miss, pivots toward AI strategy
CleanSpark led the sector’s decline, with its shares closing down 19.13% on Thursday before sliding another 8.6% in after-hours trading to $7.55. The sell-off followed weaker-than-expected results for the quarter ended December 31.
The company reported quarterly revenue of $181.2 million, falling short of analyst expectations of $186.7 million. CleanSpark also posted a net loss of $378.7 million, a sharp reversal from the $246.8 million profit recorded in the same period a year earlier.
Analysts at Zacks attributed the underperformance to reduced mining rewards following Bitcoin’s April 2024 halving, which likely hurt mining efficiency and squeezed margins.
Despite the setback, CleanSpark’s leadership emphasized a broader strategy beyond Bitcoin mining. CFO and President Gary Vecchiarelli said the company is increasingly focused on artificial intelligence as a long-term growth driver.
IREN, peers extend losses as market sentiment deteriorates
IREN Ltd also posted disappointing results, sending its shares down 11.46% by the close of trading before tumbling another 18.5% after hours to $32.42.
The company reported $184.7 million in revenue for the final quarter of 2025, missing Wall Street estimates by more than 16%. IREN recorded a net loss of $155.4 million, compared to a $384.6 million profit in the same quarter last year.
The weakness spilt across the sector, with RIOT Platforms sliding 14.71% and MARA Holdings dropping 18.72%, according to Google Finance data.
Bitcoin is now down roughly 29% over the past 30 days, hammering market sentiment. The Crypto Fear & Greed Index fell to a reading of 9 out of 100 on Friday, its lowest level since the aftermath of the Terra ecosystem collapse in mid-2022.
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