Publicly traded Bitcoin miners IREN and CleanSpark plunged Thursday after quarterly results missed expectations, compounding a wider crypto market rout that saw Bitcoin tumble more than 11%. Market moves - CleanSpark shares plunged about 19%, falling $1.95 to close sharply lower and trading around $7.55 in after-hours action, according to MarketWatch. - IREN shares dropped roughly 11%, down $5.11 on the day and trading near $32.42 after the close. What the earnings showed - IREN (fiscal Q2 ended Dec. 31, 2025): Revenue fell to $184.7 million from $240.3 million in the prior quarter. The company swung to a net loss of $155.4 million, versus $384.6 million in net income in the previous period. IREN said the quarter reflects a transition away from pure Bitcoin mining toward building AI cloud infrastructure. Results included large non-cash and one-off hits: $219.2 million in unrealized losses tied to financial instruments, a one-time debt conversion inducement expense, and $31.8 million in mining-hardware impairments linked to an ASIC-to-GPU conversion at its British Columbia operations. - IREN co-founder and co-CEO Daniel Roberts pushed back on the negative headline, saying on X that the company made “meaningful progress” in expanding AI cloud capacity, customer engagement, and capital formation during the quarter. - CleanSpark (quarter ended Dec. 31, 2025): Revenue rose to $181.2 million year-over-year, but the company posted a net loss of $378.7 million versus net income in the same quarter last year. CleanSpark attributed the loss largely to non-cash items connected to Bitcoin price swings and asset revaluations. At quarter-end the company reported $458 million in cash, roughly $1 billion in Bitcoin holdings, $1.3 billion in working capital, and $1.8 billion in long-term debt. - CleanSpark President and CFO Gary A. Vecchiarelli said on X that mining “generates the cash flow,” AI infrastructure will monetize assets over the long term, and its Digital Asset Management function helps optimize capital and liquidity—an approach he argued provides flexibility across cycles. Why it matters The results highlight two pressure points for publicly traded miners: volatile crypto prices that create large non-cash swings in earnings and balance sheets, and heavy infrastructure and transition costs as some operators repurpose capacity (for example, shifting hardware from ASIC mining to GPU-driven AI workloads). The combination of market-driven asset revaluations and strategic transitions is creating sharper earnings volatility and greater investor scrutiny across the sector. Bottom line Thursday’s losses for IREN and CleanSpark underscore how quickly profitability and market value can change for crypto-exposed companies in a volatile market—especially when strategic pivots and non-cash accounting items add lumps to the headline numbers. Read more AI-generated news on: undefined/news