MARA Holdings Falls 5%, Riot Platforms Sinks 4% as Rates Outweigh a 35,577 Bitcoin Treasury

Impact · against what's priced in

The current sell-off in Bitcoin miners is a valuation correction driven by rising 10-year Treasury yields hitting 4.7%, which increases construction costs for their AI infrastructure pivots. While the strategic assets (power and land) remain intact, the market is reacting to the increased cost of capital required to monetize these assets, particularly for unprofitable firms like MARA.

CIFR−0.60

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