IREN Sinks 4% as Rising Yields Reverse Monday’s Rally, TeraWulf Falls 4%, Cipher Mining Drops 6%
Quick Read
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IREN sinks 4% and Cipher Mining drops 6% as the 10-year Treasury yield climbs to 4.8%, reversing Monday's gains across Bitcoin mining stocks.
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WGMI ETF falls 4% while DTCR drops just 1%, showing rate pressure hits capital-hungry miners harder than the broader data-center category.
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With 27% of IREN's float sold short, H.C. Wainwright's $90 price target signals the stock could snap back sharply on any yield retreat.
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A fresh backup in long-term Treasury yields is reversing Monday's rebound across capital-hungry AI infrastructure and Bitcoin (CRYPTO:BTC)-mining names Tuesday morning. CoinShares Bitcoin Mining and Digital Power ETF (NASDAQ:WGMI) declined 4% to $41.14, while Global X Data Center & Digital Infrastructure ETF (NASDAQ:DTCR) retreated 1% to $27.50. The selling is concentrated in buildout-heavy miners, not in the broader data-center category.
IREN Limited (NASDAQ:IREN) shares slipped 4% to $35.58, though it did recover some of that loss by 11:00 a.m. ET. The stock was down 1.7% year to date through Monday's close, so the pullback keeps the name in a tight range even after last week's fiscal fourth-quarter print.
TeraWulf (NASDAQ:WULF) shares slipped 4% to $14.464.46. Meanwhile, Cipher Mining (NASDAQ:CIFR) stock fell 6% to $14.564.56, the steepest same-day decline in the featured group at that moment.
Rates Do the Talking
A global bond selloff has lifted the 10-year Treasury note yield to 4.78%. Higher long-term yields raise the cost of the next tranche of debt these companies need to finance their pipelines, which is why a bond-market session hits harder here than an ordinary risk-off day would.
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The miner made the mechanism concrete on August 27 when it disclosed $6.5 billion of GPU financing closed over three months, split between $3.6 billion of investment-grade funding at a 6% interest rate tied to the Microsoft contract and $2.8 billion of non-investment-grade equipment financing at a 9% fixed rate. With fiscal 2027 capital expenditures guided at $25 billion to $30 billion, the cost of the next credit tranche is the swing variable for equity value.
