One-liners across all four coverage areas: Treasury Companies, Diversified Crypto, Bitcoin Mining, and Macro & Crypto FX.

Last week in ‘10x Research One Liners’, we flagged two risks.

First, Anthropic’s IPO had slipped from October to after the midterms, though its prospectus points to a valuation above $2 trillion, and prediction-market odds of a listing had eased from 96% into the 80s as sentiment cooled across AI stocks.

Second, AI infrastructure was being derated: Sell ratings on CoreWeave and Nebius, driven by falling GPU prices, undercut the contracted cash flows that miners’ HPC pivots are valued on. The neoclouds kept falling even as the Nasdaq rose, a sign of sector-specific pressure. That pressure has now reached the miners, with most falling 11% to 21% over the past week, while Bitcoin lost only 2.5%. Investors now price them as leveraged AI-infrastructure builders rather than Bitcoin proxies.

Three things drove the selloff: Bitmine ending its ETH buying, Treasury yields at their highest since 2002 raising refinancing costs for heavily indebted miners, and the OpenAI revenue report raising doubts about the tenants behind their AI leases.

Miners now carry rate and counterparty risk on top of Bitcoin, so a recovery likely needs lower yields and confirmed AI revenue. CPI, the FOMC meeting and Q3 earnings are the next tests, and analysts will likely cut price targets afterward.

Bitcoin has diverged from the software ETF (IGV), which is back at its October 2025 highs while Bitcoin remains well below its peak. Coinbase and MicroStrategy are also lagging Bitcoin’s rebound from $63,000 to $82,000.

BITCOIN

Bitcoin (−2.5%): Spot ETF outflows of $484.9 million and $651 million in long liquidations pushed Bitcoin to a one-month low near $80,000. It steadied around $82,000, below the ETF buyers’ average cost of about $84,300.

DIVERSIFIED CRYPTO

Galaxy Digital (−11.8%): The OpenAI revenue report sank Helios tenant CoreWeave and hit AI data-center landlords broadly. Weaker crypto prices also weigh on Galaxy’s trading arm.

Coinbase (−2%): Analysts were split on price targets, while Coinbase announced an institutional exchange relaunch with Deribit access and USDC in Samsung Wallet. New CFTC and SEC proposals offered regulatory support.

Robinhood (−3.3%): Robinhood moved to win over Webull customers as China-related concerns hit Webull. BofA and Morgan Stanley raised their targets.

Bullish (−4.8%): September trading volume rose to $48.6 billion from $42.5 billion in August, but the shares still fell.

Circle (+4%): Circle signed stablecoin partnerships with Tereina and Volante Technologies. The CEO and product chief sold shares under trading plans.

BitGo (−0.7%): BitGo signed a broad strategic partnership with HashKey and a separate tie-up with WanCloud.

TREASURY COMPANIES

MicroStrategy (−3.5%): It bought only 334 BTC while spending $73.7 million on STRC buybacks. The stock trades almost purely as a Bitcoin proxy, reversing as Bitcoin failed at $87,000.

Bitmine Immersion (−8.5%): Bitmine signaled its ETH buying is nearly over as it nears its 5% supply target, removing a steady buyer. Sharplink and Strategy also fell 5%.

CEA Industries (−10.1%): Now renamed BNB Standard Corporation, it holds about 515,544 BNB and trades largely on BNB and treasury-company sentiment.

BITCOIN MINING / AI HOSTING

Marathon Digital (−14.1%): JPMorgan double-downgraded MARA to Underweight, citing weaker value from its capital-light AI strategy. Shares fell to near $9.85, though the Street consensus remains Overweight.

Riot Platforms (−14.4%): The OpenAI report hit Riot, whose strategy relies on leases with AMD and an AI lab. A $573 million bridge facility keeps financing risk in focus.

Keel Infrastructure (−15.7%): A research firm flagged concentration risk, with three Pennsylvania campuses making up 860 MW of its 974 MW base case. Shares fell near $3.05 with the sector.

Bitdeer (−12.6%): Bitdeer authorized a $100 million buyback as miners sold off. Its AI story rests on contracted GPU capacity in Malaysia worth over $800 million.

Cipher Digital (−13.9%): Higher yields raised borrowing costs and cut the value of its long-dated lease income. Investors are focused on its $5.4 billion of long-term debt.

CleanSpark (−17.6%): A Form 144 filing signaling possible insider sales added pressure. Its $2.276 billion notes fully fund its Georgia data center, and it will move to quarterly reporting.

HIVE Digital (−16.1%): HIVE topped $1 million in daily revenue from mining and AI cloud but fell with the sector. Analysts remain constructive with a $6.95 average target.

IREN (−15.7%): SemiAnalysis called its British Columbia data centers among the industry’s worst, and Jones Trading started coverage at Hold. The OpenAI report added further pressure.

One-liners across all four coverage areas: Treasury Companies, Diversified Crypto, Bitcoin Mining, and Macro & Crypto FX.