BTC Miners are the Biggest Beneficiaries of Stellar NVIDIA Earnings
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Strong NVIDIA guidance lifts pre market sentiment across bitcoin miners while NAKA delivers delayed Q3 losses.
By James Van Straten|Edited by Oliver Knight
Updated Nov 20, 2025, 12:13 p.m. Published Nov 20, 2025, 12:13 p.m.
- AI and HPC focused bitcoin miners are sharply higher in pre market trading due to NVIDIA beating Q3 expectations and providing strong Q4 outlook.
- IREN is up over 8% at about $50, Cipher Mining up 11% at over $16, and Hive Digital up more than 6% at $3.28.
- NAKA reported its delayed Q3 results, showing $0.4 million in revenue, an $86 million net loss.
After NVIDIA (NVDA) beat Q3 earnings and issued a strong Q4 outlook, artificial intelligence (AI) and high-performance computing (HPC) related stocks have surged in pre-market trading.
The beat in expectations helped calm recent market jitters sparked by U.S. jobs data delays, fading rate cut expectations, and a 30% pullback in bitcoin from its record high.
STORY CONTINUES BELOW
AI/HPC bitcoin miners have been the biggest beneficiaries of the stellar earnings beat.
IREN (IREN) is up more than 8% at about $50, Cipher Mining (CIFR) is up 11% at over $16, and Hive Digital (HIVE) is up more than 6% at $3.28. Broader tech has also bounced, with Invesco QQQ up over 1.5% at $610 and NVIDIA (NVDA) up more than 5%. The strength in tech is supporting the DXY Index, which is back above 100 for the first time since Nov. 5.
In addition, Kindly MD (NAKA) reported Q3 earnings after initially delaying results. The company posted $0.4 million in revenue for its medical business, down from $0.6 million in Q3 2024.
NAKA recorded an $86 million net loss in Q3 2025, driven by non-cash charges from the Nakamoto merger and unrealized bitcoin losses.
As of Sept. 30, NAKA reported $24,185 in cash on hand and holds 5,765 BTC at an average price of $118,204.
The company has deployed 367 BTC for investments including in Metaplanet (3350), leaving 5,398 BTC in treasury as of Nov. 12; it also carries $203 million in convertible notes. NAKA is trading at 0.916 times mNAV, with shares at $0.54, little changed in pre-market.
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MARS and MERCURY preferred shares define a two tier equity stack as Metaplanet raises new capital.
What to know:
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