Bond Market Selloff Hits Bitcoin Miners as Treasury Yields Rise to 4.78%
A fresh bond market selloff has lifted the 10-year Treasury note yield to 4.78%, reversing Monday's gains across Bitcoin mining stocks. The increase in long-term yields is making it more expensive for these companies to finance their pipelines, affecting capital-hungry miners like IREN Limited (NASDAQ:IREN) and TeraWulf (NASDAQ:WULF).
IREN shares slipped 4% to $35.58, while Cipher Mining (NASDAQ:CIFR) stock fell 6% to $14.564.56. The selling is concentrated in buildout-heavy miners, not in the broader data-center category.
H.C. Wainwright reiterated a Buy rating with a $90 price target on IREN stock after the company disclosed $6.5 billion of GPU financing closed over three months, split between investment-grade funding at a 6% interest rate and non-investment-grade equipment financing at a 9% fixed rate.
The buildout is capital-intensive by design, and the suppliers on the other side of these contracts are quietly benefiting from the same spend. IREN's management told investors that 2026 AI capacity is largely sold out and carries about $4 billion of contracted annualized run-rate revenue, with current operating annualized run-rate revenue of about $1 billion.
The short interest in IREN shares stood at 27% of float heading into Tuesday, amplifying moves in both directions. Investors can watch for whether the 10-year yield holds near the 4.8% level into Tuesday's close.