CleanSpark shares drop 6% as Bitcoin miners split on AI pivot confidence despite Bitcoin rally.

CleanSpark stock fell 6% amid a split in Bitcoin miner stocks, with MARA Holdings stable despite Bitcoin rising 7%. The market is skeptical about CleanSpark's pivot from mining to AI data center leasing, awaiting confirmed tenant revenue rather than construction milestones. CleanSpark's mining revenue dropped 30.5% year-over-year, swinging to a net loss, while its $6.6 billion lease contract revenue has yet to start. This contrasts with Riot Platforms' large AI lease deal, which also saw volatile stock reactions, highlighting investor caution. The divergence suggests miners are no longer a uniform Bitcoin proxy, and investors should watch for concrete lease revenue before increasing exposure.