Bitcoin Mining Stocks Slide as Treasury Yields Spike

Published October 5, 2026, 04:35 UTC

Listed Bitcoin mining companies had a rough week even as Bitcoin itself rose. Riot Platforms (Nasdaq: RIOT) fell 16.5% and Hut 8 (Nasdaq, TSX: HUT) fell 14.9% in the seven days to Friday, October 2, according to CoinShares' weekly equities update. Over the same week Bitcoin gained 3.2%.

Yields, not Bitcoin, drove the selling

CoinShares said the week was "defined by sharp volatility in the bond market." The US 10-year Treasury yield reached approximately 5.34% earlier in the week, its highest level since 2002, before falling toward 5.15% after Friday's jobs report. CoinShares' blockchain equities index fell 4.6% for the week.

Higher yields "put particular pressure on companies with substantial financing needs, including Bitcoin miners," CoinShares wrote. Many miners are borrowing heavily to convert sites into data centers for artificial intelligence (AI) and high-performance computing, so the cost of new debt matters more to their valuations than a few percent on the Bitcoin price.

Along with Riot and Hut 8, CoinShares itself (down 15.6%) was among the index's three worst performers. The best were Metaplanet (up 7.3%), ASML (up 4.7%) and Sony (up 4.5%).

The jobs report brought some relief

By Friday the backdrop had shifted. September payrolls rose by just 29,000 against expectations of 90,000, and unemployment edged up to 4.2%, CoinShares noted. Together with softer core PCE inflation, the report cut the market-implied probability of an October Fed rate hike to around 20% from about 75% on Monday. For more on the data, see our report on the September jobs report.

Hut 8 locks in bank funding

Hut 8 used the week to shore up its balance sheet. On September 28 it announced the closing of a $1.07 billion, four-year senior secured revolving credit facility. Borrowings carry a margin of SOFR plus 150 to 200 basis points, starting at SOFR plus 175 basis points. J.P. Morgan is administrative agent, and 12 lenders provided the facility.

Chief financial officer Sean Glennan said the facility "adds more than $1 billion of committed, non-dilutive bank liquidity at the parent level." The company said it can use the money to fund projects through development before arranging long-term, non-recourse financing. Hut 8 already has $7.5 billion of project financing for its River Bend and Beacon Point AI data center campuses, according to the release.

What to watch

Bitcoin itself has given miners some support. Difficulty barely moved at the October 3 adjustment, and September mining revenue was the strongest since January (see our difficulty report). For the stocks, though, the week showed that interest rates now matter as much as the Bitcoin price. The next big data points are September CPI on October 14 and the Fed's decision on October 28.

This article is news reporting and is not investment advice.

Sources

• CoinShares, Equities update - Week 40 - October 02 2026 (Oct. 2, 2026)
• Hut 8 via PR Newswire, Hut 8 Expands Corporate Liquidity with $1.07 Billion Senior Secured Revolving Credit Facility (Sept. 28, 2026), primary source
• Bitcoin.com News, Bitcoin Miners Bank Strong September as Difficulty Barely Budges (Oct. 3, 2026)