--- title: "Bitcoin Slide Meets 5.7% Bond Yields: Neoclouds Get Hit From Both Sides" type: "News" locale: "en" url: "https://longbridge.com/en/news/301299097.md" description: "Neocloud stocks, including IREN and Riot Platforms, declined due to falling Bitcoin prices and rising bond yields. Higher borrowing costs increase debt expenses for AI data-center operators, while long-term lease valuations drop as yields rise. Bitcoin remains down 35% from highs, squeezing mining margins. Shares of Cipher Digital, CleanSpark, TeraWulf, and others traded lower, with most trading significantly below their 52-week highs." datetime: "2026-10-08T15:23:13.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/301299097.md) - [en](https://longbridge.com/en/news/301299097.md) - [zh-HK](https://longbridge.com/zh-HK/news/301299097.md) generator: "portal-rs" --- # Bitcoin Slide Meets 5.7% Bond Yields: Neoclouds Get Hit From Both Sides The former **Bitcoin** (CRYPTO:BTC) miners that rebuilt themselves as AI data-center landlords are getting squeezed from two sides Thursday. Bitcoin is sliding again, and long-term borrowing costs keep climbing for a group that funds its buildouts with debt. Shares of **Cipher Digital Inc.** (NASDAQ:CIFR), **Riot Platforms Inc.** (NASDAQ:RIOT), **CleanSpark Inc.** (NASDAQ:CLSK), **IREN Ltd.** (NASDAQ:IREN), **TeraWulf Inc.** (NASDAQ:WULF), **Nebius Group N.V.** (NASDAQ:NBIS) and **Applied Digital Corp.** (NASDAQ:APLD) all traded lower in the morning session. Most sit roughly 50% or more below their 52-week highs. - *IREN stock is moving.* See the real-time price action here.  ## **Bond Market Bites** The 30-year Treasury yield rose more than 4 basis points to 5.705% Thursday morning after trading just below a 24-year high in the prior session, according to Trading Economics. The 10-year yield touched its highest level since 2002 on Wednesday.  Minutes from the latest Federal Reserve meeting showed officials expect to raise rates again before year-end, and investors are betting on a hike on Dec. 9.  **Read Also: Palantir Gets Goldman Sachs Upgrade as Sovereign AI Opens New Market** Higher yields hurt the neocloud group twice. Debt gets more expensive, and long-dated lease income is worth less in today’s dollars. The borrowing is real. Blue Owl Capital led a $2.4 billion financing package for an IREN AI campus in Canada, split between a $1.2 billion senior secured term loan and $1.2 billion of senior secured notes to buy Nvidia equipment.  Under its $9.7 billion Microsoft contract, IREN needs to spend $5.8 billion on chips and $3 billion on other costs, according to Reuters, and has lined up $3.7 billion in chip financing.  ## **Bitcoin Still Matters** Bitcoin traded near $82,496 midmorning, down about 0.9%, after dipping as low as $81,710, per Benzinga Pro. The token is down roughly 35% from its 52-week high of $126,296. Miners like Riot and CleanSpark still lean heavily on mining revenue. A weaker bitcoin price squeezes margins while the AI hosting business is still ramping up. **See More: Top Momentum Stocks** ## **Rich Multiples, Little Cushion** Valuations add to the pressure. Reuters described Cipher, TeraWulf and **Hut 8 Corp.** (NASDAQ:HUT) as “powered-shell” landlords signing leases as long as 15 years.  Long leases with built-in rent escalators look safe. But those cash flows stretch years into the future, and the further out they run, the harder rising yields hit their present value. ## Neocloud **Price Action** Neocloud stocks were sinking in Thursday’s late-morning trading, per Benzinga Pro data:  - Cipher Digital shares were down 7.5% at $13.47, 55.3% below its 52-week high.  - Riot Platforms was down 6.6% at $17.32, 42.9% below its 52-week high. - CleanSpark shares were down 6.3% at $10.79, 54.3% below its 52-week high.  - TeraWulf was down 5.5% at $13.61, 54.4% below its 52-week high.  - IREN stock was down 5.3% at $36.63, 52.3% below its 52-week high.  - Applied Digital stock was down 3.5% at $22.98, 54.7% below its 52-week high.  **Read Also: Wolfspeed Stock Soars on Massive Pentagon Loan Commitment** *Photo: Shutterstock* ### Related Stocks - [APLD.US](https://longbridge.com/en/quote/APLD.US.md) - [CIFR.US](https://longbridge.com/en/quote/CIFR.US.md) - [CLSK.US](https://longbridge.com/en/quote/CLSK.US.md) - [IREN.US](https://longbridge.com/en/quote/IREN.US.md) - [NBIS.US](https://longbridge.com/en/quote/NBIS.US.md) - [RIOT.US](https://longbridge.com/en/quote/RIOT.US.md) - [WULF.US](https://longbridge.com/en/quote/WULF.US.md) - [APLX.US](https://longbridge.com/en/quote/APLX.US.md) - [APLZ.US](https://longbridge.com/en/quote/APLZ.US.md) - [CIFC.US](https://longbridge.com/en/quote/CIFC.US.md) - [CIFG.US](https://longbridge.com/en/quote/CIFG.US.md) - [CIFU.US](https://longbridge.com/en/quote/CIFU.US.md) - [CLSX.US](https://longbridge.com/en/quote/CLSX.US.md) - [CLSZ.US](https://longbridge.com/en/quote/CLSZ.US.md) - [IRE.US](https://longbridge.com/en/quote/IRE.US.md) - [IREC.US](https://longbridge.com/en/quote/IREC.US.md) - [IREG.US](https://longbridge.com/en/quote/IREG.US.md) - [IREX.US](https://longbridge.com/en/quote/IREX.US.md) - [IREZ.US](https://longbridge.com/en/quote/IREZ.US.md) - [NBIC.US](https://longbridge.com/en/quote/NBIC.US.md) - [NBIG.US](https://longbridge.com/en/quote/NBIG.US.md) - [NBIL.US](https://longbridge.com/en/quote/NBIL.US.md) - [NBIZ.US](https://longbridge.com/en/quote/NBIZ.US.md) - [NEBX.US](https://longbridge.com/en/quote/NEBX.US.md) - [RIOX.US](https://longbridge.com/en/quote/RIOX.US.md) - [RTYY.US](https://longbridge.com/en/quote/RTYY.US.md) - [WULX.US](https://longbridge.com/en/quote/WULX.US.md) - [GS.US](https://longbridge.com/en/quote/GS.US.md) - [HUT.US](https://longbridge.com/en/quote/HUT.US.md) - [OWL.US](https://longbridge.com/en/quote/OWL.US.md) ## Related News & Research - [IREN Stock Plunges 17% in 5 Days — What Comes Next?](https://longbridge.com/en/news/301437188.md) - [Why Is NBIS Stock Falling Today Despite Rosenblatt's Buy Rating?](https://longbridge.com/en/news/301253351.md) - [APLD CEO Sees 'Scarcity Value' Driving AI Data Center Lease Rates by Over 15% on 250MW Expansion](https://longbridge.com/en/news/301267751.md) - [Base Electron confidentially files for US IPO](https://longbridge.com/en/news/301441670.md) - ["Hold Your Horses," Says Investor About Applied Digital Stock Before Earnings](https://longbridge.com/en/news/301170731.md) --- > **Disclaimer: This article is for reference only and does not constitute any investment advice.**