Bitcoin Miners' Market Cap Soared in September to Record High
$117,851.00
$4,317.20
$2.93
$1,021.51
$219.70
$0.999706
$0.246337
$4,315.45
$0.341402
$0.842175
$5,246.82
$4,657.19
$22.39
$117,476.00
$1.001
$1.042
$30.57
$47.06
$3.50
$0.392266
$589.08
$4,653.58
$4,319.32
$0.222271
$9.57
$112.47
$1.00
$1.00
$117,912.00
$0.00001233
$0.203852
$1.001
$2.78
$4.10
$43.02
$1.89
$1.20
$313.32
$0.208491
$8.01
$283.96
$0.00000972
$190.00
$0.574883
$2.22
$5.28
$2.82
$4.80
$270.87
$16.04
$317.07
$19.30
$0.925618
$1.31
$236.08
$8.78
$1.00
$0.999898
$1.60
$4,316.05
$0.00714781
$0.238407
$0.999661
$4.45
$0.433948
$5.73
$1.069
$0.270636
$0.079274
$15.46
$0.02303307
$0.03138963
$120.05
$16.36
$0.02636015
$4.11
$0.220278
$4,941.68
$4,556.04
$47.33
$3.53
$1.001
$0.2964
$0.03597823
$0.999352
$0.947313
$0.999457
$0.07103
$4,553.45
$2.29
$0.00002046
$4,663.35
$0.588769
$103.98
$7.57
$12.66
$0.459652
$3,855.33
$117,703.00
$4,573.99
$0.696562
$0.075247
$1,021.36
$1.26
$0.700351
$12.54
$117,473.00
$1.44
$3,871.18
$0.999811
$250.62
$1.13
$4,650.43
$0.602634
$0.998577
$1.19
$0.27887
$1.11
$0.724042
$291.48
$1.08
$117,694.00
$0.154356
$0.155959
$0.08457
$2.57
$114,092.00
$2.02
$4,128.87
$0.00008431
$4.78
$0.999767
$0.148203
$0.761604
$2.83
$4,320.55
$0.287509
$117,360.00
$0.699683
$1.43
$0.728606
$112.77
$0.176976
$0.999856
$1.076
$0.01535541
$20.97
$1.096
$4,314.06
$0.998091
$0.276938
$0.15685
$0.00832652
$4,315.89
$4,623.79
$10.84
$0.407779
$0.05218
$0.6344
$0.01304257
$0.246288
$4,318.88
$11.01
$1.64
$1.82
$4,656.93
$0.403003
$0.369532
$0.606202
$0.0000006
$2.77
$0.080139
$0.304552
$4,748.99
$4,755.87
$1.49
$0.998586
$1.32
$117,771.00
$4,647.51
$37.46
$0.113
$26.37
$1.041
$1.003
$47.22
$0.01624704
$6.47
$0.999458
$0.02541012
$2.60
$30.56
$0.611239
$4,316.97
$243.40
$4,291.76
$1.001
$0.200584
$0.999706
$2,398.72
$0.588793
$0.406726
$0.135798
$1.31
$0.557737
$0.04440464
$0.999803
$0.04346219
$0.00000043
$1.10
$6.05
$0.00830864
$1.20
$42.76
$1.10
$0.02655485
$0.998268
$47.04
$1.043
$150.94
$0.00663319
$0.392068
$0.01130852
$0.054285
$4,555.40
$0.00421975
$13.60
$1.17
$5.90
$117,988.00
$5,263.61
$0.602698
$1,076.67
$29.86
$2.22
$0.261978
$2.88
$243.21
$0.00001828
$0.998853
$22.08
$0.00413956
$1.22
$0.327613
$0.999667
$4,332.94
$1.45
$0.941904
The market cap of Bitcoin miners soared in September as firms in the space benefited from pivots to high-powered computing that feeds the burgeoning artificial intelligence sector, according to a report from JP Morgan.
Analysts at the banking giant highlighted the surge in a Wednesday report, noting that the combined value of the 14 top publicly traded miners it tracks passed $50 billion for the first time ever.
Top mining stocks this week have jumped in value with the price of the leading cryptocurrency, too, with Mara, Riot, and CleanSpark all up significantly over the week—and the past month. Those firms retreated slightly on Wednesday.
"Growth in aggregate market cap outpaced bitcoin price appreciation for the sixth consecutive month, as operators continue to diversify their businesses away from bitcoin mining towards HPC," the report read.
The surge in market cap comes as miners look to high-powered computing to increase profits. Google last month announced it was backstopping a deal between AI compute company Fluidstack and Bitcoin miner Cipher, giving Google the right to buy a 5.4% stake in Cipher.
Bitcoin miners—typically industrial operations consisting of warehouses full of computers that work to secure the network—are rewarded in newly minted coins for processing blocks on the decentralized payment network.
But when the price of the biggest cryptocurrency drops, businesses may struggle to cover their costs.
Experts have told Decrypt that while both Bitcoin mining and running a data center to power AI businesses may appear similar, the pivot from crypto to HPC isn't always easy and requires different expertise.
HIVE Digital's stock is up nearly 9% over the past week, and has surged by 41% over the past month. Nasdaq-listed MARA has jumped by 8% this week and nearly 16% over a 30-day period.
CleanSpark, meanwhile, has spiked more over the past month, with its share price up over 51% over that period. This week, CLSK has risen by 4%.
Bitcoin was recently trading above $117,615, a nearly 3% 24-hour rise. It dropped below $107,000 per coin at the start of September, CoinGecko data shows.
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The XRP ETF (NASDAQ:XRPI) closed at $17.84, up 3.24%, after moving between $16.38 and $19.08 in September. Assets under management stand at $200.66 million, with an expense ratio of 0.94% (waived from the full 1.15% until June 2026). Unlike spot ETFs, XRPI is tied to CME XRP futures contracts, meaning performance lags XRP-USD when the curve is in contango. Year-to-date, XRPI’s return remains 0%, sharply underperforming the 58.32% one-year gain for the broader Digital Assets ETF category.
This structural gap mirrors the BITO vs. IBIT split in the Bitcoin ETF market: futures ETFs consistently trail spot counterparts. For XRPI, the difference is already material given XRP’s 450% surge over 12 months, largely driven by December 2024’s rally. Futures exposure limits that upside and creates drag through contract roll. Still, XRPI offers listed options trading, allowing investors to use covered calls or protective puts, a critical tool in a market where XRP’s weekly ranges have spanned $2.71 to $2.98 with intraday swings of more than 5%.
The REX-Osprey™ XRP ETF (XRPR) has emerged as the more liquid choice for U.S. traders. XRPR closed at $24.45, gaining 3.43% on the day, with an additional +5.34% after hours to $24.32. The fund’s 52-week range is $22.31–$25.99, showing resilience near the top end of its band. Trading volume was 254,619 shares, still below the 612,577 average, but inflows have accelerated in sync with rising Bitcoin ETF inflows ($430M on Sept. 30), as institutional allocators increasingly treat XRP ETFs as the logical “next leg” in crypto diversification.
Unlike XRPI, XRPR positions closer to a spot-tracking structure, offering more direct exposure to XRP’s price. The spread between the two funds is now drawing arbitrage activity, with traders noting XRPR’s stronger response to whale wallet accumulation — more than 120 million XRP moved into large wallets in the past 72 hours, boosting sentiment.
A pivotal development came on Sept. 30, 2025, when the SEC’s Division of Investment Management issued a no-action letter, allowing qualified custodians like Coinbase and BitGo to be treated as banks for digital asset custody. For XRP ETFs, this eliminated one of the final institutional barriers: custody risk.
At the same time, seven spot XRP ETF applications (Grayscale, Bitwise, WisdomTree, 21Shares, Canary Capital, Franklin Templeton, CoinShares) were reshuffled after the SEC asked issuers to withdraw Form 19b-4 filings. Rather than delays, this signaled a pivot to Generic Listing Standards (GLS), allowing faster approvals. With deadlines starting Oct. 18 (Grayscale) and extending into November, the market is bracing for simultaneous spot XRP ETF launches. Bloomberg analysts now assign a 95% probability of approval, while prediction markets price it around 80–88% odds.
Ripple’s ecosystem is adding fuel to ETF demand. On Sept. 29, Ripple partner Thunes linked its Pay-to-Banks service to the SWIFT network, instantly extending XRP liquidity to more than 11,000 banks. The next day, Ripple rolled out its RLUSD stablecoin in Africa with Chipper Cash, VALR, and Yellow Card, targeting remittance corridors. Major exchanges including Kraken, Gemini, Bybit, Uphold, and Bitso already list RLUSD pairs, embedding XRP liquidity in tokenized Treasury markets via BlackRock’s BUIDL and VanEck’s VBILL funds.
In Japan, SBI Ripple Asia signed a memorandum with Tobu Top Tours to build an XRP Ledger-based tourism payment system, slated for 2026, adding an NFT and tokenized payments angle. These developments give XRP ETFs a broader macro narrative beyond speculation: embedded settlement rails and stablecoin linkages.
Ripple’s long-time CTO David Schwartz announced his departure by year-end, shifting into an advisory board role. While leadership exits often spook markets, XRP-USD held firm around $2.85–2.94, with Ripple’s President Monica Long highlighting his ongoing influence. CEO Brad Garlinghouse even noted Schwartz’s new board seat gave him “the boss role now.” Market reaction was muted, with only a brief 3% spike toward $2.94, confirming resilience in investor confidence.
XRP-USD trades at $2.85, holding above a $2.71 weekly low and repeatedly testing $2.92–2.93 resistance. A break above $3.00 would open targets at $3.20 and the 2018 all-time high at $3.66, while failure below $2.80 could see a retrace toward $2.50. Futures open interest on CME has already crossed $1 billion, reinforcing institutional adoption. Analysts expect ETF inflows of $4–8 billion in the first month could reprice XRP into the $5–7 range, with more aggressive projections (Kenny Nguyen, Canary Capital) eyeing $22–50 if demand mirrors Bitcoin ETF dynamics.
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