Crypto-linked equities have pulled back in recent weeks as investors tracked falling prices for Bitcoin and most altcoins. Bitcoin dropped to $82,000 on Monday, roughly $5,000 below its highest point this month, and the total market capitalization of the crypto industry has slipped to $2.75 trillion. Against that backdrop, three names stand out on this week's calendar: Bitcoin miner and data center operator IREN, Elon Musk's SpaceX, and Tom Lee's Ethereum treasury firm BitMine.

IREN in Focus as AI Pivot Faces Headwinds

IREN, formerly known as Iris Energy, has been under pressure for several months. The stock has from a record high of $77 reached in November last year to about $27, a retreat that has coincided with a jump in short interest — a measure of investors betting against the shares — to more than 20%.

The decline has mirrored weakness across the neocloud industry, the group of companies that rent out GPU-powered computing capacity for AI workloads, including Nvidia-backed peers such as CoreWeave and Nebius. The selling accelerated last week after Gartner released a report showing that neoclouds will need to announce large impairments at the end of 2030.

IREN faces major challenges of its own. Unlike several of its competitors, it has not announced large client orders this year — a gap investors will be watching to see whether it closes as peers lock in multi-billion-dollar commitments. That stands in contrast to Nebius, which announced a $27 billion order from Meta Platforms, and Nscale, which announced a $45 billion deal with Anthropic. The company is also raising substantial sums of debt and equity to intensify its data center rollout. Its total debt has climbed above $7 billion, while the number of outstanding shares has been on a slow upward trend.

As a result, IREN will be in focus this week not because of its Bitcoin mining business, but because of its data center segment, particularly now that the AI stock bubble index has jumped to 74. On the technical side, the stock has dropped below the key support level of $28.94, its lowest level on July 29, a breakdown that points to more downside.

SpaceX to Publish Second Earnings as a Public Company

Space Exploration Technologies Corp., Elon Musk's aerospace company commonly known as SpaceX, is another crypto stock to watch. The company is viewed as a crypto-linked stock because of its large Bitcoin holdings, which it has held for years.

SpaceX will publish its earnings report on Tuesday, providing more color on its revenue and profitability growth. The release will be the company's second earnings report as a public company. Analysts expect the upcoming results to show revenue jumping to $13 billion from $7.8 billion in the second quarter.

Most of SpaceX's growth is coming from its AI business, where it has signed large deals with companies including Anthropic, Reflection AI, and Google. The company plans to expand this segment aggressively and intends to raise $40 billion to buy Nvidia chips — both of which investors will be watching for updates in Tuesday's report.

BitMine to Reveal Ethereum Buying Stats

BitMine, Tom Lee's Ethereum treasury company, is another top crypto stock on this week's calendar. Its shares have already dropped 25% from their September peak and are hovering around their lowest level since August 21, a retreat driven by the ongoing Ethereum price action.

The stock will be in focus on Monday as BitMine unveils its Ethereum buying statistics, the figure investors use to track the pace of its accumulation. In last week's report, the company said it continued buying ETH and now holds 6.028 million coins, equal to about 4.9% of the total ETH in circulation, bringing it close to the 5% level.

BitMine is likely to conclude its ETH buying this month or in November. If it does, the company plans to pivot to revenue generation through staking, which involves earning rewards on its ETH holdings, and a share buyback program. It has already carried out the largest-ever crypto treasury buyback, at more than $4 billion, which will be funded with staking revenue.

In addition to BitMine, investors will be watching treasury purchases by companies such as Strategy and Strive.

This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency-related equities can experience significant volatility and capital losses. Investors should conduct independent research and consult a qualified financial adviser before making investment decisions.