Pure-play bitcoin (BTC) mining stocks are waking up from their slumber after lagging behind those pivoting to the red-hot data center business.

Pure-play miners such as MARA Holdings (MARA) and CleanSpark (CLSK) surged 10% and 17% on Thursday, leading gains among the CoinShares Bitcoin Mining ETF members.

There are two key factors that may be driving the sharp gains.

The first is the idea that investors could be front-running expectations of a strong year-end for bitcoin, a period that has historically delivered some of its most bullish returns. BTC is climbing towards $118,000 following the Federal Reserve's interest rate cut, up 2.2% on Thursday and trading only 5% below its all-time high.

With sentiment improving, miners with significant BTC stash on the balance sheet could be lever

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