ChainThink reports that, according to Cointelegraph, Bitcoin's price rebounded approximately 23% over the past week, driving significant stock price gains for multiple mining companies—surpassing the increases seen in AI computing-related stocks.
Canaan rose 67%, American Bitcoin and Cango increased by 41% and 53% respectively, while CoreWeave, Nebius, and IREN, which focus on AI computing power, rose by only 21%, 17%, and 15% respectively.
This rally was primarily driven by three factors: the U.S. Treasury announced on August 19 that it would double its repurchase of long-term Treasuries to provide liquidity; Trump urged Congress to pass the CLARITY Act, generating optimistic regulatory expectations;
After Bitcoin broke through a key resistance level, over $1.6 billion in crypto short positions were liquidated, triggering a short squeeze. Although several mining companies have shifted their strategic focus toward AI infrastructure in recent years, their core business remains centered on cryptocurrencies.
BlocksBridge data shows that since 2026, the six major public mining companies have invested $5.11 billion in capital expenditures for AI data centers, while generating only $341.2 million in revenue from AI and high-performance computing during the same period. The stark disparity between capital investment and returns indicates that investor pricing of mining company stocks remains heavily dependent on Bitcoin market performance.