Bitcoin's 23% rally boosts mining stocks, outperforming AI stocks

ChainCatcher report, according to Cointelegraph, Bitcoin’s August rally has spurred significant gains in the stock prices of previously underperforming mining companies, reversing the market’s prior preference toward AI and high-performance computing (HPC) mining firms. According to the latest report from BlocksBridge Consulting, Bitcoin’s approximately 23% gain over the past week outperformed most AI-related infrastructure stocks. Stock prices of mining companies Canaan, American Bitcoin, and Cango rose between 41% and 67%, while CoreWeave increased by about 21%, Nebius by 17%, and IREN by 15%. Several mining firms with higher exposure to AI and HPC remained flat or declined. BlocksBridge identified three key catalysts behind Bitcoin’s rise: the U.S. Treasury’s announcement on August 19 of at least doubling its long-term Treasury liquidity support repurchase program; heightened regulatory optimism following meetings between the White House and crypto executives, along with Trump urging Congress to pass the CLARITY Act; and a short squeeze triggered by Bitcoin’s breakout, resulting in over $1.6 billion in crypto positions liquidated within 24 hours. Additionally, BlocksBridge’s prior analysis found that publicly traded Bitcoin mining companies have invested approximately 15 times more in AI data centers than their AI-related revenues. From 2026 to date, nine publicly traded mining companies generated $341.2 million in AI and HPC revenue, while their related capital expenditures reached $5.11 billion.