Bitcoin’s 23% rally sends beaten-down miners soaring past AI stocks
Bitcoin’s August rally revived many battered mining stocks and briefly shifted investor preference back toward direct Bitcoin exposure over AI/HPC pivots. Bitcoin rose about 23% in a week, while several mining names surged far more: Canaan, American Bitcoin, and Cango gained 41% to 67%. AI-linked infrastructure stocks such as CoreWeave, Nebius, and IREN rose less, and some miners with heavier AI/HPC exposure were flat or down. The Bitcoin move was driven by three main factors: Treasury support for longer-dated bond buybacks, renewed regulatory optimism after a White House crypto meeting and Trump’s push for the CLARITY Act, and a large short squeeze with more than $1.6 billion in liquidations. The gains show that Bitcoin’s price still strongly affects miner stocks, even as many miners have invested heavily in AI data centers and related infrastructure.
