Bitcoin's roughly 23% rally over the past week has revived some of the crypto mining sector's most beaten-down stocks, outpacing companies that pivoted toward artificial intelligence and high-performance computing. BlocksBridge Consulting ties the move to Treasury buybacks, renewed regulatory optimism and a sharp short squeeze — even as miners keep pouring far more into AI capex than it returns.
Bitcoin's rally has reversed a trend that favored crypto miners pivoting toward AI and HPC, suggesting investors may once again be rewarding direct exposure to Bitcoin.
Beaten-down miners outrun AI-linked stocks
In its latest Miner Weekly newsletter, BlocksBridge Consulting reported that Bitcoin's roughly 23% rally over the past week outpaced most AI-linked infrastructure stocks.
Three beaten-down Bitcoin mining companies — Canaan, American Bitcoin and Cango — gained between 41% and 67%. By comparison, CoreWeave rose about 21%, Nebius gained 17% and IREN advanced 15%, while some miners with heavier exposure to AI and HPC were flat or declined.
Three catalysts behind the breakout
BlocksBridge pointed to three catalysts behind Bitcoin's rally. First, the US Treasury Department's Aug. 19 announcement that it would at least double the size of its liquidity-support buybacks for longer-dated Treasury securities.
Second, renewed regulatory optimism followed a White House meeting with crypto executives, where Trump urged Congress to pass a "fair version" of the CLARITY Act, a stalled crypto market structure bill.
Third, a sharp short squeeze followed Bitcoin's breakout, with more than $1.6 billion in crypto positions liquidated over 24 hours, according to BlocksBridge.
AI capex still outpaces AI revenue for miners
BlocksBridge's findings echoed earlier Cointelegraph reporting that Bitcoin's rally had lifted crypto-related stocks, including Bitcoin miners. Even so, the gains show how strongly Bitcoin's price can still move mining stocks, even as many miners have increasingly shifted focus toward AI and HPC infrastructure in recent years.
A separate BlocksBridge analysis found that publicly traded Bitcoin miners have invested roughly $15 in AI data centers for every $1 in AI-related revenue generated. Nine public miners generated $341.2 million in AI and HPC revenue so far in 2026, compared with $5.11 billion in capital expenditures on the technology.
Source: Cointelegraph
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