Bitcoin jumps 23%, lifting lagging mining stocks and beating AI plays

Bitcoin's August surge is spilling over into the equity market, sending a group of previously underperforming mining stocks sharply higher and reversing earlier investor preference for AI- and high-performance computing (HPC)-focused miners. Citing a BlocksBridge Consulting report, Cointelegraph said Bitcoin gained about 23% over the past week, outpacing most AI-related infrastructure names. Shares of Canaan, American Bitcoin and Cango climbed roughly 41% to 67%. CoreWeave rose about 21%, Nebius gained 17% and IREN added 15%. Several miners with heavier exposure to AI and HPC were flat or declined. BlocksBridge attributed Bitcoin's move to three main catalysts. First, the U.S. Treasury said on Aug. 19 it would at least double its long-term Treasury liquidity support repurchase program. Second, regulatory sentiment improved after meetings between the White House and crypto executives, and Donald Trump urged Congress to pass the CLARITY Act. Third, Bitcoin's breakout sparked a short squeeze, with more than $1.6 billion in crypto positions liquidated over 24 hours. BlocksBridge also noted a growing mismatch between miners' AI spending and returns. Its earlier analysis found publicly listed Bitcoin miners have invested about 15 times more in AI data centers than they have generated in AI-related revenue. From 2026 to date, nine publicly traded mining companies produced $341.2 million in AI and HPC revenue, while associated capital expenditures totaled $5.11 billion.