Bitcoin’s rebound in August has helped fuel a sharp rally in several previously lagging crypto mining stocks, according to a Cointelegraph report citing new research from BlocksBridge Consulting. The report said Bitcoin gained about 23% over the past week, outpacing most AI-related infrastructure names and helping shift market attention away from miners with stronger artificial intelligence and high-performance computing exposure.
Shares of Canaan, American Bitcoin, and Cango rose between 41% and 67%, while CoreWeave gained about 21%, Nebius rose 17%, and IREN added 15%. BlocksBridge said some miners with heavier AI and HPC exposure were flat or lower during the same period.
The firm pointed to three catalysts behind Bitcoin’s move: a U.S. Treasury announcement on Aug. 19 to at least double the scale of long-term Treasury liquidity support for buybacks, rising regulatory optimism after a White House meeting with crypto executives and Donald Trump’s call for Congress to pass the CLARITY Act, and a short squeeze following Bitcoin’s breakout that led to more than $1.6 billion in crypto liquidations over 24 hours. BlocksBridge also said public Bitcoin miners’ investment in AI data centers was about 15 times their AI-related revenue.
Bitcoin’s rebound in August has pushed several previously underperforming mining stocks sharply higher, according to Cointelegraph, citing a new report from BlocksBridge Consulting. The move also reversed part of the market’s earlier preference for miners tied to artificial intelligence and high-performance computing, or HPC.
BlocksBridge said Bitcoin rose about 23% over the past week, outperforming most AI-related infrastructure stocks.
Mining stocks outpaced several AI names
Shares of Canaan, American Bitcoin, and Cango climbed between 41% and 67%. By comparison, CoreWeave rose about 21%, Nebius gained 17%, and IREN added 15%. Some miners with higher exposure to AI and HPC were flat or down, the report said.
Three catalysts behind the move
BlocksBridge listed three drivers behind Bitcoin’s rise:
- On Aug. 19, the U.S. Treasury said it would at least double the scale of long-term Treasury liquidity support for buybacks.
- Regulatory optimism increased after the White House met with crypto executives, while Trump urged Congress to pass the CLARITY Act.
- Bitcoin’s breakout triggered a short squeeze, leading to more than $1.6 billion in crypto liquidations over a 24-hour period.
AI and HPC spending remained far above revenue
BlocksBridge also said in an earlier analysis that public Bitcoin miners’ spending on AI data centers was about 15 times their AI-related revenue. Since the start of 2026, nine listed mining companies have posted $341.2 million in AI and HPC revenue, while related capital expenditures reached $5.11 billion.
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