Bitcoin Rally Boosts Mining Stocks Over AI-Linked Infrastructure
Bitcoin's recent price surge has revitalized mining stocks that had been struggling. Three beaten-down Bitcoin mining companies - Canaan, American Bitcoin, and Cango - saw their shares rise between 41% and 67%. This outperformed AI-linked infrastructure stocks, which gained much less.
The rally was sparked by three key events: the US Treasury Department's announcement that it would double its liquidity-support buybacks for longer-dated Treasury securities, renewed regulatory optimism following a White House meeting with crypto executives, and a sharp short squeeze after Bitcoin broke through resistance.
Bitcoin mining-focused stocks have outperformed companies that pivoted toward AI and HPC. Despite this shift, publicly traded Bitcoin miners still invest heavily in AI data centers, with $15 invested for every $1 in AI-related revenue generated. In 2026, nine public miners generated $341.2 million in AI and HPC revenue, compared to $5.11 billion in capital expenditures on the technology.