Bitcoin Rally Puts Corporate Conviction to the Test
The August rally of Bitcoin has brought corporate conviction back to the forefront. Miners that spent much of the downturn courting AI investors are now trading like leveraged bets on BTC, while Strategy and Strive are adding thousands more Bitcoin to their balance sheets.
According to BlocksBridge Consulting, Bitcoin's roughly 23% rally in late August outpaced most AI-linked infrastructure stocks. Canaan, American Bitcoin, and Cango gained between 41% and 67%, compared with about 21% for CoreWeave, 17% for Nebius, and 15% for IREN.
The sector still faces risks from the high costs of building out AI data-center capacity. Strive and Strategy added billions of dollars' worth of Bitcoin to their corporate treasuries in the final week of August, with Strive buying 1,800 BTC for approximately $143 million and Strategy acquiring another 4,603 BTC.
A consortium of 21 major financial institutions, including Bank of America, Goldman Sachs, and Citi, plans to establish a new company to develop and issue stablecoins. The group intends to launch a US dollar-denominated stablecoin in the first half of 2027 before expanding to other G7 currencies.
Bitmine has extended its Ether buying streak to 65 consecutive weeks, adding 53,501 ETH last week as a broader crypto market recovery lifted the value of its digital asset portfolio. The company now owns 4.9% of Ethereum's circulating supply and is within striking distance of its stated 5% goal.