Bitcoin Rally Revives Beaten-Down Mining Stocks Amid AI Pivot
Bitcoin's recent price surge has lifted beaten-down mining stocks past those focused on artificial intelligence (AI) and high-performance computing (HPC).
The roughly 23% rally in Bitcoin over the past week has outpaced most AI-linked infrastructure stocks, according to BlocksBridge Consulting's Miner Weekly newsletter.
Three mining companies that have struggled in recent times, Canaan, American Bitcoin, and Cango, saw gains between 41% and 67%, while CoreWeave rose 21%, Nebius gained 17%, and IREN advanced 15%.
BlocksBridge pointed to three catalysts behind the rally: the US Treasury Department's announcement of increased 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's breakout.
The company also noted that publicly traded Bitcoin miners have invested around $15 in AI data centers for every $1 in AI-related revenue generated. As of 2026, nine public miners had earned $341.2 million from AI and HPC revenue but spent $5.11 billion on the technology.