Bitcoin Rally Sparks Massive Surge in Mining Stocks
The surge in Bitcoin's price has had a significant impact on related stocks. Canaan Inc., American Bitcoin Corp., and Cango Inc. saw their shares jump by as much as 67% in a single week, outperforming AI-focused infrastructure stocks.
The rally was driven by the US Treasury's announcement to double liquidity-support buybacks for longer-dated Treasury securities, which effectively loosened financial conditions and sent risk assets higher across the board. A White House meeting on cryptocurrency regulations also contributed to the positive sentiment.
A massive short squeeze ripped through the crypto market, liquidating more than $1.6 billion in positions within 24 hours. This created a feedback loop where forced short covering pushed prices higher, triggering more liquidations and further price increases. Mining stocks, which serve as leveraged bets on Bitcoin's price, amplified this move.
Canaan Inc., an American company that manufactures Bitcoin mining hardware, saw its shares jump between 41% and 67% during the rally. It has been accumulating Bitcoin on its own balance sheet, holding between 1,700 and 1,900 BTC as of the latest updates prior to the surge.
American Bitcoin Corp., which has ties to Hut 8 and involvement from Eric Trump, crossed the milestone of 7,000 BTC in reserves earlier in 2026 and continued its accumulation strategy heading into the rally. At $79,000 per Bitcoin, that stash was worth north of $550 million.
Cango Inc., originally an auto-lending firm in China, pivoted to Bitcoin mining in late 2024. Cango acquired 50 EH/s of mining capacity and mined thousands of BTC throughout 2025. By late 2025, the company held over 7,500 BTC before conducting partial sales to reduce debt.