Crypto

Exchange Stocks Follow Bitcoin's Rally, Miners Struggle

Guavy AI Editorial Team Published September 9, 2026

Instruments

BTC

As Bitcoin (BTC) continues its rally, exchange and stablecoin-related stocks have seen significant gains. During the crypto bull run, shares of companies like Bullish, Coinbase, Robinhood, Circle, and Figure rose alongside Bitcoin's price. In contrast, Bitcoin mining stocks underperformed with a median return of just 1.8%. Core Scientific and TeraWulf in particular posted returns below Bitcoin's.

The Block reported on September 9 that Bitcoin has gained about 22% since August 17. Over the same period, exchange-related stocks posted similar gains, as did stablecoin-related companies like Circle and Figure.

However, not all mining stocks lagged behind. Canaan was the only major Bitcoin miner to outperform Bitcoin during this stretch.

Exchange Stocks Follow Bitcoin's Rally, Miners Struggle

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