Bitcoin surged approximately 23% over the past week, enabling the most beaten-down bitcoin mining stocks to significantly outperform AI-linked stocks. Companies Canaan, American Bitcoin, and Cango gained between 41% and 67%, surpassing firms like CoreWeave (+21%), Nebius (+17%), and IREN (+15%). This move was driven by three catalysts: the US Treasury’s announcement to double its bond buybacks, regulatory optimism following a White House meeting with Donald Trump, and a short squeeze with $1.6 billion in crypto positions liquidated in 24 hours. Despite their pivot toward AI, miners remain strongly influenced by bitcoin’s price, with 9 public miners having invested $5.11 billion in AI data centers for only $341.2 million in AI revenue generated.
Source: Read the original article
