Shares of Canaan, American Bitcoin and Cango surged up to 67% in a single week, fueled by a 23% Bitcoin rally that briefly surpassed $79,000. A massive short squeeze liquidated over $1.6 billion in positions within 24 hours, creating a feedback loop that amplified the move. Canaan held between 1,700 and 1,900 BTC, American Bitcoin over 7,000 BTC (over $550 million at that price level), and Cango over 7,500 BTC before partial sales to reduce debt. These three companies, functioning as leveraged bets on Bitcoin’s price, outperformed many AI infrastructure stocks despite persistent market attention for that sector.
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