Bitcoin miner stocks rally as crypto demand returns

Canaan, American Bitcoin and Cango gained between 41% and 67% as Bitcoin's rally revived beaten-down mining stocks. BlocksBridge Consulting reported that Bitcoin rose roughly 23% over the past week. CoreWeave rose about 21%. Nebius gained 17%. IREN advanced 15%. Some miners with greater exposure to artificial intelligence and high-performance computing were flat or declined. BlocksBridge identified three catalysts for Bitcoin's rally. The U.S. Treasury Department announced on Aug. 19 that it would at least double liquidity-support buybacks for longer-dated Treasury securities. Donald Trump urged Congress to pass a fair version of the CLARITY Act at a White House meeting with crypto executives. More than $1.6 billion in crypto positions were liquidated over 24 hours after Bitcoin broke out. BlocksBridge said Bitcoin's price continued to influence mining stocks despite miners' shift toward artificial intelligence and high-performance computing. A separate BlocksBridge analysis found that public Bitcoin miners invested roughly $15 in artificial intelligence data centers for every $1 in related revenue. Nine public miners generated $341.2 million in artificial intelligence and high-performance computing revenue so far in 2026. Those miners spent $5.11 billion on the technology.