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Crypto stocks have broadly tracked Bitcoin‘s gains since the bull market began on Aug. 17, with one clear exception: the companies that mine it. While Bitcoin (BTC) has risen roughly 22% over that period, publicly tracked Bitcoin miners have returned a median of just 1.8%.
Of the 11 Bitcoin mining and mining-adjacent companies tracked, only Canaan (CCAN), the mining rig manufacturer, has outperformed BTC. Every other company in the group has trailed behind.
AI Pivot Has Added Complexity Without Delivering Returns
Several miners shifted a portion of their operations toward high-performance computing infrastructure to support artificial intelligence data centers during the crypto bear market. That move helped stabilize their stock prices through the downturn, but it has since introduced divided management focus and additional operational risks that have continued to weigh on share performance during the current rally.
Related Article:Plattsburgh Eyes 12 Month Ban on Crypto Mining, AI Data Centers
The two worst performers in the group are Core Scientific (CCORZ) and Terawulf (TWULF), which have underperformed BTC by 27% and 24%, respectively, since the bull market started.
Exchanges and Stablecoins Have Kept Pace With BTC
Crypto exchanges tracked in the comparison, including Bullish, Coinbase, and Robinhood, have traded at parity with BTC’s gains over the same period. Robinhood offers services beyond crypto, including banking and credit cards, but is included as a crypto-relevant public equity.
Stablecoin-linked companies have also held their own. Circle, the issuer of USD Coin (USDC), and Figure, a tokenized home equity line of credit company, are both included in that group and have closely matched BTC’s performance. Miners operating AI data center businesses carry the theoretical potential to benefit from both sides of the market, capturing mining upside in bull markets while leaning on data center revenues during downturns. That dynamic has not yet shown up in their stock prices.
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Source: coinmarketcap.com