Bitcoin
Listed Bitcoin Miners Lag Market Rally After Pivoting to AI
Major public Bitcoin mining firms failed to match BTC's recent 22% rally, with Canaan the lone outperformer.
While Bitcoin gained approximately 22% since August 17, publicly traded mining companies recorded a median return of just 1.8% over the same period. Major firms including Hut 8, Riot Platforms, Marathon Digital, and HIVE all lagged behind the cryptocurrency's gains, leaving rig manufacturer Canaan as the only sector stock to outpace BTC.
The divergence follows a broad strategic pivot toward artificial intelligence and high-performance computing (HPC). Listed miners sold between 28,000 and 32,000 BTC in the first half of the year, raising about $1.78 billion at the time of sale to finance sector-wide AI and computing commitments totaling over $70 billion.
Firms like TeraWulf, MARA, and CleanSpark have leased computational capacity to AI companies in search of predictable revenue. However, offloading BTC reserves to fund infrastructure meant missing out on direct upside during the recent crypto rally, while exchanges and stablecoin issuers tracked Bitcoin more closely.
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