Bitcoin Miners Lag Behind as Crypto Exchanges and Stablecoins Ride Market Rally

Bitcoin has climbed roughly 22% since mid-August, with crypto exchanges and stablecoin linked companies largely matching that pace. Bitcoin mining stocks, however, have broken from the pattern, posting a median return of just 1.8% during the same period. Among tracked mining companies, only rig manufacturer Canaan has managed to outperform bitcoin’s price gains.

AI Pivot Creates Mixed Results

Many bitcoin miners shifted toward high performance computing infrastructure to support AI data centers, a move that helped stabilize stock prices during the previous crypto downturn but has since divided investor attention and operational focus. Some of the weakest performers, including Core Scientific and Terawulf, have underperformed bitcoin by more than 20 percentage points.

Dual Business Models Offer Long-Term Balance

Despite the recent underperformance, miners with AI data center operations may still benefit from having exposure to both sectors, since bitcoin mining tends to be highly profitable during bull markets while data center infrastructure can help support balance sheets during periods of crypto weakness. Exchanges like Coinbase and Robinhood, along with stablecoin-linked firms such as Circle, have continued tracking bitcoin’s price movements more closely throughout the rally.