Canaan, American Bitcoin, Cango shares surge up to 67% as Bitcoin rallies 23%

Bitcoin mining stocks just reminded Wall Street who their real boss is. Shares of Canaan Inc., American Bitcoin Corp., and Cango Inc. surged as much as 67% in a single week, riding a 23% Bitcoin rally that briefly pushed the cryptocurrency past $79,000.

The performance wasn’t subtle. These mining-adjacent companies outperformed many AI-focused infrastructure stocks despite the sector’s continued dominance of investor attention. BlocksBridge Consulting, in its Miner Weekly report, attributed the outperformance to one straightforward factor: direct exposure to Bitcoin.

What drove the rally

On August 19, the US Treasury announced it would double liquidity-support buybacks for longer-dated Treasury securities, a move that effectively loosened financial conditions and sent risk assets higher across the board. Add to that a White House meeting on cryptocurrency regulations that was, by all accounts, favorably received.

A massive short squeeze ripped through the crypto market, liquidating more than $1.6 billion in positions within 24 hours. The squeeze created a feedback loop: forced short covering pushed prices higher, which triggered more liquidations, which pushed prices higher still. Mining stocks, functioning as leveraged bets on Bitcoin’s price, amplified the move significantly.

The companies behind the surge

Canaan Inc. (NASDAQ: CAN), best known as a manufacturer of Bitcoin mining hardware, saw its shares jump between 41% and 67% during the rally. Canaan has been accumulating Bitcoin on its own balance sheet, holding between 1,700 and 1,900 BTC as of the latest updates prior to the surge. That treasury position turned its stock into a double play: hardware demand rises when Bitcoin climbs, and the company’s own holdings appreciate simultaneously.

American Bitcoin Corp. (NASDAQ: ABTC) has ties to Hut 8 and involvement from Eric Trump. The company crossed the milestone of 7,000 BTC in reserves earlier in 2026 and continued its accumulation strategy heading into the rally. At $79,000 per Bitcoin, that stash was worth north of $550 million.

Cango Inc. (NYSE: CANG) originally an auto-lending firm in China, pivoted to Bitcoin mining in late 2024. Cango acquired 50 EH/s of mining capacity and mined thousands of BTC throughout 2025. By late 2025, the company held over 7,500 BTC before conducting partial sales to reduce debt. Cango has also been moving toward AI infrastructure, hedging its bet on mining with a foot in the data center world.

The AI elephant in the mining room

Public Bitcoin miners have spent the better part of two years pitching themselves as AI infrastructure plays, with several major miners investing heavily in converting or building out capacity for high-performance computing. Revenue generated from AI operations remains comparatively low across the sector. During this particular rally, the market delivered its verdict clearly: pure Bitcoin exposure, not AI diversification, drove the outperformance.

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