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. ...