Bitcoin Mining Stocks Left Behind in Bull Market, Lagging Exchange and Stablecoin Shares

Forecast Trend Report by Period

Most crypto-related stocks have climbed during Bitcoin’s bull run, but shares of Bitcoin mining companies have remained conspicuously weak.

The Block reported on September 9 that Bitcoin has risen about 22% since August 17. Over the same period, crypto exchange-linked stocks such as Coinbase and Bullish, along with stablecoin-related shares including Circle and Figure, delivered returns roughly in line with Bitcoin.

Mining companies, by contrast, lagged far behind. Among the 11 mining-related companies tracked by The Block, only mining equipment maker Canaan outperformed Bitcoin. The median return for the other 10 companies was just 1.8% since the rally began.

Core Scientific and TeraWulf stood out as particularly weak performers. Their returns trailed Bitcoin by 27 percentage points and 24 percentage points, respectively.

The underperformance reflects miners’ shift toward artificial intelligence data center businesses. As more companies expand into high-performance computing infrastructure, their focus on core mining operations has diminished. The Block said that while such diversification helped support share prices during crypto downturns, it has also prevented the market from fully pricing in mining-segment earnings during the current bull market.