Exchange, Stablecoin Stocks Jump With Bitcoin Rally as Miners Lag

Exchange- and stablecoin-linked stocks have risen alongside Bitcoin in the latest crypto bull run, while shares of Bitcoin mining companies have lagged behind.

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Sep 9, 2026 at 6:35 PM UTC · 1 dk okuma

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BTC-0.31%$78,390

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During the crypto bull run, exchange and stablecoin-related stocks rose alongside Bitcoin (BTC).
Over the same period, related stocks including Bullish, Coinbase, Robinhood, Circle and Figure posted gains similar to Bitcoin's.
By contrast, Bitcoin mining stocks underperformed with a median return of just 1.8%, while Core Scientific and TeraWulf in particular posted returns below Bitcoin's.

Forecast Trend Report by Period

Exchange- and stablecoin-linked stocks have risen alongside Bitcoin in the latest crypto bull run, while shares of Bitcoin mining companies have lagged behind.

Crypto news outlet The Block reported on September 9 that Bitcoin has gained about 22% since August 17. Over the same period, exchange-related stocks including Bullish, Coinbase and Robinhood posted similar gains, as did stablecoin-related companies such as Circle and Figure.

By contrast, Canaan was the only major Bitcoin miner to outperform Bitcoin during that stretch. The median return for mining stocks including Hut 8, Riot, Marathon and HIVE was just 1.8%.

Core Scientific and TeraWulf were particularly weak, underperforming Bitcoin by 27% and 24%, respectively.

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