Bitcoin · U.S. · U.S. Treasury · Cointelegraph
Crypto Biz: AI took a back seat when Bitcoin started climbing
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Corporate crypto bets are getting bigger as rising markets reward direct exposure, putting balance-sheet strategies and institutional adoption back in focus.
Key facts
- Strategy, meanwhile, resumed buying, acquiring 4,603 BTC at an average price of $80,318 and lifting its holdings above 845,000 BTC after four sales
- The latest purchase brought Bitmain’s holdings to more than 5.9 million ETH, valued at roughly $14.8 billion based on an Ether price of $2,511 as of Sunday
- Strive and Strategy added billions of dollars’ worth of Bitcoi n to their corporate treasuries in the final week of August, with Strive buying 1,800 BTC for approximately $143 million and Strategy
- Canaan, American Bitcoin and Cango gained between 41% and 67%, compared with about 21% for CoreWeave, 17% for Nebius and 15% for IREN
Summary
Bitcoin’s August rally lifted beaten-down mining stocks by as much as 67%, reversing a trend that had favored miners pivoting to AI and underscoring the sector’s continued sensitivity to BTC market conditions. BlocksBridge Consulting reported in a recent newsletter that Bitcoin’s roughly 23% rally in late August outpaced most AI-linked infrastructure stocks. BlocksBridge cited three catalysts for the rally: an expansion of US Treasury liquidity-supporting buybacks, renewed regulatory optimism following a White House crypto meeting and a sharp short squeeze that liquidated more than $1.6 billion in positions. The outperformance suggests investors may once again be rewarding direct Bitcoin exposure, although the sector still faces risks from the high costs of building out AI data-center capacity.