Crypto-related stocks have risen with Bitcoin since the bull market began, but Bitcoin mining companies have delivered notably weaker returns. Since Aug. 17, Bitcoin gained about 22%, while exchange-related stocks including Bullish, Coinbase and Robinhood, along with stablecoin-related companies such as Circle and Figure, posted similar gains. Canaan was the only Bitcoin miner to outperform Bitcoin during the period. The median return among other mining-related stocks, including Hut 8, Riot, Marathon and Hive, was about 1.8%. Core Scientific and TeraWulf underperformed Bitcoin by 27 percentage points and 24 percentage points, respectively, according to The Block.