KBW Initiates Outperform Ratings for Leading Bitcoin Miners
In a significant move for the cryptocurrency sector, investment bank KBW has initiated outperform ratings for three prominent Bitcoin (BTC) mining companies: Bitdeer Technologies (BTDR), CleanSpark (CLSK), and Core Scientific (CORZ). This announcement was made in a report released on Monday, highlighting the varying degrees of exposure these companies provide to the largest cryptocurrency in the market.
Bitdeer Technologies stands out for its diversified approach to the Bitcoin mining business model, which is further enhanced by its expanding ASIC manufacturing division. According to the report, Bitdeer is also developing an artificial intelligence (AI) and high-performance computing (HPC) unit, featuring a “live cloud service platform.” This robust infrastructure provides ample opportunities for future hosting and co-location services. KBW has set a price target of $26.50 for Bitdeer’s shares, although the stock saw a slight dip of 0.3%, trading around $20.60 in early market activity.
CleanSpark is noted as one of the largest publicly traded miners within KBW’s coverage, boasting a target hashrate of approximately 50 exahashes per second (EH/s) by mid-2025. The company benefits from one of the most efficient mining fleets in the industry, which contributes to its “strong unit economics and outsized BTC production.” As a result, KBW has assigned a price target of $19 for CleanSpark’s stock.
Core Scientific, on the other hand, offers a unique proposition by providing significant exposure to the most attractive AI and HPC hosting services contract in the market, thanks to a notable 12-year agreement established with CoreWeave last year. Additionally, the company remains active in Bitcoin mining operations. The report emphasizes that Core Scientific is well-positioned to “secure incremental capacity” due to its skilled engineering team, which has extensive experience in data center operations. KBW has initiated coverage with a price target of $22 for Core Scientific, with the stock trading relatively unchanged at $16 on Monday.
In this rapidly evolving landscape, Galaxy Digital Holdings (GLXY) continues to be recognized by KBW as the leading outperform idea within the digital assets sector, showcasing the potential for growth and investment in this dynamic market.
