Bitcoin (BTC) miners Bitdeer Technologies (BTDR), CleanSpark (CLSK), and Core Scientific (CORZ) have received an outperform rating from investment bank KBW, according to a report released Monday. This positive outlook reflects the unique strengths and strategic positioning of these companies in the dynamic cryptocurrency mining sector.
Bitdeer is recognized for providing diverse exposure to bitcoin mining operations, bolstered by a growing ASIC manufacturing division. Moreover, the company has ventured into artificial intelligence (AI) and high-performance computing (HPC), featuring a live cloud service platform alongside a robust power pipeline. This positions Bitdeer favorably for potential hosting and co-location opportunities in the future, which could significantly enhance its operational capabilities.
KBW has set a price target of $26.50 for Bitdeer’s shares, although the stock was noted to be trading slightly lower at approximately $20.60 during early trading activities.
CleanSpark stands out as one of the largest publicly-listed miners within KBW’s coverage, setting a target hashrate of around 50 exahashes per second (EH/s) by mid-2025. With one of the most efficient mining fleets in the industry, CleanSpark is projected to benefit from strong unit economics, leading to robust bitcoin (BTC) production. KBW has assigned a price target of $19 for CleanSpark shares.
Core Scientific has been highlighted for its significant exposure to AI and HPC hosting services, particularly due to its 12-year agreement with CoreWeave, which positions it strategically within the evolving digital landscape. Additionally, Core Scientific combines bitcoin mining operations with an engineering team experienced in data center management, which enhances its capacity for securing incremental growth. KBW’s price target for Core Scientific is set at $22, with the stock trading at around $16 as of Monday.
Among the various players in the digital assets space, Galaxy (GLXY) retains its status as KBW’s top outperform idea, underscoring its strong market position. As the cryptocurrency mining community adapts to new economic landscapes, the emerging focus on efficiency and innovation will likely dictate future performance.
For further insights, you can read more about the anticipated stability in bitcoin mining economics expected for 2025 in Canaccord’s latest report: Bitcoin Mining Economics Expected to be Stable, Profitable in 2025, Canaccord Says.
