Key Points:
- KBW has begun its coverage of bitcoin miners Bitdeer, CleanSpark, and Core Scientific with an ‘outperform’ rating.
- Each mining company presents differing levels of exposure to bitcoin.
- Galaxy Digital is noted as KBW’s top choice within the sector.
Bitcoin miners Bitdeer Technologies (BTDR), CleanSpark (CLSK), and Core Scientific (CORZ) have received ‘outperform’ ratings from KBW, according to a report released on Monday.
These three companies exhibit varying degrees of engagement in the bitcoin mining market. Bitdeer offers a diverse business model bolstered by its growing ASIC manufacturing capabilities. Moreover, they are developing an AI and high-performance computing division, which includes a live cloud service and a robust power infrastructure that promises future hosting options.
KBW has set a price target of $26.50 for Bitdeer, which trades around $20.60, down 0.3% in early trading. CleanSpark, a major public miner, is targeting approximately 50 EH/s hashrate by mid-2025, supported by one of the sector’s most efficient mining fleets, leading to strong unit economics and BTC production. KBW values CleanSpark stock at $19.
On the other hand, Core Scientific features prominently in the AI/HPC hosting sector due to a significant contract with CoreWeave established last year. This positioning allows Core Scientific to secure more processing capacity, underscoring the firm’s engineering expertise in data center operations. The stock has a price target of $22 from KBW as it trades around $16.
Overall, Galaxy remains KBW’s preferred investment opportunity in the growing digital asset landscape.
