Bitcoin mining companies Bitdeer Technologies (BTDR), CleanSpark (CLSK), and Core Scientific (CORZ) have recently garnered attention, receiving an outperform rating from KBW, a renowned investment bank. This report, released on January 27, 2025, highlights the unique attributes of each company, offering investors varying degrees of exposure to the world’s largest cryptocurrency.
Bitdeer Technologies, according to the report, presents a diverse business model in the bitcoin mining sector. The company not only engages in mining but also boasts an expanding ASIC manufacturing arm. Additionally, Bitdeer has an artificial intelligence (AI)/high performance computing (HPC) unit, along with a live cloud service platform and a robust power pipeline. These factors provide the company with flexibility for potential hosting and co-location opportunities in the future. KBW has set a price target of $26.50 for Bitdeer’s shares, which were trading slightly lower at $20.60 in early trading.
CleanSpark stands out as one of the largest publicly listed miners covered by the bank, with a projected hash rate target of approximately 50 exahashes per second (EH/s) by mid-2025. The company benefits from operating one of the most efficient mining fleets in the industry, leading to strong unit economics and significant BTC production. KBW has assigned a price target of $19 for CleanSpark’s stock.
Core Scientific, on the other hand, offers exposure to a lucrative AI/HPC hosting services contract secured through a 12-year agreement with CoreWeave. Additionally, the company is actively involved in bitcoin mining operations. KBW emphasizes Core Scientific’s ability to secure additional capacity due to its experienced engineering team with a background in data center operations. The bank initiated coverage of Core Scientific with a price target of $22, while the stock was trading at $16 on Monday.
Despite the positive outlook for Bitdeer, CleanSpark, and Core Scientific, Galaxy (GLXY) remains KBW’s top pick in the digital assets space. The report underscores the stability and profitability expected in Bitcoin mining economics for 2025, as predicted by Canaccord. As the cryptocurrency landscape continues to evolve, these companies are positioned to play a significant role in the industry’s growth.
Will Canny, a seasoned market reporter covering the crypto beat as a finance reporter at CoinDesk, provides valuable insights into the market dynamics. With a deep understanding of the financial services industry, Canny’s analysis sheds light on the potential opportunities and challenges that lie ahead for Bitcoin miners and investors alike.
In conclusion, the recent outperform rating by KBW for Bitdeer Technologies, CleanSpark, and Core Scientific underscores the growing significance of Bitcoin mining companies in the cryptocurrency market. As these companies continue to innovate and expand their operations, investors are presented with unique opportunities to capitalize on the evolving landscape of digital assets.
