Bitcoin (BTC) miners Bitdeer Technologies (BTDR), CleanSpark (CLSK), and Core Scientific (CORZ) were initiated with an outperform rating by KBW, the investment bank said in a report on Monday.
The three bitcoin mining companies offer varying degrees of exposure to the largest cryptocurrency, the bank said.
Bitdeer offers diverse exposure to a bitcoin mining business model that is bolstered by a growing ASIC manufacturing arm, according to the report.
The company also has an artificial intelligence (AI)/high-performance computing (HPC) unit with a “live cloud service platform and a robust power pipeline offering optional options for hosting/co-location opportunities” in the future.
KBW has a $26.50 price target on Bitdeer shares. The stock was down 0.3% to around $20.60 in early trading.
CleanSpark is one of the largest publicly traded miners in the bank’s coverage, with a hash rate target of approximately 50 exahashes per second (EH/s) by mid-2025. It benefits from one of the largest mining fleets. efficient in the sector, which gives it “solid unit economics and enormous BTC production.”
KBW gave the stock a price target of $19.
Core Scientific offers exposure to the industry’s largest and most attractive AI/HPC hosting services contract through the 12-year agreement it signed with CoreWeave last year, as well as bitcoin mining, KBW said.
Core Scientific is well positioned to “ensure incremental capacity” as it has an engineering team with prior experience in data center operations, the report added.
KBW initiated coverage on the stock with a price target of $22. Core Scientific was trading little changed at $16 on Monday.
Galaxy (GLXY) remains the bank’s top-performing idea in the digital asset space.
Read more: Bitcoin mining economy expected to be stable and profitable in 2025, says Canaccord
