Summary:
KBW initiated coverage of Bitdeer, CleanSpark, and Core Scientific with an outperform rating.
Bitdeer has a growing ASIC manufacturing segment and an AI/HPC unit.
CleanSpark is targeting 50 EH/s for mid-2025 with strong unit economics.
Core Scientific has a 12-year hosting contract with CoreWeave.
Galaxy Digital remains the bank's top pick in digital assets.
Overview
Bitcoin (BTC) miners Bitdeer Technologies (BTDR), CleanSpark (CLSK), and Core Scientific (CORZ) have been initiated with an outperform rating by KBW, as noted in a recent report.
Company Insights
- Bitdeer is highlighted for its diverse exposure to the bitcoin mining business model, enhanced by a growing ASIC manufacturing segment. It also has an AI/high performance computing (HPC) unit that includes a live cloud service platform and a robust power pipeline for future hosting opportunities.
- CleanSpark is among the largest publicly listed miners, targeting a 50 EH/s hashrate for mid-2025. Its efficient mining fleet provides strong unit economics and significant BTC production.
- Core Scientific is well-positioned to secure incremental capacity, supported by an engineering team experienced in data center operations, alongside its notable bitcoin mining contracts.
Price Targets
- Bitdeer: Price target of $26.50; current trading around $20.60.
- CleanSpark: Price target of $19.
- Core Scientific: Price target of $22; currently trading at approximately $16.
Market Position
KBW continues to favor Galaxy Digital (GLXY) as its top pick in the digital assets space.
Bitcoin miners Bitdeer, CleanSpark, and Core Scientific initiated at outperform: KBW. (Shutterstock)
Additional Reading
Read more: Bitcoin Mining Economics Expected to be Stable, Profitable in 2025, Canaccord Says
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