Bitdeer, CleanSpark, and Core Scientific Bitcoin Miners Receive Outperform Initiation from KBW.

KBW Initiates Outperform Ratings for Bitdeer, CleanSpark, and Core Scientific, Seeing Growth in Bitcoin Mining Sector

KBW, an influential investment bank, has initiated “outperform” ratings for three prominent bitcoin mining companies—Bitdeer Technologies (BTDR), CleanSpark (CLSK), and Core Scientific (CORZ), according to a report released on Monday.

These companies provide varying levels of exposure to bitcoin (BTC), and their prospects are aligned with the growing interest in cryptocurrency mining and blockchain technologies, the bank noted.

Bitdeer, recognized for its diverse business model, not only operates in bitcoin mining but also manufactures ASIC hardware and has a strong presence in artificial intelligence (AI) and high-performance computing (HPC). The company’s robust cloud service platform and extensive power pipeline position it well for future hosting and co-location opportunities.

KBW has set a price target of $26.50 for Bitdeer’s shares, which were trading at $20.60, reflecting a modest drop of 0.3% in early trading.

CleanSpark, one of the largest publicly traded miners, is on track to hit a 50 exahashes per second (EH/s) hashrate target by mid-2025. Its highly efficient mining fleet allows CleanSpark to produce bitcoin with strong unit economics, positioning it for substantial future growth. KBW’s price target for CleanSpark is $19.

Core Scientific offers exposure to both the booming AI/HPC hosting services sector and bitcoin mining, thanks to its partnership with CoreWeave. The company is equipped with an experienced engineering team that has a strong track record in data center operations. KBW has set a price target of $22 for Core Scientific’s shares, which were trading at $16.

KBW also reiterated Galaxy Digital (GLXY) as its top outperform pick in the digital assets market, highlighting the company’s dominance in the space.

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