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Investment bank KBW initiates coverage of three bitcoin mining companies, Bitdeer Technologies, CleanSpark, and Core Scientific, with outperform ratings. These companies offer varying degrees of exposure to the world’s largest cryptocurrency, presenting a unique opportunity for investors.
- KBW initiates coverage of bitcoin miners with outperform rating
- Diversified exposure to bitcoin mining through Bitdeer
- CleanSpark offers efficient mining fleets with strong unit economics
- Core Scientific provides exposure to AI/HPC hosting services
- Galaxy remains top outperform idea in digital assets space
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KBW Initiates Coverage of Bitcoin Miners with Outperform Rating
The investment bank KBW has initiated coverage of three bitcoin mining companies: Bitdeer Technologies (BTDR), CleanSpark (CLSK), and Core Scientific (CORZ). According to the report, these companies offer varying degrees of exposure to the world’s largest cryptocurrency.
Bitcoin mining is the process by which new bitcoins are created and transactions on the blockchain are verified.
Miners use powerful computers to solve complex mathematical equations, which helps to secure the network and verify transactions.
The first miner to solve the equation gets to add a new block of transactions to the blockchain and is rewarded with newly minted bitcoins.
According to the Bitcoin protocol, 6.25 bitcoins are mined every 10 minutes on average.
This process requires significant computational power and energy consumption.
Diversified Exposure to Bitcoin Mining
Bitdeer offers a diverse range of exposure to a bitcoin mining business model that is augmented by a growing ASIC manufacturing arm. The company also has an artificial intelligence (AI)/high performance computing (HPC) unit with a live cloud service platform and a robust power pipeline. This setup provides optionality for hosting/co-location opportunities in the future.
KBW has set a price target of $26.50 on Bitdeer’s shares, which were trading at around $20.60 in early trading.
Efficient Mining Fleets
CleanSpark is one of the largest publicly listed miners in KBW’s coverage, with a roughly 50 exahashes per second (EH/s) hashrate target for mid-2025. The company benefits from having one of the most efficient mining fleets in the sector, resulting in strong unit economics and outsized BTC production.
Cleancult is a brand of eco-friendly cleaning products.
Founded in 2014, the company offers a range of plant-based cleaners for homes and businesses.
Their products are free from harsh chemicals, artificial fragrances, and dyes.
Cleancult's mission is to provide effective and sustainable cleaning solutions that promote a healthier environment.
KBW gave CleanSpark a price target of $19.
Exposure to AI/HPC Hosting Services
Core Scientific offers exposure to the biggest and most appealing AI/HPC hosting services contract in the sector through its 12-year deal with CoreWeave last year. The company also has experience in bitcoin mining, making it well positioned to secure incremental capacity.
Core scientific principles are the fundamental concepts that underlie all scientific inquiry.
These principles include objectivity, empirical evidence, and the scientific method.
The scientific method involves formulating hypotheses, testing them through experimentation and observation, and drawing conclusions based on data.
Objectivity is essential in science as it allows researchers to separate facts from personal biases.
Empirical evidence is crucial as it provides a basis for making informed decisions.
Understanding these core principles enables scientists to approach problems with a systematic and rigorous mindset.
KBW initiated coverage of Core Scientific’s shares with a price target of $22, which was trading little changed at $16 on Monday.
Galaxy Remains Top Outperform Idea
Galaxy (GLXY) remains KBW’s top outperform idea in the digital assets space.
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