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
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.
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.
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.
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.