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 bolstered by a growing ASIC manufacturing arm, the report said.
The company also has an artificial intelligence (AI)/high performance computing (HPC) unit with a “live cloud service platform and a robust power pipeline that allows for hosting/co-location options” in the future.
KBW has a $26.50 price target on Bitdeer’s stock. The stock was 0.3% lower at around $20.60 in early trading.
CleanSpark is one of the largest listed miners in the bank’s coverage with a target of approx. 50 exahashes per second (EH/s) hashrate for mid-2025. It benefits from one of the most efficient mining fleets in the sector, which gives it “strong unit economics and oversized BTC production.”
KBW gave the stock a price target of $19.
Core Scientific offers exposure to the largest and most attractive AI/HPC hosting services contract in the sector through the 12-year deal it entered into with CoreWeave last year, as well as bitcoin mining, KBW said.
Core Scientific is well positioned to “secure 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 traded little changed at $16 on Monday.
Galaxy (GLXY) remains the bank’s top digital asset outperformer.
Read more: Bitcoin Mining Economics Expected to be Stable, Profitable in 2025, Canaccord Says
