Bitcoin (BTC) miners Bitdeer Technologies (BTDR), CleanSpark (CLSK) and Core Scientific (CORZ) launched with an outperform rating of KBW, the investment bank said in a report Monday.
The three Bitcoin mining companies offer varying degrees of exposure to the largest cryptocurrency, the bank said.
Bitdeer offers diversified exposure to a Bitcoin mining business model that is augmented by a growing ASIC manufacturing arm, according to the report.
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 provides optionality for hosting/deployment opportunities. co-location” in the future.
KBW has a $26.50 price target on Bitdeer stock. The stock was down 0.3% at around $20.60 in early trading.
CleanSpark is one of the largest publicly traded miners in the bank’s coverage, with a hashrate target of around 50 Exahashes per second (EH/S) for mid-2025. It benefits from one of the most efficient mining fleets in the industry, giving it “strong unit economics and outsized BTC production.”
KBW gave the stock a price target of $19.
Core Scientific offers exposure to the most compelling and attractive AI/HPC hosting services contract in the industry through the 12-year agreement it signed with Coreweave last year, as well as the Bitcoin mining, KBW said.
Core Scientific is well positioned to “secure incremental capacity” because it has an engineering team with prior experience in data center operations, the report added.
KBW initiated coverage of the stock with a price target of $22. Core Scientific was trading low at $16 on Monday.
Galaxy (GLXY) remains the bank’s best idea for outperformance in the digital asset space.
Read more: Bitcoin Mining Economics Expected to Be Stable, Profitable in 2025, Says Canaccord
