KBW Initiates “Outperform” Ratings for Bitcoin Miners Bitdeer, CleanSpark, and Core Scientific
KBW, a leading investment bank, has initiated “outperform” ratings for three prominent bitcoin mining companies—Bitdeer Technologies (BTDR), CleanSpark (CLSK), and Core Scientific (CORZ), as stated in a report on Monday.
The three companies provide different levels of exposure to bitcoin, each with a unique approach to benefiting from the growing cryptocurrency market, according to KBW’s analysis.
Bitdeer combines its mining operations with a growing ASIC manufacturing division, providing additional exposure to the bitcoin sector. Additionally, the company has expanded into artificial intelligence (AI) and high-performance computing (HPC) services, boasting a robust cloud platform and power infrastructure, enabling future hosting and co-location opportunities.
KBW has set a price target of $26.50 for Bitdeer, with shares currently trading at $20.60, marking a minor decline of 0.3% in early trading.
CleanSpark, one of the largest publicly traded miners in KBW’s coverage, targets a hashrate of 50 exahashes per second (EH/s) by mid-2025. The company is known for having one of the most efficient mining fleets in the industry, which contributes to strong unit economics and higher bitcoin production. KBW has assigned a price target of $19 for CleanSpark’s shares.
Core Scientific stands out for its exposure to the growing AI/HPC hosting services market, thanks to a significant contract with CoreWeave. Additionally, the company has a strong engineering team with experience in data center operations, positioning it well for securing incremental capacity. KBW has set a price target of $22 for Core Scientific, with shares trading at around $16.
In the broader digital asset space, KBW continues to favor Galaxy Digital (GLXY) as its top outperform pick.
