Bitcoin (BTCMiners BITDEER Technologies (BTDR), CleanSpark (CLSK) and Core Scientific (CORZ) were launched on KBW as outperformers, the investment bank said in a note.
The bank said the three Bitcoin mining companies offer varying degrees of exposure to the largest cryptocurrency.
The report states that Bitdeer offers multiple exposures to a Bitcoin mining business model that is enhanced by a growing ASIC manufacturing segment.
The company also has a “live cloud services platform and robust power pipeline to provide optional AI/high-performance computing (HPC) units for colocation/co-location opportunities.”
KBW has a price target of $26.50. In early trading, the stock was down 0.3% at around $20.60.
CleanSpark is one of the largest publicly listed miners in the bank’s coverage, with a target of around 50 hashes per second (EH/s) by mid-2025. It benefits from one of the most efficient mining fleets in the industry, which gives it “strong unit economics and large BTC production.”
KBW has a price target on the stock of $19.
Core Scientific offers access through the largest and most attractive AI/HPC managed services contracts in the space 12 years trading Last year, it was linked to Coreweave and Bitcoin mining, KBW said.
The report adds that Core Scientific is well-positioned to “ensure incremental capabilities” as it has an engineering team with previous data center operations experience.
KBW initiated coverage on the stock with a $22 price target. Core Sciences was trading little changed, trading at $16 on Monday.
Galaxy (Glxy) remains the bank’s top priority idea in the digital asset space.
Read more: Canaccord says Bitcoin mining economics are expected to be stable, favorable in 2025