KBW Initiates Outperform Ratings for Bitcoin Miners Bitdeer, CleanSpark, and Core Scientific
Investment bank KBW has initiated “outperform” ratings for three leading bitcoin mining companies—Bitdeer Technologies (BTDR), CleanSpark (CLSK), and Core Scientific (CORZ), according to a report released Monday.
The report highlighted that each of these companies offers distinct levels of exposure to Bitcoin (BTC), the world’s largest cryptocurrency.
Bitdeer, for instance, provides diversified exposure to the bitcoin mining sector, with an expanding ASIC (Application-Specific Integrated Circuit) manufacturing business. Additionally, the company operates an AI/high-performance computing (HPC) division, which includes a live cloud service platform and a growing power pipeline, offering potential future opportunities in hosting and co-location services.
KBW has set a price target of $26.50 for Bitdeer’s shares, which were trading at approximately $20.60, reflecting a 0.3% decrease in early trading.
CleanSpark, one of the largest publicly listed bitcoin miners, boasts an impressive target of 50 exahashes per second (EH/s) for mid-2025. The company is noted for operating one of the most efficient mining fleets in the industry, resulting in strong unit economics and significant BTC production. KBW has assigned CleanSpark a price target of $19.
Core Scientific, another major player, provides exposure not only to bitcoin mining but also to the AI/HPC hosting services sector, with a notable 12-year contract with CoreWeave secured last year. The company is well-positioned to expand its capacity, with a seasoned engineering team experienced in data center operations. KBW has set a $22 price target for Core Scientific, with shares trading at $16.
The report also mentioned that Galaxy Digital (GLXY) remains KBW’s top outperform pick in the digital asset space.
