KBW Initiates Positive Outlook on Bitcoin Miners Bitdeer, CleanSpark, and Core Scientific with Outperform Call.

KBW Initiates Positive Coverage for Bitcoin Miners Bitdeer, CleanSpark, and Core Scientific

KBW, a prominent investment bank, has initiated “outperform” ratings for three major players in the bitcoin mining sector—Bitdeer Technologies (BTDR), CleanSpark (CLSK), and Core Scientific (CORZ), according to a report issued on Monday.

These companies offer different levels of exposure to the world’s largest cryptocurrency, each with its own strategy to capitalize on the booming digital asset market, the bank explained.

Bitdeer stands out by combining its mining business with the growing production of ASIC hardware, along with a focus on artificial intelligence (AI) and high-performance computing (HPC). The company’s strong cloud service platform and well-established power infrastructure provide it with significant flexibility and room to expand in the hosting and co-location space in the future.

KBW has set a price target of $26.50 for Bitdeer’s shares, which were trading at $20.60, marking a small decline of 0.3% in early trading.

CleanSpark, with a targeted hashrate of 50 exahashes per second (EH/s) by mid-2025, is one of the largest publicly listed miners in the sector. Its efficient mining fleet allows CleanSpark to produce bitcoin with strong economics and high yield. KBW’s price target for CleanSpark’s stock is $19.

Core Scientific, which also has a significant presence in the AI and HPC hosting services market, benefits from its 12-year partnership with CoreWeave, a major player in the industry. Core Scientific’s engineering team, with its experience in data center operations, allows it to capture additional capacity in the future. The bank has given Core Scientific a price target of $22, with the stock trading around $16.

KBW also continues to view Galaxy Digital (GLXY) as its top outperform pick within the digital asset sector.