KBW Initiates Outperform Ratings for Bitcoin Miners Bitdeer, CleanSpark, and Core Scientific.

KBW Initiates Outperform Ratings for Bitdeer, CleanSpark, and Core Scientific as Bitcoin Mining Continues to Surge

KBW, a leading investment bank, has initiated “outperform” ratings for three significant bitcoin mining companies—Bitdeer Technologies (BTDR), CleanSpark (CLSK), and Core Scientific (CORZ), according to a report published on Monday.

These companies, which offer varying levels of exposure to Bitcoin (BTC), are well-positioned to capitalize on the growing cryptocurrency sector, the report said.

Bitdeer stands out for its diverse bitcoin mining business model, supplemented by a growing ASIC manufacturing arm. Additionally, the company has ventured into artificial intelligence (AI) and high-performance computing (HPC) through its live cloud service platform and robust power pipeline, offering future opportunities for hosting and co-location.

KBW has set a price target of $26.50 for Bitdeer’s shares, which were trading around $20.60, showing a slight decrease of 0.3% in early trading.

CleanSpark is among the largest publicly listed bitcoin miners, with a targeted 50 exahashes per second (EH/s) hashrate for mid-2025. CleanSpark’s efficient mining fleet enables it to achieve strong unit economics and a significant BTC production rate. KBW has set a price target of $19 for CleanSpark’s shares.

Core Scientific, another key player, provides exposure to both bitcoin mining and the lucrative AI/HPC hosting services sector. Core Scientific secured a significant 12-year contract with CoreWeave last year and has a seasoned engineering team that specializes in data center operations. KBW has a price target of $22 for Core Scientific, with the stock trading around $16.

Lastly, KBW has highlighted Galaxy Digital (GLXY) as its top outperform pick in the digital assets sector.