Bitcoin Mining Titans Rated ‘Outperform’ by KBW: Here’s Why

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Bitcoin Mining Companies Receive “Outperform” Ratings from KBW

KBW, a prominent investment bank, initiated coverage on Bitcoin (BTC) miners Bitdeer Technologies (BTDR), CleanSpark (CLSK), and Core Scientific (CORZ) with an “outperform” rating, according to a report released Monday.

The bank highlighted the varying degrees of exposure these companies provide to Bitcoin and other growth sectors:

Bitdeer Technologies (BTDR): Bitdeer offers diversified exposure to Bitcoin mining, complemented by its growing ASIC manufacturing division. The company also operates an artificial intelligence (AI) and high-performance computing (HPC) unit, which includes a live cloud service platform and a robust power infrastructure for hosting and co-location opportunities. KBW set a price target of $26.50 for Bitdeer, whose stock was trading slightly lower at $20.60 early Monday.

CleanSpark (CLSK): CleanSpark, one of the largest publicly traded Bitcoin miners, has a mid-2025 target of achieving a 50 exahashes per second (EH/s) hashrate. Its efficient mining fleet gives the company strong unit economics and significant BTC production capabilities. KBW set a $19 price target for CleanSpark shares.

Core Scientific (CORZ): Core Scientific stands out for its exposure to AI/HPC hosting services, particularly through its 12-year deal with CoreWeave, as well as its Bitcoin mining operations. The company is well-positioned to expand capacity due to its engineering team’s data center expertise. KBW assigned Core Scientific a $22 price target, with shares trading at $16 on Monday.

KBW noted that Galaxy Digital (GLXY) remains its top “outperform” idea in the digital asset sector, emphasizing the company’s strong positioning.

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