Bernstein Diverges on Bitcoin Miners' AI Execution

Research firm Bernstein recently published notes on two major Bitcoin miners pivoting to AI infrastructure. The analysts maintained their Outperform rating for CleanSpark (CLSK) with a $24 price target, but downgraded MARA Holdings (MARA) to Market-Perform with a $17 target.

The divergence in ratings is due to differences in execution, according to Bernstein. CleanSpark has secured a signed anchor tenant and a data center build is underway at its Sandersville site in Georgia.

CleanSpark's 20-year triple-net lease covers 175 IT MW and carries an exclusivity agreement over the miner's entire 885 MW Texas portfolio. The lease also includes an equity portion funded, with CleanSpark seeking secured project financing at a 90% loan-to-cost ratio.

Bernstein put project-level capex at roughly $1.9 billion based on CleanSpark's guidance of $10 million to $12 million per IT MW. With the equity portion funded, the miner has about $900 million in liquidity as of June 30.

MARA Holdings is still waiting for its first commercial AI contract, which analysts said could be a re-rating catalyst for the stock. The company's management reiterated confidence in signing at least two AI leases by year-end.