BTIG Stakes Claim on American with Bullish Buy Rating
BTIG has initiated coverage of American, giving it a Buy rating and setting a price target of $15.00, representing an 88% upside from its current price of $7.99.
The firm noted that American operates a dual-focused strategy involving Bitcoin mining operations with approximately 28 exahash, roughly 3% of global hash rate, and open-market Bitcoin purchases.
With around 8,000 Bitcoin in its holdings, making it the 15th largest Bitcoin holder among U.S. publicly listed companies, American's mining strategy centers on its partnership with, allowing for attractively priced power through an asset-light power infrastructure model.
Despite a 93% decline over the past year, BTIG expects American to outgrow competitors in terms of its Bitcoin holdings based on its crypto mining operations and continued strategic Bitcoin acquisitions.