Citizens Bullish on Bitcoin Miners Amid AI Compute Shift

Citizens initiated coverage of MARA Holdings (MARA), CleanSpark (CLSK), and Bitdeer Technologies (BTDR) with 'Outperform' ratings, assigning price targets of $24, $27, and $35 respectively. This bullish call comes as the miners remain unprofitable due to non-cash Bitcoin writedowns.

The analysts at Citizens believe that these companies will profit from improved economics and increased demand for powered capacity. They point out that peers have outperformed the S&P 500 over the past year, and the miners will ride the same trends.

Of the three, BTDR has the highest upside potential with a price target of $35, implying a gain of approximately 106%. MARA's price is trading at $14 with a target of $24 for around 71% upside, while CLSK's price was near $17 with a target of $27 for about 59% upside.