Recent insights from financial research firm Bernstein indicate a troubling trend for some of the top Bitcoin mining companies. Their updated projections for 2025 reveal significant downward adjustments in stock price targets, particularly for firms like CleanSpark, IREN, and Riot Platforms. These companies have lagged behind, primarily due to Bitcoin’s price drop since the beginning of the year. The shift in corporate attention towards artificial intelligence and high-performance computing (AI/HPC) has further compounded the challenges for Bitcoin miners, resulting in a mix of production inefficiencies and increased operational costs.
What’s Driving Price Target Adjustments?
Will Bitcoin Miners Recover?
Bernstein’s latest analysis reveals that IREN’s stock target has fallen from $26 to $20, attributing this to a rising network hash rate that has impacted production capabilities. Meanwhile, CleanSpark also saw its target drop from $30 to $20, primarily because of challenges related to its Bitcoin storage strategy. Riot Platforms experienced a similar fate, with its price target reduced from $22 to $19 as it redirected resources toward AI initiatives, halting its Bitcoin mining efforts.
In contrast, Bernstein has left the price targets for Marathon Digital Holdings (MARA) and Core Scientific (CORZ) unchanged at $23 and $17, respectively. This stability is credited to MARA’s strong Bitcoin holdings and advantageous energy contracts. The market values of these companies have fluctuated, with MARA trading at $12.38 and CORZ at $8.51.
- Leading Bitcoin miners face significant price target reductions.
- Shifts toward AI/HPC projects are impacting mining operations.
- CleanSpark’s and Riot Platforms’ stock values have notably decreased.
- Marathon and Core Scientific maintain stable price targets.
Despite the challenges, Bernstein remains optimistic about Coinbase, giving it an “outperform” rating with a target price of $310. Even though the company’s stock has seen a decline, there is a belief in its potential for growth. Meanwhile, Robinhood has been set a target of $105, reflecting anticipated growth in the crypto services sector.
