Macquarie initiates coverage on cryptocurrency mining companies, praising their strategies and growth potential

From Investing.com

September 25, 2024 08:36:03 AM:

Macquarie has initiated coverage on cryptocurrency mining companies including Marathon Digital Holdings, Core Scientific, CleanSpark, Riot Platforms, and Cipher Mining, assigning Outperform ratings. They also cover Iris Energy. Companies are adapting to the digital asset landscape by diversifying into AI and high-performance computing. Different strategies exist within the sector, but growth is largely achieved through equity issuance.

Core Scientific and Iris Energy are praised for early adoption of AI-related hosting, with Core Scientific leading in a hosting deal with CoreWeave. Cipher Mining stands out for completing its Odessa site and focusing on power efficiency. Riot Platforms leads in Bitcoin cooling technology and operational efficiency. Marathon Digital and CleanSpark have broad exposure to Bitcoin infrastructure and acquisition strategies. Target prices are set accordingly.

Read more at Investing.com: Macquarie starts coverage of crypto miners By Investing.com