BlockBeats News, March 20th, according to The Block, analysts from research and brokerage firm Bernstein have lowered their 2025 price targets for Bitcoin mining firms IREN, CleanSpark, and Riot Platforms, as these companies' performance this year has been far behind that of Bitcoin.
“Bitcoin mining company stocks have experienced a painful correction (down 20-40%), while Bitcoin is down 10%,” wrote analyst Gautam Chhugani in a client note on Thursday. “Overall, mining company stock performance has been disappointing, with no significant gains in the fourth quarter of last year, and the pullback since the beginning of the year has been even worse compared to Bitcoin.”
The analyst added that institutional interest in mining companies is more focused on the high-performance computing narrative rather than the Bitcoin commodity cycle. However, advocates of AI data center hosting diversification, such as IREN and Core Scientific, despite performing well in 2024, have performed worse this year compared to historically Bitcoin-focused mining companies like Riot and MARA.
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