Macquarie Bullish on Bitcoin Mining Companies, Citing Institutional Value Transfer and AI ApplicationMacquarie has initiated coverage on Bitcoin miners including Riot Platforms (RIOT.US), Marathon Holdings (MARA
Macquarie Bullish on Bitcoin Mining Companies, Citing Institutional Value Transfer and AI Application
Macquarie has initiated coverage on Bitcoin miners including Riot Platforms (RIOT.US), Marathon Holdings (MARA.US), CleanSpark (CLSK.US), and Cipher Mining (CIFR.US) in a recent report, assigning an "Outperform" rating. The firm believes that drivers supporting Bitcoin price appreciation, such as loose fiscal and monetary policies, concerns about sovereign debt crises, capital controls, geopolitical unrest, institutional value transfer, cross-border payments, and Web3, are likely to persist and even accelerate.
Macquarie stated that these drivers will push BTC production higher, and increased stock issuance will also generate additional revenue for miners. Propelled by optimistic expectations, Cipher's stock price surged significantly, rising as much as 18% in early Wednesday trading and closing 12% higher. Meanwhile, Riot, Marathon Digital, and CleanSpark also saw modest gains, closing up 1.34%, 1.18%, and 3.85% respectively after the market closed. Bitcoin was trading higher, up 0.11% at $63,600 as of publication.
Macquarie analyst Paul Golding believes that Bitcoin miners hold substantial tangible assets, such as power infrastructure, computing capacity, and bandwidth, which represent value beyond Bitcoin. He pointed out that some Bitcoin miners are actively transitioning, leveraging their high-performance computing infrastructure for AI computations to increase revenue. While AI cloud products are still nascent, the rapid development of hyperscale computing fields will further unlock the value potential of miners.
Golding believes that institutional value transfer and AI applications will be key catalysts for Bitcoin miners' future growth. He said, "The potential of institutional value transfer and AI applications is immense, and we expect these factors to continue driving the growth of Bitcoin miners."
Following the release of Macquarie's report, Bitcoin mining stocks have generally risen, and the market remains optimistic about the future of the industry. The potential of institutional value transfer and AI applications, coupled with the sustained rise in Bitcoin prices, provides Bitcoin miners with greater confidence and opportunities for future growth.
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