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Investment Institutions are Bullish on Bitcoin Miners, Cipher Mining Stock Surges 12% - AdminSo
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Investment Institutions are Bullish on Bitcoin Miners, Cipher Mining Stock Surges 12%

Blockchain 2024-09-26 14:52:53 Source:

Investment Institutions are Bullish on Bitcoin Miners, Cipher Mining Stock Surges 12%Macquarie recently released a report initiating coverage on Bitcoin miners including Riot Platforms (RIOT.US), Marathon Holdings (MARA

Investment Institutions are Bullish on Bitcoin Miners, Cipher Mining Stock Surges 12%

Macquarie recently released a report initiating coverage on Bitcoin miners including Riot Platforms (RIOT.US), Marathon Holdings (MARA.US), CleanSpark (CLSK.US), and Cipher Mining (CIFR.US), assigning an "Outperform" rating. The firm believes that the fundamental drivers pushing Bitcoin price higher "may continue, if not accelerate, delivering higher BTC production while equity issuance grows."

Fueled by the optimistic outlook, Cipher Mining's stock price surged, rising as much as 18% in early trading on Wednesday before closing up 12%. Meanwhile, Riot, Marathon Digital, and CleanSpark also saw modest gains, rising 1.34%, 1.18%, and 3.85%, respectively, as of press time. Bitcoin price was up 0.11% to $63,600 as of press time.

Macquarie analyst Paul Golding pointed out that supportive fundamental drivers for Bitcoin price include "loose fiscal policy, loose monetary policy, concerns about sovereign debt crises, capital controls, geopolitical instability, institutional value transfer, cross-border payments, web3, etc."

"In our view, the concentration of commodity resources such as electricity infrastructure, compute and bandwidth represents a tangible value beyond the expected appreciation of Bitcoin," Golding further stated in a report released on Tuesday. He noted that some Bitcoin miners are starting to increasingly shift towards high-performance computing infrastructure used for artificial intelligence to increase revenue. He believes that "operating AI cloud products from Bitcoin miners' facilities is still in its infancy, but if the hyperscale space seeking compute opens its arms to miners generally, we could see this value play realized in a potentially significant way."

Tag: Investment Institutions are Bullish on Bitcoin Miners Cipher Mining


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