Bernstein is bullish on these two less-known Bitcoin mining stocks

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Bernstein is bullish on these two less-known Bitcoin mining stocks

Bernstein analysts see upside in two under-the-radar Bitcoin mining companies, citing their strategic shift towards housing artificial intelligence data centers.Bernstein highlights the miners' hybrid business model, leveraging their existing Bitcoin mining infrastructure for AI data centers. They point to recent deals, like CORZ's $4.7 billion co-hosting agreement with Coreweave, as evidence of this trend.

The analysts forecast that 20% of Bitcoin mining power capacity will be used for AI by 2027, with IREN, CORZ, and other similar players leading the charge. The report compares IREN and CORZ, noting CORZ's lead in co-hosting agreements, while IREN boasts a strong power pipeline and data center expertise. Bernstein values IREN and CORZ at a target Enterprise Value to EBITDA multiple of 9.7x and 6.4x for fiscal year 2025, respectively.

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