Intchains Stock Could Double Amid Mining Expansion

China-based Intchains Group, known for developing crypto mining hardware, could see its stock price more than double, according to analysts at Benchmark.

The investment firm reiterated its Buy rating for the company. However, analysts slightly lowered the price target for the stock. The new target is $3 per share, compared with the previous estimate of $4.

Interest in Intchains is growing due to its evolving business model. The company is expanding beyond mining hardware into staking services and digital asset reserves.

Intchains shifts its cryptocurrency business model

Benchmark analysts reaffirmed a positive outlook for Intchains Group. The company is widely known for producing altcoin mining machines under its Goldshell brand.

These devices are optimized for specific cryptocurrency mining algorithms. As a result, they serve specialized segments of the crypto mining industry.

At the same time, Intchains has started to diversify its operations. The company now focuses on several business areas:

• development of crypto mining hardware
• staking services for digital assets
• accumulation of Ethereum reserves

This strategy could reduce the company’s reliance on hardware sales.

Key factors behind the company’s strategy

A key part of the new strategy is building an Ethereum treasury. Intchains has been steadily increasing its holdings of the cryptocurrency.

According to Benchmark, the company held 9,070 ETH in the first quarter of the year. At the end of the previous year, the reserve stood at 8,826 ETH.

The company has also staked approximately 2,600 ETH. Staking allows Intchains to generate additional income from the Ethereum network.

Analysts believe this approach helps stabilize revenue. The company is no longer dependent solely on the crypto mining hardware market.

Market reaction to the strategic shift

Shares of Intchains were trading near $1.23, according to Yahoo Finance data. Benchmark expects the stock to potentially reach $3 per share.

However, analysts slightly lowered their revenue expectations. They now forecast $67.6 million in revenue for 2026.

Previously, Benchmark projected about $70.9 million in annual revenue. The revision reflects uncertainty in the cryptocurrency market and changes in mining profitability.

Emerging trends in the blockchain industry

The market for crypto mining hardware remains highly sensitive to cryptocurrency prices.

When token prices fall, mining profitability declines. As a result, miners often delay purchasing new equipment.

Benchmark analysts noted that this trend was visible in Intchains’ fourth-quarter results for 2025.

Despite these risks, the company continues to expand its strategy. It combines hardware production, staking services, and digital asset management.

This hybrid model could represent a new direction for companies operating in the crypto mining industry and the broader blockchain ecosystem.

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