Macquarie Assigns ‘Outperform’ Ratings to Leading Bitcoin Mining Stocks

Investment bank Macquarie has initiated coverage on shares of several leading bitcoin mining companies, assigning them ‘outperform’ ratings. The list includes Marathon Digital Holdings, Riot Platforms, CleanSpark, and Cipher Mining. Analysts at the bank believe these companies will benefit from the growing demand for artificial intelligence (AI) and high-performance computing (HPC) infrastructure.

Macquarie notes that many miners are diversifying their operations, shifting from pure cryptocurrency mining to providing hosting services for AI and HPC. For example, Marathon Digital Holdings commands the largest deployed capacity among publicly traded miners. The company’s shares trade around $16.16, with Macquarie setting a price target of $22.

Analysts expect that the concentration of resources such as power infrastructure and computing capabilities within the mining sector will represent significant long-term value, especially given the increasing demand for AI infrastructure.