Catenaa, Sunday, March 23, 2025-Bernstein analysts have slashed their 2025 price targets for major Bitcoin miners, citing sharp underperformance relative to the cryptocurrency itself.
In a Thursday note, analysts led by Gautam Chhugani highlighted a steep decline in miner stocks, with IREN, CleanSpark, and Riot Platforms dropping between 20-40% this year, while Bitcoin has fallen just 10%. They attributed the slump to increasing industry hash rates and cash outflows linked to mining operations.
Bernstein lowered IREN’s price target from $26 to $20 and CleanSpark’s from $30 to $20, citing declining market share and bitcoin treasury strategies. Riot’s target was cut from $22 to $19 due to resource shifts toward AI and high-performance computing.
Meanwhile, targets for Marathon Digital (MARA) and Core Scientific (CORZ) remained unchanged, with MARA benefiting from its 46,374 BTC holdings and Core Scientific leveraging valuable AI power contracts.
Despite the downturn in mining stocks, Bernstein reaffirmed its $200,000 year-end price target for Bitcoin.
