Bitcoin Surges to $108,000

Bitcoin surged to $108,000 on Tuesday, hitting a historic all-time high. This milestone reflects improving mainstream crypto sentiment.

Piper Sandler Research Coverage

On Monday, Piper Sandler initiated research on Bitcoin miners and crypto infrastructure, assigning Overweight ratings to several firms:
– MARA Holdings (NASDAQ:MARA)
– Riot Platforms (NASDAQ:RIOT)
– Hut 8 Corp (NASDAQ:HUT)
– Galaxy Digital (TSX:GLXY)

MARA shares rose 2.6%, RIOT increased by 1.9%, and Hut 8 gained 3.2% in premarket trading.

Investment Bank Insights

Piper Sandler noted that regulatory clarity under the expected Trump administration could enhance mainstream crypto growth, potentially creating a strategic Bitcoin reserve, which may drive prices higher and benefit miners’ profitability.

Market Opportunities

With the emergence of AI demand, Bitcoin miners are positioned to leverage their energy infrastructure for new growth opportunities.
– MARA Holdings: Target price of $34; expected mining capacity of 50 EH/s by late 2024, exceeding 40,000 BTC.
– Riot Platforms: Price target of $23, plans to triple its capacity to 100 EH/s by 2027.
– Hut 8 Corp: Target price of $33, focusing on energy assets and AI/HPC co-location deals.
– Galaxy Digital: Price target of $29; plans to reduce its mining footprint for AI/HPC revenue growth.

Analysts project significant revenue increases for these firms as they adapt to market changes.