Bitcoin hit an all-time high of $108,000, boosting shares of mining companies like Riot Platforms, MARA, and Hut 8 Corp. Analysts predict continued growth driven by regulatory clarity and a potential strategic bitcoin reserve under the incoming Trump administration.
Bitcoin surged to a record high of $108,000 on Tuesday, marking a significant milestone for the cryptocurrency. US-listed shares of Riot Platforms and MARA rose in premarket trading, while Hut stock also climbed. The investment bank notes that mainstream crypto sentiment is improving, citing greater regulatory clarity and a more crypto-friendly SEC under the incoming Trump administration.
Analysts believe that if the US establishes a strategic bitcoin reserve, as planned by Trump, Bitcoin's price is likely to rise. This, in turn, would lead to expanded profitability and larger bitcoin treasuries for bitcoin miners. Analysts also highlight growing demand from AI hyperscalers, which could present a significant new growth opportunity beyond the crypto market. Piper Sandler initiated coverage on MARA Holdings with a price target of $34, expecting MARA's mining capacity to reach approximately 50 EH/s by the end of the fourth quarter in 2024, with a Bitcoin treasury exceeding 40,000 BTC, valued at roughly $4 billion. They believe MARA has a “fastest to scale” advantage in bitcoin mining. Piper Sandler also initiated coverage on Riot Platforms with a $23 price target, despite RIOT trailing MARA in both mining capacity and Bitcoin holdings. Analysts are optimistic about Riot's potential to scale its operations. RIOT aims to triple its mining capacity from approximately 28 EH/s to around 100 EH/s by year-end 2027. Finally, Piper Sandler set a price target of $33 for Hut 8 Corp
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