Bernstein Hikes Bitcoin Miner Targets as AI Infrastructure Play Continues to Gain Momentum

Why It Matters

The shift positions bitcoin miners as essential AI infrastructure providers, creating a new growth engine that broadens their investor appeal and could reshape valuation standards across both the crypto and AI sectors.

Summary

Bernstein raised price targets for U.S.-listed bitcoin miners, noting a strategic pivot from pure mining to monetizing their large‑scale power assets for AI data‑center colocation. The firm abandoned its discounted cash‑flow model in favor of a sum‑of‑parts approach that values bitcoin holdings, mining EBITDA, AI‑related revenues and power sites at a $3 million per megawatt multiple. Targets were lifted to $24 for Core Scientific (from $17), $25 for Riot Platforms (from $19) and $24 for CleanSpark (from $20), and the stocks rallied on news of AI contracts such as IREN’s deal with Microsoft.