JPMorgan: “Bitcoin (BTC) mining stocks rally as BTC rises and profitability improves”
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Summary
- JPMorgan said higher bitcoin prices and a decline in network hashrate are improving miners’ profitability, translating into stronger share prices.
- JPMorgan said the combined market capitalization of 14 major U.S.-listed bitcoin miners rose by about $13 billion over the first two weeks of this year, totaling roughly $62 billion.
- JPMorgan added that higher bitcoin prices, slower hashrate growth, and revenue diversification from expanding into AI and HPC businesses are supporting share-price gains, and that if this trend continues, the rally in bitcoin mining stocks could accelerate further.
A rise in BTC prices and improved mining economics were cited as key drivers behind the recent strong performance of bitcoin (BTC) mining stocks listed on U.S. exchanges.
According to CoinDesk, a cryptocurrency-focused media outlet, JPMorgan said in a report on the 16th (local time) that “the modest uptick in bitcoin’s price seen so far this year, together with a decline in network hashrate, has improved miners’ profitability, feeding through to stronger share prices.”
JPMorgan said that the market capitalization of 14 major U.S.-listed bitcoin miners increased by about $13 billion over the first two weeks of this year, bringing their combined market cap to roughly $62 billion.
The bank also explained that while higher bitcoin prices and a slowdown in hashrate are the key drivers, miners’ expansion into areas such as artificial intelligence (AI) and high-performance computing (HPC), which is diversifying revenue streams, is also contributing to the share-price gains.
JPMorgan added that if bitcoin prices remain stable and the overheating in hashrate continues to ease, the rally in bitcoin mining stocks could accelerate further.
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