Bitcoin (BTC) miners Bitdeer Technologies (BTDR), CleanSpark (CLSK) and Core Scientific (CORZ) were initiated with an outperform rating by KBW, the investment bank said in a report Monday.

The three bitcoin mining companies offer varying degrees of exposure to the largest cryptocurrency, the bank said.

Bitdeer offers diverse exposure to a bitcoin mining business model that is augmented by a growing ASIC manufacturing arm, the report said.

The company also has an artificial intelligence (AI)/high performance computing (HPC) unit with a “live cloud service platform and a robust power pipeline that affords optionality for hosting/co-location opportunities” in the future.

KBW has a price target of $26.50 on Bitdeer’s shares. The stock was 0.3% lower at around $20.60 in early trading.

CleanSpark is one of the largest publicly listed miners in the bank’s coverage, with a roughly 50 exahashes per second (EH/s) hashrate target for mid-2025. It benefits from one of the most efficient mining fleets in the sector which gives it “strong unit economics and outsized BTC production.”

KBW gave the stock a $19 price target.

Core Scientific offers exposure to the biggest and most appealing AI/HPC hosting services contract in the sector through the 12-year deal it inked with CoreWeave last year, as well as bitcoin mining, KBW said.

Core Scientific is well positioned to “secure incremental capacity” as it has an engineering team with previous experience in veri center operations, the report added.

KBW initiated coverage of the shares with a $22 price target. Core Scientific was trading little changed at $16 on Monday.

Galaxy (GLXY) remains the bank’s top outperform idea in the digital assets space.