Bernstein: US listed Bitcoin mining companies have obvious advantages over their unlisted counterparts and are becoming industry integrators

According to a report by research and brokerage firm Bernstein, publicly traded Bitcoin mining companies in the US have a significant advantage over their non-public counterparts due to their ability to raise funds in the world's deepest capital markets. This ease of fundraising provides them with more financial options, particularly in capital-intensive industries, making them more competitive. Bernstein notes that large publicly traded Bitcoin miners in the US are gradually becoming industry consolidators. Leading miners should focus on expanding market share and increasing hash rates rather than selling mined cryptocurrencies at low prices to meet funding needs. Recently, financing actions by Marathon Digital, Riot Platforms, Core Scientific, and Bitdeer further support this view, with these companies raising funds through convertible bonds and stocks to expand their market influence. In addition, Bernstein emphasizes that while Bitcoin mining and artificial intelligence (AI) data centers share similarities in power requirements and high-density power specifications, their business models are completely different. Nevertheless, scale expansion is crucial for both. The report also reiterates that with the increasing adoption rate of institutions and the popularity of exchange-traded funds (ETFs), the price of Bitcoin is expected to reach a new high of about $200,000 by 2025.