Bernstein Cuts Price Target for Bitcoin Miners

Analysts at Bernstein have lowered their 2025 price targets for Bitcoin miners IREN, CleanSpark, and Riot Platforms, citing significant underperformance relative to Bitcoin this year.

“Bitcoin miners have faced a steep correction, falling 20-40% compared to Bitcoin’s 10% decline,” wrote analysts led by Gautam Chhugani in a note to clients on Thursday. “Overall, miners’ price action has been disappointing, with no significant gains in Q4 last year and worse than Bitcoin so far this year.”

The analysts noted that institutional interest in miners has leaned more towards the AI/high-performance computing narrative rather than the Bitcoin commodity cycle.

However, companies like IREN and Core Scientific, which focused on AI data center diversification, have underperformed compared to pure-play Bitcoin miners like Riot and MARA this year, despite strong performance in 2024.