The firm initiates research on MARA, BTDR, CLSK, and KEEL, citing their shift to high-performance computing as a growth driver.
Citizens Equity Research initiated coverage on four bitcoin mining companies with Buy-equivalent ratings, highlighting their transition to high-performance computing (HPC). The firms—MARA, Bitdeer (BTDR), CleanSpark (CLSK), and Keel (KEEL)—are repurposing existing power infrastructure previously used for cryptocurrency mining.
The move follows a broader industry trend as miners seek alternative revenue streams amid fluctuating bitcoin prices and regulatory pressures. Prior coverage on these stocks has been limited, with most analysts focusing on their core mining operations rather than HPC diversification.
No immediate market reaction was specified in the report.