Group 1: Market Performance - Crypto-related equities, including BitMine Immersion Technologies, CleanSpark, and Riot Platforms, are experiencing positive momentum as Bitcoin surpasses $92,000 and Ethereum exceeds $3,000 [1] - BitMine shares have increased by 4.47% today and over 27% in the last five trading days, currently priced at $33.16 [1] - CleanSpark and Riot Platforms have seen larger gains, with CleanSpark up 12.27% and Riot Platforms up 7.8% since Friday's opening, and CleanSpark's five-day gain exceeding 54% [3] Group 2: Company Developments - BitMine, chaired by Tom Lee, holds over $11 billion in Ethereum and remains bullish despite a 38% decline from Ethereum's all-time high [2] - CleanSpark recently upsized a convertible notes offering to $1.15 billion, with nearly half allocated for share buybacks at an average price of $15.03 [4] - Cipher Mining shares surged 22% earlier this month following a $5.5 billion, 15-year lease agreement for Amazon Web Services and AI workloads, with shares up over 500% in the last six months [5] Group 3: Broader Market Trends - The improving risk sentiment has contributed to Bitcoin's recent price recovery, with Bitcoin and Ethereum rising 7% and 9.4% over the past week, respectively [7] - Odds of a December interest rate cut by the Federal Reserve have increased, with a prediction market indicating an 85% chance of a 25 basis points cut, potentially serving as a catalyst for market movements [7]

Core Insights - Bitcoin has gained traction as a decentralized asset, supported by favorable U.S. economic policies and increasing institutional participation [1] - The comparison between Coinbase Global Inc. (COIN) and Riot Platforms (RIOT) highlights differing strategies for long-term growth in the cryptocurrency sector [1] Coinbase Global Inc. (COIN) - Coinbase is positioned to benefit from pro-crypto policies under President Trump, with 83% of its revenues coming from the U.S., making it a central player in digital asset innovation [3] - The company is expanding its product offerings, including new trading instruments and a $100 million Bitcoin-backed loan to CleanSpark, enhancing its presence in crypto lending and decentralized finance (DeFi) [4][5] - Coinbase is also developing a low-cost Layer 2 network called Base to support on-chain activity and is pushing for stablecoin adoption through Coinbase Payments [5] - The company is actively acquiring firms to enhance its technological capabilities, with nine acquisitions in the year, including platforms for capital raising and derivatives trading [6] - Despite facing profitability challenges due to high costs, Coinbase's strategic acquisitions and favorable regulatory environment position it for long-term growth [7] Riot Platforms (RIOT) - RIOT focuses on a vertically integrated approach in Bitcoin mining, emphasizing scale, low-cost production, and a strong balance sheet [10] - The company is reallocating resources to develop high-margin data center services for AI and high-performance computing, with 1,862 MW of power capacity [12] - RIOT is developing its Corsicana data-center campus, which will support a total of 1-gigawatt power capacity, enhancing its position in the data center market [13] - The company holds over 19,000 Bitcoin and $400 million in cash, providing a solid foundation for future growth [23] - RIOT's strategy aims to secure leases with AI and cloud clients, shifting its revenue mix towards more stable, recurring streams [14] Financial Estimates - The Zacks Consensus Estimate for COIN's 2025 revenues indicates an 11.7% year-over-year increase, while EPS is expected to rise by 5.4% [15] - In contrast, RIOT's 2025 revenues are projected to increase by 74%, but its EPS is expected to decline by 164.7% year-over-year [16] - COIN shares have gained 6.7% year-to-date, while RIOT shares have increased by 46.5% in the same period [17] Valuation Metrics - Coinbase is trading at a forward price-to-earnings multiple of 43.7, slightly below its three-year median of 44.6 [19] - RIOT's forward price-to-earnings multiple is -21.67, worse than its median of -18.82 over the past three years [19] Conclusion - Coinbase benefits from a diversified revenue base and strategic acquisitions, enhancing its regulatory standing and long-term growth trajectory [21][22] - RIOT is well-positioned due to its power capacity, data center leadership, and strong balance sheet, although it faces risks from Bitcoin price volatility [23] - Both companies carry a Zacks Rank 3 (Hold), with COIN's near-term growth prospects appearing stronger than RIOT's [24]

Core Insights - The Bitcoin mining sector is facing significant valuation distortions due to inaccurate diluted share counts, which are underreported by 20%–33% for key companies, leading to an understatement of their combined market cap by approximately $8 billion [2][4]. Group 1: Valuation Discrepancies - JPMorgan's analysis indicates that the diluted share counts for Cipher Mining Inc and CleanSpark Inc have increased by about 20%, while Riot Platforms Inc and Marathon Digital Holdings Inc have seen increases of over 30% due to various stock issuances [4][6]. - The reliance on Bloomberg's diluted share counts as a reference point for market cap and enterprise value calculations results in investors undervaluing these companies [4][6]. Group 2: Sector Dynamics - The Bitcoin mining sector is bifurcating, with Cipher and CleanSpark benefiting from multi-year high-performance computing contracts and new data center capacities, which are becoming more valuable than Bitcoin mining itself [5]. - Conversely, Riot and Marathon, as the largest holders of Bitcoin, are experiencing reduced price targets due to deteriorating Bitcoin economics and increasing share counts [6]. Group 3: Implications for Investors - The inaccuracies in share counts lead to flawed financial ratios and valuation comparisons, which are critical for identifying genuine investment opportunities in a sector undergoing a significant business model transition towards AI-driven HPC revenue [7].

Core Insights - The article discusses the transition of former bitcoin miners, including Cipher Mining, Riot Platforms, and IREN, towards high-performance computing (HPC) and AI services, highlighting the potential for significant revenue growth in this sector [2][5][19]. Cipher Mining - Cipher Mining operates five data centers in Texas, with plans to shift focus from bitcoin mining to HPC, aiming to leverage existing infrastructure for AI workloads [1][8]. - The company has a development pipeline of 3.2 gigawatts and announced a new 1-gigawatt site in West Texas, primarily financed by Cipher, to focus on HPC [6][7]. - Cipher's recent lease agreement with AWS is valued at approximately $5.5 billion, providing 300 megawatts of power capacity for AI workloads starting in August next year [8]. - In Q3 2025, Cipher generated $71.7 million in revenue, nearly tripling from Q3 2024, although it fell short of expectations [9]. - Analyst Greg Miller projects Cipher's stock could exceed $90 per share if it successfully executes its HPC strategy, with a current price target of $30 indicating a potential upside of 106% [10][11]. Riot Platforms - Riot Platforms has over 1 gigawatt of operational data center capacity and is expanding its Corsicana facility by an additional 600 megawatts [12][14]. - The company reported a record revenue of $180.2 million in Q3 2025, up 112% year-over-year, with a net income of $104.5 million [15]. - Miller notes Riot's capacity is well-positioned for the HPC market, and he sets a price target of $25, suggesting an 87% potential gain [16]. IREN, Ltd. - IREN operates four data centers, with a significant focus on renewable energy, and has shifted its business model from bitcoin mining to AI cloud services [17][19]. - The company secured a multi-year GPU cloud service contract with Microsoft valued at $9.7 billion, alongside a $5.8 billion deal with Dell for hardware [19][20]. - IREN's fiscal 1Q26 report showed a record revenue of $240.3 million, a 355% increase from the previous year, and a net income turnaround from a loss to a profit of $384.6 million [21]. - Analyst Miller believes IREN's strategy could lead to a valuation of over $280 per share in the long term, with a current price target of $80 indicating an 84% upside [23].

Riot Platforms, Inc. (NASDAQ:RIOT) is one of the best cryptocurrency stocks to buy for the long term. On November 19, Citizens initiated coverage on Riot Platforms (NASDAQ:RIOT) with a Market Outperform rating and a $25 price target. The firm pointed to Riot’s shift from pure bitcoin mining to a broader data-center model, supported by third-quarter 2025 results showing $637.16 million in trailing, twelve-month revenue, more than double the prior year. Riot Platforms, Inc. (RIOT) Shifts Toward HPC Growth, ...

Group 1 - Bitcoin miners experienced mixed performance as the recent downtrend in cryptocurrency continued, with some firms showing resilience due to positive analyst coverage on their AI infrastructure and data center demand [1] - Citizens JPM analyst Greg Miller initiated coverage on three bitcoin miners: Cipher Mining (CIFR), Iren (IREN), and Riot Platforms (RIOT), highlighting their potential in the AI infrastructure space [1] Group 2 - Palantir's stock has weakened, dropping below its 21-day and 50-day moving averages amid a broader pullback in AI stocks [2] - The stock market showed volatility but ended positively as the government shutdown concluded, with notable movements in stocks like Palantir and Eli Lilly [4] - Cipher Mining's composite rating improved to 98, indicating strong performance relative to its peers [4]

Core Viewpoint - The uncertainty caused by the U.S. government shutdown is impacting the Federal Reserve's decision-making, leading to a risk-averse sentiment in the market, which has resulted in significant declines in high-growth and AI-related stocks [1][9]. Market Reaction - The U.S. stock market experienced its largest drop in nearly a month, with the Nasdaq 100 index falling by 2% and the S&P 500 and Dow Jones Industrial Average both down by 1.7% [3]. - High-growth stocks, particularly those favored by retail investors, saw their largest declines since April, with a notable drop in AI-related stocks [2][6]. Economic Data Impact - The government shutdown has delayed the release of key economic data, including unemployment claims and inflation figures, contributing to market anxiety [10]. - The lack of critical economic reports has left investors struggling to assess the economic landscape, further exacerbating market volatility [10]. Interest Rate Expectations - Swap traders have reduced the probability of a rate cut in December to approximately 50%, down from 72% a week prior, reflecting a shift in market sentiment [1]. - The uncertainty surrounding the Federal Reserve's future actions, particularly in light of high inflation and a weak job market, is a primary source of market anxiety [9][13]. Stock Performance - AI-related stocks have seen significant declines, with companies like Sandisk and Astera Labs dropping 14% and 8.4% respectively, while Nvidia and Broadcom also faced losses [6]. - The retail investor sentiment index has shown a notable decrease, with the Citi U.S. Retail Favorites Index down 6%, marking its largest drop since April [8].

Core Insights - J.P. Morgan has assigned "Overweight" ratings to three major crypto stocks, indicating an expectation that these stocks will outperform their sector averages [1][9] - The bank is expanding its presence in the crypto space through its Onyx division and JPM Coin, which is used for real-time settlement by institutional clients [2][3] Company Ratings - Coinbase Global (COIN) has been maintained at an "Overweight" rating with a price target of $404 for December 2026, supported by its strong position in U.S. institutional trading and integration with the Base network [9] - MARA Holdings (MARA) is noted for its resilience post-halving and diversification into high-performance computing and AI infrastructure, making it a top pick for institutional exposure to Bitcoin mining [7] - Riot Platforms (RIOT) is recognized as a key beneficiary of rising Bitcoin prices and U.S.-based mining expansion [7] Market Activity - J.P. Morgan's Onyx platform processed around $1 billion in daily transactions via JPM Coin, reflecting the bank's commitment to blockchain technology [3] - The expansion of JPM Coin settlement to Coinbase's Base network marks a significant step for a major Wall Street institution utilizing a public blockchain for financial transfers [4]

J.P. MORGAN: BUY CRYPTO STOCKSJ.P. Morgan Analysts currently rate COIN, MARA and RIOT stock as OVERWEIGHT. That means they believe these stocks will outperform.The bankers are telling you to LONG Crypto stocks. https://t.co/olV297JpMV ...

Group 1 - The article provides a market analysis focusing on NVIDIA Corporation, Riot Platforms, and Marathon Digital Holdings Inc, highlighting their performance in relation to Bitcoin and the US Dollar [1] - NVIDIA Corporation is noted for its significant role in the semiconductor industry, particularly in AI and gaming sectors, which has driven its stock performance [1] - Riot Platforms and Marathon Digital Holdings Inc are discussed in the context of the cryptocurrency mining industry, emphasizing their operational metrics and market positioning [1] Group 2 - The analysis includes a comparison of Bitcoin's performance against the US Dollar, indicating trends and potential investment opportunities within the cryptocurrency market [1] - The article suggests that the volatility of Bitcoin impacts the financial health of companies involved in cryptocurrency mining, such as Riot Platforms and Marathon Digital Holdings Inc [1] - Overall, the market analysis aims to provide insights into the interplay between technology stocks and cryptocurrency, offering a comprehensive view for investors [1]