JPMorgan Says Core Scientific Deal Resets Valuation Bar for Bitcoin Miners

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A watershed moment: JPMorgan analysts believe the CoreWeave acquisition of Core Scientific sets a new valuation anchor at around $20.40 a share for Bitcoin miners—though it may be a unique case .

• One-off transaction: JPMorgan’s Reginald Smith and Charles Pearce suggest this is unlikely to be a repeatable play for other miners .
• Riot Platforms benefits: Among peers, Riot stands out. Its infrastructure in Texas metro areas could justify a similar valuation premium—yet it’s still trading at a discount .
• Analyst recalibration: B.Riley moved Core Scientific from ‘buy’ to ‘neutral’, maintaining a $17 target as they reassess the deal’s full impact.

Why it matters:
This deal highlights the evolving perception of mining companies. With power assets repurposed for AI and HPC, they’re increasingly seen as hybrid infrastructure firms—beyond Bitcoin mining profitability.

Investor action:

• Treat the CoreWeave deal as a benchmark, not a guarantee.
• Evaluate miners based on energy access, computational contracts, and operational scalability.
• Monitor sector peers like Riot for re-rating opportunities, especially ones trading notably below the $20/share level.