Bernstein Hikes Bitcoin Miner Targets as AI Infrastructure Play Continues to Gain Momentum
Bitcoin BTC$107,208.25 miners are now an integral part of the artificial intelligence (AI) value chain, Wall Street broker Bernstein said in a note Monday updating its…
Ropa UshePrivate Equity Research Analyst
2 min read
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Bitcoin Miners Transition to AI Infrastructure Play
Deal Background
Bernstein, a prominent Wall Street broker, has updated its model for the bitcoin mining sector, highlighting the industry's pivot toward maximizing the value of its power assets and infrastructure for the burgeoning artificial intelligence (AI) market. The report suggests that bitcoin miners have become an integral part of the AI value chain, with their large-scale power facilities and resources becoming critical to the growth of AI data centers.
Motivations for Buyers/Sellers
According to the analysis, U.S.-listed bitcoin miners are now focused on leveraging their power infrastructure and facilities to capitalize on the rising demand for AI-related services, rather than solely betting on bitcoin price upside. This strategic shift has prompted Bernstein to abandon its traditional discounted cash flow (DCF) methodology in favor of a sum-of-parts valuation that combines miners' bitcoin holdings, mining EBITDA, AI co-location and cloud revenues, and the potential value of power sites earmarked for AI data centers.
Sector and Market Signals
The report highlights that bitcoin miners with active or potential AI contracts are being re-rated by the market as key enablers of the next generation of computing infrastructure. This is reflected in the significant price target increases for several major miners, including Core Scientific, Riot Platforms, and CleanSpark, as Bernstein recognizes the value of their AI-focused strategies and infrastructure.
Implications for Private Equity
The transition of bitcoin miners toward the AI infrastructure space presents new opportunities for private equity investors. As the industry pivots, private equity firms may seek to capitalize on the growing demand for AI-related services and infrastructure, potentially leading to increased M&A activity and investment in the sector.
Immediate Outlook
The report suggests that the market is already responding positively to the AI-focused strategies of bitcoin miners, with shares of several companies, including IREN, CORZ, RIOT, and CLSK, trading higher in premarket trading following the release of the Bernstein report. This indicates that investors are recognizing the potential value of these companies' AI-related initiatives and the broader shift in the bitcoin mining industry.
Key Takeaways
Bitcoin miners are pivoting toward maximizing the value of their power infrastructure and facilities to capitalize on the growing demand for AI-related services and data centers.
Bernstein has updated its valuation methodology to reflect the miners' strategic shift, combining their bitcoin holdings, mining EBITDA, AI co-location and cloud revenues, and the potential value of power sites earmarked for AI data centers.
The market is responding positively to the AI-focused strategies of bitcoin miners, with shares of several companies trading higher in premarket trading following the release of the Bernstein report.
This article highlights how bitcoin miners are evolving their business models to maximize the value of their power assets and infrastructure for the burgeoning AI industry. As the demand for AI computing power surges, bitcoin miners are positioning themselves as critical players in the AI value chain by leveraging their large-scale power facilities to support the growth of AI data centers.
Top U.S. Public Bitcoin Miners by Market Cap
Marathon Digital Holdings1250
Riot Blockchain950
Hut 8 Mining725
Bitfarms450
Growth in AI Data Center Power Demand
202215
2023E22
2024E30
2025E40
Bitcoin Miners' Power Capacity Allocation
AI Data Centers – 45%Bitcoin Mining – 35%Grid Balancing – 15%Other – 5%
Research Brief
Dec 2, 2025|Senna Analysis
Market Context
The article highlights the growing integration of Bitcoin miners into the artificial intelligence (AI) value chain, suggesting a shift in the role and perception of crypto-related assets within the broader technology ecosystem.
Key Takeaways
1Bitcoin miners are now seen as an integral part of the AI infrastructure, potentially expanding investment opportunities for private equity firms in this emerging segment.
2The increased focus on AI-related applications for Bitcoin mining operations could lead to new synergies and business models that private equity investors may want to explore.
3Bernstein's bullish stance on Bitcoin miner targets suggests a growing institutional acceptance and interest in the crypto mining industry, which private equity firms may want to closely monitor.
What to Watch
The article's positive outlook on the AI-driven momentum in the Bitcoin mining industry could signal further growth and investment opportunities for private equity firms in this space.
Follow-on activity
Competitive response
Integration progress
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This article highlights how bitcoin miners are evolving their business models to maximize the value of their power assets and infrastructure for the burgeoning AI industry. As the demand for AI computing power surges, bitcoin miners are positioning themselves as critical players in the AI value chain by leveraging their large-scale power facilities to support the growth of AI data centers.