The bank said the bitcoin treasury sector’s slump reset valuations, but opened the door for new digital credit financing models that could revive growth.
The weaker results were tempered by continued progress in the bitcoin miner’s shift toward AI infrastructure.
The investment gives BitMine exposure to consumer media and potential DeFi revenue streams, strengthening its treasury strategy beyond ether accumulation.
Regulatory clarity, tokenization and bank adoption will push crypto firms from balance-sheet accumulation toward real operations.
The analyst team said the first long-term co-location agreement at NC-1 validates WhiteFiber’s retrofit model.
Megawatts are still trading hands, and the AI trade is very much alive, according to investment banker Joe Nardini, as miners pivot to HPC and buyers chase scarce power.
The bank kept its buy rating on the stock and $74 target, citing a Microsoft GPU ramp and ample funding options.
The bank said ETH-focused DATCOs have outperformed since Nov. 20 as risk appetite improved, mNAVs ticked up and staking-led strategies gained traction.
The investment bank slashed price targets across so-called Datcos, citing sector-wide pressure and weaker accumulation trends.
After weeks of weakness, the bank flagged a potential rebound in digital asset treasury companies as macro risks cooled and short sellers retreated.
The broker sees digital asset treasuries stabilizing as U.S.-China trade progress lifts sentiment.
The bank also reaffirmed TeraWulf (WULF) as its top pick in the sector.