#BTC☀ Bitcoin miners MARA, CleanSpark, Cipher upgraded at J.P. Morgan P. Morgan analyst Reginald Smith on Tuesday upgraded CleanSpark (NASDAQ:CLSK) and Cipher Mining (NASDAQ:CIFR) shares to Overweight from Neutral, and also MARA Holdings (NASDAQ:MARA) to Neutral from Underweight, against a backdrop of a strong crypto market rally.

Over the past month, Smith pointed out, (NASDAQ:CLSK) and (NASDAQ:CIFR) shares have fallen, while the price of bitcoin rose markedly. Bitcoin mining stocks and the underlying token price have traditionally shared a strong relationship; however, miners' shift to AI has gradually weakened this bond.

"We see Cipher as best positioned to sign a colocation agreement in the near term (3-6 months) within our coverage universe, which we think would contribute additional share upside," the note said.

MARA (NASDAQ:MARA), meanwhile, saw its stock rise M/M as "investors seem to be applying a premium multiple to companies holding bitcoin on balance sheet today," the analyst said. MARA, which Smith noted is rich in power capacity, holds 35K bitcoin (BTC-USD).

Minutes after the opening bell, (CLSK) gained 1.5%, (CFIR) perked up 1.7% and (MARA) advanced 1.8%.

More on Cipher Mining, CleanSpark, etc.

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