Shenzhen TechFlow News, on August 20, according to Coindesk, research and brokerage firm Bernstein reported that U.S.-listed Bitcoin mining companies rely on their ability to raise funds in the world’s deepest capital market. Listed peers have significant advantages. This ease of access to capital provides them with more financial options, making them more competitive especially in capital-intensive industries.
Bernstein pointed out that large publicly traded Bitcoin miners in the United States are gradually becoming industry integrators. Leading miners should focus on expanding market share and increasing hash rate, rather than making up for funding needs by selling mined cryptocurrencies at low prices. Recent financing actions by Marathon Digital, Riot Platforms, Core Scientific and Bitdeer further support this view. These companies have raised funds by issuing convertible bonds and stocks to expand their market influence.
In addition, Bernstein emphasized that despite the similarities between Bitcoin mining and artificial intelligence (AI) data centers in terms of power requirements and high-density power specifications, the business models of the two are completely different. Nevertheless, scale expansion is critical for both. The report also reiterated that with the increase in institutional adoption and the popularity of exchange-traded funds (ETFs), Bitcoin prices are expected to reach a new high of about $200,000 in 2025.
