According to CoinDesk, U.S.-listed bitcoin miners have a substantial advantage over their private counterparts due to easier access to capital. This advantage allows them more financial flexibility compared to privately held firms or those trading in other markets, broker Bernstein stated in a recent research report.

The report highlights that the ability to raise debt and equity in the world's deepest capital markets gives U.S. miners a natural edge, especially in a capital-intensive industry poised for market consolidation. Analysts led by Gautam Chhugani pointed to recent fundraising activities as evidence. Marathon Digital announced a private placement of convertibles to purchase Bitcoin as a treasury asset, while Riot Platforms revealed a $750 million equity offering. Core Scientific and Bitdeer also disclosed plans to issue convertible debt.

Bernstein's report supports its positive outlook on publicly listed U.S. bitcoin miners as consolidators in the sector. The mining industry is currently divided between companies focusing on bitcoin mining and those shifting towards artificial intelligence (AI) data centres. Both avenues present viable opportunities, with consolidation being a common theme due to the importance of scale.

Despite the adjacency of Bitcoin mining and AI data centres in terms of power capacity and high-density power specifications, the report emphasized that they are fundamentally different businesses. Bernstein advised leading miners to concentrate on increasing their market share in bitcoin mining and growing their hashrates, rather than selling mined crypto at a loss.

The broker reiterated its prediction that Bitcoin will reach new highs of around $200,000 by 2025, driven by increased institutional adoption and the uptake of exchange-traded funds (ETFs).