According to Odaily Planet Daily, the research and brokerage firm Bernstein Report pointed out that U.S.-listed Bitcoin mining companies have significant advantages over their unlisted counterparts by virtue of their ability to raise funds in the world's deepest capital market. This ease of access to capital provides them with more financial options, making them more competitive especially in capital-intensive industries. Bernstein noted that the large publicly traded U.S. Bitcoin miners are increasingly becoming industry consolidators. Leading miners should focus on growing market share and increasing hash rate rather than selling mined cryptocurrency at low prices to cover funding needs. This view is further supported by recent financing actions by Marathon Digital, Riot Platforms, Core Scientific, and Bitdeer, which raised funds through the issuance of convertible debt and equity, respectively, to expand their market presence. In addition, Bernstein emphasized that despite similarities in power requirements and high-density power specifications between Bitcoin mining and artificial intelligence (AI) data centers, the business models of the two are completely different. Still, scaling is critical for both. The report also reiterates that Bitcoin prices are expected to reach new highs of around $200,000 in 2025 as institutional adoption increases and exchange-traded funds (ETFs) gain popularity.