JPMorgan Adjusts Ratings for Bitcoin Mining Stocks
Wall Street investment bank JPMorgan has updated its price targets and ratings for several Bitcoin mining stocks, including CleanSpark and Riot Platforms. The adjustment in ratings is in response to the recent surge in Bitcoin’s price and the hashrate of the network. JPMorgan raised the spot BTC price used in its calculations to $44,000 from $38,000, and increased its baseline network hashrate assumption to 485 EH/s. The bank downgraded CleanSpark to a “neutral” rating from “overweight,” while upgrading Riot Platforms from “underweight” to “neutral.” JPMorgan maintained its “overweight” rating on Iris Energy.
JPMorgan Optimistic About Bitcoin ETF
In October, JPMorgan analysts predicted that the SEC would approve multiple spot bitcoin ETFs in 2023. They warned that rejecting the ETFs could result in a legal battle for the SEC. Bloomberg Intelligence analysts have also expressed confidence in an ETF approval by January next year.
Hot Take: JPMorgan’s Revised Ratings Reflect Market Trends
JPMorgan’s adjustments in ratings for Bitcoin mining stocks are indicative of the current market trends. The surge in Bitcoin’s price and network hashrate has prompted the bank to revise its calculations and targets. While some stocks have been downgraded due to overvaluation, others have been upgraded based on their performance. This shows that JPMorgan is closely monitoring the developments in the cryptocurrency industry and making informed decisions accordingly. It will be interesting to see how these revised ratings impact investor sentiment and the overall market dynamics in the coming months.
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