Odaily Planet Daily report: Investment firm Bernstein recently released a report assigning different ratings to two major Bitcoin mining companies transitioning into AI infrastructure: maintaining a "Outperform" rating for CleanSpark with a target price of $24, and assigning a "Market-Perform" rating to MARA Holdings with a target price of $17.
Bernstein analysts say the core divergence in the valuations of the two companies lies in their differing progress in executing the AI infrastructure transition. CleanSpark has signed anchor tenant agreements for its AI data centers and has begun construction, while MARA is still awaiting its first commercial AI contract.
Regarding CleanSpark, the company previously announced a 20-year triple-net lease agreement with a global high-investment-grade technology company, covering 175 MW of IT capacity at its Sandersville, Georgia project. The agreement also includes an exclusive collaboration arrangement for CleanSpark’s total 885 MW asset portfolio in Texas. Bernstein believes that CleanSpark’s partnership with the tenant-designated engineering and construction contractor helps mitigate risks associated with its first large-scale AI infrastructure deployment. The first data center facility is expected to come online in the fourth quarter of 2027.
In contrast, Bernstein’s assessment of MARA is more cautious. The analyst noted that the first commercial AI contract will be a key catalyst for revaluing MARA’s stock, as company management previously indicated it expects to sign at least two AI leasing agreements by the end of this year. (The Block)