Bernstein Cuts 2025 Price Targets for Bitcoin Miners Amidst Underperformance

Analysts at Bernstein have lowered their target prices for the stocks of miners IREN, CleanSpark, and Riot Platforms for the year 2025. This was reported by The Block, citing the firm’s report.

«This year, Bitcoin miners have undergone a painful correction (between 20% and 40%), while the cryptocurrency itself has only declined by 10%,» stated analysts led by Gautam Chhugani.

Overall, miner stocks «did not significantly participate» in the rise of digital gold at the end of 2024 and displayed weaker performance at the beginning of this year, the experts noted.

Institutional interest in the sector has been focused more on AI and high-performance computing narratives rather than Bitcoin mining. However, in 2025, those players who have diversified their data centers the most, like IREN and Core Scientific, performed worse than «pure» miners such as Riot and MARA.

Analysts have revised their target prices for the following companies:

Bernstein has retained its price forecasts for MARA and Core Scientific at $23 and $17, respectively.

The analysts mentioned Core’s high-budget energy contracts with AI firm CoreWeave and MARA’s profits stemming from the revaluation of its Bitcoin reserves amounting to 46,374 BTC ($3.95 billion).

As a reminder, in February, Bernstein experts predicted a new phase of a bull market for the flagship cryptocurrency. Key catalysts are expected to be initiatives from the administration of former U.S. President Donald Trump.