After a tumultuous 2022, impacted by multiple negative developments culminating in the FTX debacle that sent the crypto space into further meltdown, 2023 has started with a bang for the industry.
As ever, leading the charge, bitcoin has put in an excellent rally, up by 38% since the turn of the year. And as is customary, other tokens have mimicked BTC’s behavior and have surged ahead too. Of course, the rally has also bled over to the stock market, with crypto-focused stocks benefiting from the shift in sentiment.
In fact, Josh Siegler, the crypto specialist at Cantor, expects the shares of a couple of BTC miners to deliver further upside over the coming months – in the order of 60% or more.
We ran these tickers through the TipRanks database to see what the rest of the Street makes of Siegler’s choices. As it turns out, Siegler is not the only one taking the bullish view here; both boast Strong Buy consensus ratings from the rest of the Street. Let’s take a closer look.
Riot Platforms, Inc. (RIOT)
Cantor’s first crypto pick is Riot Platform, one of North America’s largest cryptocurrency mining firms. The company is focused on broadening its operations via increasing its bitcoin mining hash rate and increasing its infrastructure capacity.
The company had only 3.1 EH/s self-mining capacity at the end of 2021 but that has seriously accelerated over the past months, and Riot saw out 2022 with 9.7 EH/s, boosted by the deployment of recent miner purchases that brought its total deployed fleet to 88,556 miners. With further expansion, the company is targeting a hash rate of 12.5 EH/s by the end of Q1 as the Rockdale, Texas, facility adds a new building and the company installs more miners. Riot is also in the process of putting together 200 MW of immersion-cooling infrastructure. Additionally, the company hosts approximately 200 MW of institutional Bitcoin mining clients. Riot recently went through a rebranding, changing its name from Riot Blockchain to Riot Platforms.
In addition to quarterly results, the company provides monthly updates of its…