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Crypto miners to benefit from Biden’s executive order: Jefferies

Michael Bellusci-Coindesk
2022-03-10 05:44
The investment bank reiterated buy ratings for Argo Blockchain and Marathon Digital following Wednesday’s action by the White House.
The executive order appears to be broadly supportive of the digital asset industry and seeks to put the U.S. “ahead of the curve” as crypto becomes a more important part of the global economy, said Jefferies analyst Jonathan Peterson in a note to clients.
  • “We believe the fact that the US government is now more formally recognizing, engaging with, and seemingly supporting the digital asset industry will be a positive for public crypto mining companies,” he said.
  • Peterson notes the contrast with China, which last summer banned crypto mining altogether in that country, driving a wave of new investment in North America. “We see this order as another indicator that the regulatory environment in the U.S. is more supportive of miners and cryptocurrencies.”
  • Peterson reiterated buy ratings Argo Blockchain (ARBK) and Marathon Digital (MARA), both of which are higher by about 15% today alongside a 9% advance for bitcoin (BTC). The miners remain lower by more than 30% year-to-date, while bitcoin is down about 16%.
  • Other crypto-exposed names on the move include Coinbase (COIN) up 9% and Galaxy Digital (GLXY.TO) ahead 11%.
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