Report: US listed mining companies have obvious advantages over their unlisted peers and are becoming industry consolidators
On August 20, brokerage firm Bernstein reported that U.S.-listed Bitcoin mining companies have significant advantages over their unlisted peers by virtue of their ability to raise funds in the world’s deepest capital markets. This ease of access to capital provides them with more financial options, making them more competitive especially in capital-intensive industries.
Bernstein noted that the large publicly traded U.S. Bitcoin miners are increasingly becoming industry consolidators. Leading miners should focus on growing market share and increasing hash rate rather than selling mined cryptocurrency at low prices to cover funding needs.
This view is further supported by recent financing actions by Marathon Digital, Riot Platforms, Core Scientific, and Bitdeer, which raised funds through the issuance of convertible debt and equity, respectively, to expand their market presence.
The report also reiterates that Bitcoin prices are expected to reach new highs of around $200,000 in 2025 as institutional adoption increases and ETFs become more popular.
