Share this article
Crypto Miners Are ‘Literally Printing Money,’ Says Wall Street Firm DA Davidson
The broker started research coverage of “top four” bitcoin mining stocks with a positive view on the industry for the near term.
By Aoyon Ashraf
Updated May 11, 2023, 7:04 p.m. Published Oct 15, 2021, 1:41 p.m.
D.A. Davidson, the Wall Street investment banking and research firm, launched research coverage of bitcoin mining companies Core Scientific, Marathon Digital, Riot Blockchain and Hut 8 Mining with buy ratings for all the stocks.
D.A. Davidson analyst Christopher Brendler sees a “huge opportunity” for the domestic miners, after bitcoin’s sustained rally and China’s sweeping crypto bans. Brendler was previously at Seaport Global and Stifel Nicolaus.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“Combined with improved access to capital that’s sustaining their lead (and ‘HODL’), we expected these stocks to revalue much higher as earnings estimates crush near-term estimates, even if bitcoin consolidates,” Brendler wrote.
With U.S. miners gaining market share after China’s bans and with bitcoin above $55,000, the companies are “literally printing money.”
The miners’ stocks, which are highly correlated with the price of bitcoin, have seen a relentless rally this year as the price of the largest cryptocurrency more than doubled. Meanwhile, the Viridi Cleaner Energy Crypto-Mining & Semiconductor ETF, or RIGZ, which has heavy exposure to the miners and was launched in July, has gained 47%.
“Bitcoin mining stocks are highly (~70%) correlated with bitcoin prices with good reason since BTC not only directly drives reported revenue, but all four also try to hold as much newly-minted bitcoin as possible in their balance sheet,” the analyst wrote.
Brendler’s top pick among the miners is Hut 8, and he expects “massive” earnings upside across the whole mining sector.
More For You
KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
More For You
Tom Lee urges BitMine shareholders to approve share increase ahead of January 14 vote
The chairman of the former bitcoin miner-turned-ether treasury firm reiterated his view that Ethereum is the future of finance.
What to know:
- Tom Lee, chairman of Bitmine Immersion (BMNR), urged shareholders to approve an increase in the company's authorized share count from 500 million to 50 billion.
- Lee assured shareholders that the increase is not intended to dilute shares, but instead to enable capital raising, dealmaking, and future share splits.
- Shareholders have until January 14 to vote on the proposal, with the annual meeting scheduled for January 15 in Las Vegas.
Top Stories
