Share this article
BTC Miner Core Scientific Uniquely Positioned to Capture AI Demand, Initiate at Buy: Jefferies
The investment bank initiated coverage of the bitcoin miner with a buy rating and a $19 price target.
Updated Oct 28, 2024, 4:03 p.m. Published Oct 28, 2024, 11:06 a.m.
- Jefferies initiated coverage of bitcoin miner Core Scientific with a buy rating and a $19 price target.
- The company is uniquely positioned to capture the recent trend of surging demand from AI companies, the report said.
- The company's mining operations are profitable and becoming more efficient, the report said.
Core Scientific (CORZ) is uniquely well positioned to capture surging artificial intelligence (AI) demand given the company's large available power supply and strong data center development team, Jefferies said in a Monday research report initiating coverage of the bitcoin miner.
The bank assumed coverage of the stock with a buy rating and a $19 price target. The shares were 1.7% higher at $13.60 in early trading.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"We expect that many big tech companies will be closely watching the CoreWeave developments and successful execution will convince decision makers to sign future development leases with CORZ," analysts Jonathan Petersen and Jan Aygul wrote.
Core signed a 12-year AI contract with hyperscaler CoreWeave in June, in a landmark deal for the industry.
The bitcoin miner is expected to diversify its tenant base to other hyperscalers, Jefferies said, noting that management has said it expects to make further announcements by year-end.
While the economics of any future AI deals may not be as favorable as the CoreWeave lease, they are still expected to be very accretive, Jefferies said.
The company's bitcoin mining operations remain profitable and are getting more efficient, the note said.
A material expansion of Core's bitcoin mining business is not expected. Still, over time, it is assumed that the company will reach a stable number of ASIC miners and will continue to refresh that fleet, the report added.
Read more: Bitcoin Miners Are Pivoting to AI to Survive. Core Scientific Entered the Race Years Ago
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
