Bernstein Lowers 2025 Stock Price Predictions for Bitcoin Miners Amid Market Underperformance

Analysts at Bernstein have reduced the target prices for the shares of miners IREN, CleanSpark, and Riot Platforms for the year 2025. The news was reported by The Block, citing the company’s report.

«This year, Bitcoin miners have faced a severe correction of 20–40%, while the cryptocurrency itself has only dropped by 10%,» stated analysts led by Gautam Chhugani.

Overall, the shares of miners «did not significantly participate» in the rise of digital gold at the end of 2024 and experienced the worst performance at the beginning of this year, the experts noted.

Institutional interest in this sector has been more focused on narratives surrounding AI and high-performance computing rather than Bitcoin mining. However, in 2025, companies like IREN and Core Scientific, which have heavily diversified their data centers, reported worse results compared to «pure» miners like Riot and MARA.

The analysts have adjusted the target price forecasts for the following companies:

Bernstein has maintained the target prices for MARA and Core Scientific at $23 and $17, respectively.

The analysts highlighted Core’s expensive energy contracts with AI firm CoreWeave, as well as MARA’s gains from the revaluation of its Bitcoin reserve of 46,374 BTC ($3.95 billion).

It is worth noting that in February, Bernstein experts predicted a new bullish phase for the leading cryptocurrency, driven by initiatives from the administration of former U.S. President Donald Trump.