JPMorgan refreshed its bitcoin miner coverage on July 28, updating models to reflect Q2 2025 operating metrics, a higher spot BTC assumption of $120,000 and a 900 EH/s network hashrate. The firm now favors pure-play miners over hybrid AI/HPC names, viewing the latter as “stretched” given long sales cycles and uncertain deal timelines.
The bank upgraded MARA to Overweight from Neutral—citing an unrecognized year-end hashrate target of 75 EH/s—and named CleanSpark (CLSK) its top pick. Conversely, IREN and RIOT were downgraded to Neutral from Overweight after strong year-to-date gains that have likely priced in much of their upside.
JPMorgan’s revised December 2025 price targets reflect these shifts. CleanSpark’s target rose to $15 (from $14), implying 27% upside; MARA’s to $22 (from $19), for 28% upside; Riot’s to $15 (from $14), for 3% upside; IREN’s to $16 (from $12), implying 10% downside; and Cipher Mining (CIFR) remained at $6, implying 7% downside.
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Beyond mining, JPMorgan quantified potential HPC colocation value: a 600 MW deal at RIOT could add $480 million in annualized adjusted operating profits (170% share-price upside), a 300 MW Cipher transaction $95 million (77% upside), and a 75 MW IREN deal $55 million (15% upside). This analysis underscored substantial latent value for those securing hyperscale partnerships, though it was “not fully captured” in the price targets.
JPMorgan’s forecasts come a week after JonesResearch issued a Buy rating on Bitfarms (BITF)—expecting 74% upside on the currently pure-play miner—whilst initiating CIFR with a Hold rating.
