JPMorgan raises price targets on Bitcoin mining stocks
Analysts at JPMorgan raised price targets for four Bitcoin mining stocks to reflect value from the miners’ electrical power assets and BTC holdings, according to a Dec. 10 report shared with Cointelegraph.
The mining operations to see upgrades include MARA Holdings (MARA), CleanSpark (CLSK), Riot Platforms (RIOT) and Iren (IREN), according to the report, which was written by analysts Reginald Smith and Charles Pearce. Each stock is already trading near or above its revised price target.
“We previously valued Bitcoin miners based on the four-year gross profit opportunity for each operator,” the analysts said. “We are expanding upon this framework by incorporating 1) the value of each company’s land and power assets […] and 2) a HODL premium, which gives miners credit for holding Bitcoin on their balance like MicroStrategy.”
NY regulator approves Ripple’s RLUSD stablecoin — Brad Garlinghouse
Ripple Labs CEO Brad Garlinghouse has reported that the New York Department of Financial Services (NYDFS) approved the firm’s RLUSD stablecoin after months of consideration.
In a Dec. 10 X post, Garlinghouse said Ripple would soon announce exchange and partner listings for RLUSD after the NYDFS approval. The company launched plans for the stablecoin in April as a competitor to Tether’s USDt and USDC.
Ripple executives speculated the stablecoin could reach a market capitalization of $2 trillion by 2028. The company began testing RLUSD on the XRP ledger and Ethereum mainnets in August and announced partnerships with exchanges, including Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA and Bullish, in October.
Bitwise predicts 2025 as year for crypto IPO — Kraken, Circle to go public
Crypto exchange-traded fund (ETF) issuer Bitwise predicted that at least five “crypto unicorns” will go public in 2025, including…
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