Analysts at research and brokerage firm Bernstein shared split ratings on two of the largest bitcoin miners pivoting to AI infrastructure, keeping CleanSpark (CLSK) at Outperform with a $24 price target and MARA Holdings (MARA) at Market-Perform with a $17 price target, in a pair of notes published Friday.
The divergence reflects on execution, according to Bernstein.
CleanSpark has a signed anchor tenant and a data center build is underway, while MARA is still waiting for its first commercial AI contract, the analysts led by Gautam Chhugani wrote.
CleanSpark secures AI tenant CleanSpark's $6.6 billion 20-year triple-net lease covers 175 IT MW at its Sandersville site in Georgia, with a high-investment-grade global technology company as tenant.
The lease carries an exclusivity agreement over CleanSpark's entire 885 MW Texas portfolio.
