Bitcoin‘s BTC/USD still riding high – and JPMorgan thinks the miners are just getting warmed up. In a fresh note, analyst Reginald L. Smith boosted price targets on several top crypto mining stocks, pointing to higher spot BTC assumptions and improving mining profitability.
CleanSpark Inc CLSK leads the charge with a potential 44% upside, while Riot Platforms Inc RIOT and MARA Holdings Inc MARA aren’t far behind, with 37% and 20% upside potential, respectively. IREN Ltd IREN has an 18% upside potential, per Smith.
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What’s changed?
JPMorgan raised its spot bitcoin forecast by 24% and now expects the network hash rate to climb 9% faster than previously estimated. That means more power—and more profit—for efficient miners.
CleanSpark’s improved fleet efficiency and expanding power footprint pushed its December 2025 target to $14 from $12. Riot’s power portfolio is also gaining value, now pegged at $1.6 billion thanks to strategic development across its 3.5GW+ energy network.
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The bank uses a sum-of-the-parts valuation, factoring in mining operations, land and power portfolios, and Bitcoin on balance sheets.
In that last category, Mara Holdings gets a HODL boost for holding nearly 49,000 BTC, earning it a 1.3x premium on those reserves. IREN, on the other hand, gets no such bump—its lack of BTC holdings and diluted share count keep its target flat at $12.
While JPMorgan remains neutral on Cipher Mining Inc CIFR and MARA, it reiterated overweight ratings on CleanSpark, Riot, and IREN, citing attractive valuations and rising demand for mining capacity.
With the crypto market shrugging off macro jitters and presidential-election-era volatility, miners could be next in line to benefit – especially if bitcoin keeps climbing and rack space remains king.
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Image created using artificial intelligence via Midjourney.