- Bitcoin miners led pre-market gains while Bitcoin traded near $88,600.
- Bitfarms was added to Canada’s TSX Composite Index and signaled a pivot toward AI data center and high-performance computing infrastructure.
- Analyst moves and company-specific news drove stock moves; Rosenblatt cut Marathon Digital Holdings’s price target to $15 from $22 while keeping a buy rating.
- Options activity around Bitfarms turned moderately bullish, showing speculative positioning despite contained volatility expectations.
Pre-market trading on Friday saw gains in crypto-linked equities as Bitcoin hovered near $88,600. Gains were led by miners even though the broader cryptocurrency market showed limited overnight movement.
Marathon Digital Holdings traded near $9.94, up about 0.8% in pre-market action. Rosenblatt analyst Chris Brendler lowered his price target on Marathon Digital Holdings to $15 from $22 and maintained a buy rating, saying the network competition trend had "gone from bad to worse."
Brendler noted that miners with exposure to high-performance computing Hosting face different economics. He described HPC hosting as "entirely uncorrelated and considerably more profitable" than traditional mining operations.
Riot Platforms traded around $13.92, up about 1.8% ahead of the open, and retail sentiment on Stocktwits moved from bearish to neutral. CleanSpark traded near $11.40, down about 1%, with retail sentiment staying in the bearish zone. Core Scientific changed hands around $15.57, up roughly 0.6%, while its Stocktwits sentiment slipped from bullish to bearish.
Bitfarms rose about 9.5% on Dec. 22 to trade near $2.77 and showed moderately bullish options flow earlier in the week. The company’s move coincided with its addition to Canada’s TSX Composite Index and a strategic shift toward AI data center and high-performance computing infrastructure, as noted in a report.
Definitions: high-performance computing (HPC) — computing systems designed to handle large, resource-intensive workloads; hash rate — a measure of computational power used to secure and validate transactions on proof-of-work blockchains.
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