Along with the continued dominance of artificial intelligence (AI) stocks, the incredible surge in Bitcoin (BTCUSD) has been a major storyline on Wall Street so far in 2024. While the volatile asset is pulling back in today's trading, BTC has tapped new highs above $70,000 in recent sessions, driven by the popularity of newly launched spot Bitcoin ETFs and optimism over the upcoming “halving” event.
Although the debut of Bitcoin-based ETFs initially drew focus away from crypto mining stocks, analysts at Bernstein recently argued that miners are still the best equity proxy for BTC - and the pre-halving underperformance in the group represents a rare window of opportunity to scoop up these names at a discount. Against this backdrop, here's a closer look at one lesser-known Bitcoin mining company that Wall Street expects to surge from here.
