Bitcoin Miner Core Scientific Should Weather Crypto Storm, Analyst Says

Compass Point cites the company's access to capital as it rates the stock at buy with a $4 price target.

AccessTimeIconSep 27, 2022 at 2:41 p.m. UTC
Updated May 11, 2023 at 4:19 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Crypto hosting and mining company Core Scientific (CORZ) has the scale and experience to make it through the bitcoin (BTC) market downturn, Compass Point analyst Chase White told clients in a note Tuesday.

White also wrote that Core has sufficient access to capital with its monthly production of bitcoin and its equity line of credit to fund its operations and debt through the end of next year. Core’s third-party hosting business also generates revenue that is less correlated to bitcon's prices, White added.

Compass Point initiated research coverage on Core with a buy recommendation and $4 price target. The shares were trading at about $1.42, up 3 cents, on Tuesday morning.

In July, Core agreed to issue up to $100 million in shares to investment bank B. Riley over two years to enhance liquidity, and in August, Core cut 10% of its staff and dramatically reduced the value of its assets in the midst of the rout in cryptocurrency prices.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Author placeholder image

Michael Bellusci is CoinDesk's crypto reporter focused on public companies and digital asset firms.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.