Rosenblatt analyst Chris Brendler initiated coverage on Marathon Digital Holdings (MARA) with a Buy rating due to the company’s dominance in the Bitcoin mining industry. In fact, the firm’s 6% market share surpasses that of its closest competitor by 30%, and it has used its industry-leading scale to its advantage.
Interestingly, Brendler highlighted that MARA’s Bitcoin holdings are nearly larger than the combined holdings of its next 10 largest peers and that the company’s technology stack is unmatched. Nevertheless, it is worth mentioning that MARA’s stock has declined by over 31% during the past year. For reference, Bitcoin has climbed by over 30% during the same timeframe. This has been largely due to macroeconomic concerns about interest rates, as well as the firm’s aggressive share issuance, which has diluted shareholders.
Separately, Brendler also initiated coverage on Hut 8 (HUT) with a Buy rating thanks to the potential value that could be unlocked by its recent merger with U.S. Bitcoin. Although the integration process has faced challenges so far, Brendler believes that 2025 will be the beginning of a growth phase for the combined entity. Furthermore, the analyst gave a Buy rating to Coinbase (COIN), as it sees the Trump administration’s potential regulatory moves as a major catalyst for the crypto industry.
Which Crypto Stock Is the Better Buy?
Overall, out of the three stocks mentioned above, analysts think that HUT stock has the most room to run. In fact, Hut’s price target of $32.22 per share implies almost 140% upside potential. On the other hand, analysts expect the least from MARA, as its $23.67 per share price target implies 47.5% upside.
