After Block (SQ) and Core Scientific (CORZ) announced an agreement to supply Core Scientific with Block’s new 3 nanometer mining ASICs, Macquarie noted that this size order represents one of the larger bitcoin mining ASIC deals announced to date in terms of aggregate compute capacity and called the deal “a key milestone for Proto’s mining ASIC program.” While no financial terms were disclosed, the firm contends this development is “further evidence” of Block’s Proto team emerging as a “leader in the crypto hardware ecosystem,” in addition to its existing software platforms. The firm has an Outperform rating and $100 price target on Block shares.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SQ:
- Block Stock (SQ): KBW Analyst Cuts Price Target Ahead of Q2 Earnings
- Block price target lowered to $74 from $82 at Keefe Bruyette
- Near Its 52-Week Low, Is SoFi Technologies Stock (NASDAQ:SOFI) a Buy?
- Buy/Sell: Wall Street’s top 10 stock calls this week
- Crypto Roundup: Block’s BTC Move, Coinbase’s New Partnership, and Solana’s Rise
Questions or Comments about the article? Write to editor@tipranks.com