Bitcoin (BTC) Miners Simply Had Considered one of Their Greatest Quarters on File, JPMorgan Says
The primary quarter of 2025 was the most effective intervals on report for U.S.-listed bitcoin
mining firms, Wall Avenue financial institution JPMorgan (JPM) mentioned in a analysis report Friday.
“4 of the 5 operators in our protection reported report income and earnings,” analysts Reginald Smith and Charles Pearce wrote.
In mixture, the miners earned gross revenue of about $2.0 billion with gross margins of 53%. These figures evaluate with $1.7 billion and 50% within the earlier quarter, the financial institution mentioned.
MARA Holdings (MARA) mined essentially the most bitcoin within the financial institution’s protection universe for the ninth quarter in a row, the report mentioned.
IREN (IREN) earned essentially the most gross revenue of the group for the primary time, the financial institution famous. The miner additionally recorded the “lowest all-in money value per coin at simply ~$36,400.”
Conversely, MARA posted the very best value per coin of round $72,600, the financial institution mentioned.
The 5 mining firms that the financial institution tracks issued solely $310 million of fairness within the quarter, a drop of $1 billion from the fourth quarter final yr. CleanSpark (CLSK) didn’t elevate any fairness within the interval, the financial institution famous.
The financial institution estimated the businesses spent $1.8 billion in complete on energy, $50 million greater than within the earlier quarter.
The financial institution has an obese ranking on CleanSpark, IREN and Riot Platforms (RIOT), and a impartial ranking for Cipher Mining (CIFR) and MARA.
Learn extra: Bitcoin Miner Worth Targets Raised to Mirror Improved Trade Economics: JPMorgan
