Bitcoin Mining Firms May Offer Significant Returns, According to Matrixport Analyst

In a recent analysis, Markus Thielen, an expert at Matrixport, highlighted the considerable investment opportunities available in underperforming bitcoin mining companies. He pointed out HIVE Digital, Bitfarms, and Iris Energy as potential candidates for significant investor returns.

With bitcoin currently valued at $70,000, investors could expect a return of 167%. Thielen, however, noted an even more substantial opportunity in the discounted stocks of the mentioned mining firms, which are currently undervalued by 33% and present a potential upside of 52%. Depending on fluctuations in Bitcoin’s price, these stocks could potentially be valued 97%-572% higher.

Thielen’s insights come in light of potential delays from the U.S. Securities and Exchange Commission (SEC) regarding the approval of a U.S.-listed spot Bitcoin ETF. Despite this uncertainty, which is expected to last until January 2024, he remains optimistic about these investment prospects.

He strongly encourages diversifying into these undervalued stocks instead of opting for riskier tokens. This approach could yield greater returns for investors while reducing some of the risks associated with more volatile cryptocurrency investments.

This analysis emphasizes the increasing interest in bitcoin mining firms as viable investment options, especially as the broader cryptocurrency market evolves and attracts more institutional interest.