Citizens initiates four bitcoin miners with Buy equivalent on high-performance compute conversion

Citizens initiated coverage on several bitcoin mining names, assigning Buy-equivalent views to MARA, Bitdeer, CleanSpark, and Keel. The bullish call is based on their ability to convert existing power infrastructure from bitcoin mining toward high-performance computing (HPC), a strategy viewed as a potential growth driver as miners diversify revenue streams. The note highlights a broader industry trend of repurposing power capacity for more attractive compute uses, which may improve long-term economics and reduce dependence on pure mining activity. Market impact is most relevant for bitcoin-mining equities, as the coverage could support sentiment toward firms with credible HPC conversion plans.