After Bitcoin took a roller coaster ride, Lianbo claims that mining stocks like Riot have a more attractive beta value.

Zhitong App learned that despite Bitcoin hitting a historic high, investors looking for long-term investment in this risky asset may be better off buying stocks of companies engaged in cryptocurrency mining, according to AllianceBernstein. Since the launch of exchange-traded funds (ETFs) for direct investment in Bitcoin by U.S. exchanges in mid-January this year, the price of Bitcoin has risen by over 50%, while the performance of miners has consistently lagged behind this largest digital asset by market value. Among them, the largest market-cap mining company, Marathon Digital, has fallen by 4.3% year-to-date, while its competitor Riot Platforms (RIOT.US) has dropped by 21%. In response, AllianceBernstein's senior analyst Gautam Chhugani stated in a report on Monday that miners "provide a higher beta value than Bitcoin during bull market cycles due to EBITDA expansion and multiple expansion." Chhugani believes that Riot and CleanSpark (CLSK.US) are his top picks, describing them as "market share consolidators with strong operational advantages, low production costs, high liquidity, and balance sheet flexibility." He has given both stocks an "outperform" rating. Chhugani mentioned that although miners typically lag behind Bitcoin in the market, especially during periods of market upsurge when investors tend to allocate funds to actual digital assets, miners are a better long-term investment. The upcoming Bitcoin halving event will also be favorable for this group. Chhugani stated, "I believe the 12 months following the halving event in April 2024 to the first quarter of 2025 will be the strongest period for miners. Historically, miners have shown strong performance post-halving as investors understand the relative impact of halving on miners and which miners are likely to achieve long-term growth." Regarding the trend of Bitcoin prices, Chhugani remains optimistic about this cryptocurrency and expects the price of this digital asset to reach $150,000 within the current cycle. He added that investors in mining companies need to be more patient as they cannot "provide high beta values every day" during market fluctuations. It is worth noting that Bitcoin briefly surpassed a historic high of $69,191 on Tuesday before falling back, marking the first time in two years, with Riot, CleanSpark, and other cryptocurrency-related stocks also experiencing a decline.