Analyst launches BTC miner M&A deal tracker

HC Wainwright, an investment bank that offers strategic consulting and equity research, has launched a transaction tracker focused on Bitcoin mining.

Mike Colonnese, managing director of equity research at HC Wainwright, announced the launch of the Bitcoin (BTC) ‘HCW BTC Miner M&A Deal Tracker’ in a note shared with crypto.news on September 4.

According to the analyst, the new dashboard will track M&A deals in the Bitcoin mining sector and provide basic details such as purchase price, deal type, and enterprise value. The tracker will also provide an overview of M&A transactions by growth targets, mining power, infrastructure sites, and grid connectivity.

Bitcoin mining sector acquisitions accelerate

HC Wainwright, one of the analysts who follows most BTC miners in the market, said that he introduced the HCW BTC Miner M&A Deal Tracker after a large number of deals were made in the crypto mining field since the beginning of the year.

Colonnese noted that Bitcoin has been experiencing a wave of mergers and acquisitions since its fourth halving in April 2024. The halving event, along with the approval of spot Bitcoin exchange-traded funds, precipitated the BTC price to reach a new all-time high above $73,000 in March.

Notably, the post-halving trajectory of Bitcoin’s price saw many miners struggling to keep their machines online. This came after the block subsidy was reduced from 6.25 BTC to 3.125 BTC and increased network difficulty. Miner capitulation contributed to the BTC price drop, which hovered around $57,100 on Sep. 4.

Bitcoin miners’ transactions have exceeded $466 million so far

Despite the above scenario, leading Bitcoin mining companies have turned to strengthening their operations with significant acquisitions, which HC Wainwright says is driving the post-halving boom.

Approximately 67% of deals completed so far in 2024 have occurred after the recent reward halving. These deals total $466 million to date, with buyers assuming 574 megawatts of capacity at an average valuation of approximately $812,000 per MW.

BTC miners with strong balance sheets and major M&A deals include CleanSpark and Marathon Digital. Riot Platforms and Bitfarms also signed significant all-stock deals for Stronghold Digital and GRIID Infrastructure, respectively.

HC Wainwright has a buy rating on shares of CLSK, MARA, RIOT and BITF.