Analyst launches BTC miner M&A deal tracker

H.C. Wainwright, an investment bank that offers strategic advisory and equity research has launched a Bitcoin mining-focused deal tracker.

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

According to the analyst, the new dashboard will track merger and acquisition deals in the Bitcoin mining sector, providing key details such as purchase price, deal type, and enterprise value. The tracker will also offer an overview of the M&A on features such as growth targets, mining power, infrastructure sites, and grid connection.

Flurry of acquisitions in Bitcoin mining industry

H.C. Wainwright, whose analysts cover most BTC miners in the market today, said it’s introducing the HCW BTC Miner M&A Deal Tracker after the crypto mining space witnessed a flurry of deals year-to-date.

Colonnese noted that there has been a wave of mergers and acquisitions since Bitcoin’s fourth halving in April 2024. The halving event, alongside the approval of spot Bitcoin exchange-traded funds, catalyzed BTC price’s surge to its all-time high above $73,000 in March.

Notably, the post-halving trajectory for Bitcoin price has seen many miners struggle to keep machines online. This has followed the block subsidy reduction from 6.25 BTC to 3.125 BTC and rising network difficulty. Miner capitulation contributed to the decline in BTC price, which hovered around $57,100 on Sept. 4.

Bitcoin miner deals top $466 million so far

Despite the above scenario, leading Bitcoin mining companies have looked to bolster their operations with key acquisitions, which H.C. Wainwright says exploded post-halving.

Among the deals completed so far in 2024, about 67% have come after the recent reward halving. These deals total $466 million so far, with acquirers taking on 574 megawatts of capacity for an average valuation of roughly $812k per MW.

Some of the BTC miners with strong balance sheets that have made massive M&A deals include CleanSpark and Marathon Digital. Riot Platforms and Bitfarms have also inked key deals, which were all-stock acquisitions for Stronghold Digital and GRIID Infrastructure respectively.

H.C. Wainwright has a buy rating for CLSK, MARA, RIOT and BITF stocks.