$8 Billion Mistake: Wall Street Underprices Bitcoin Miners By 28%, JPMorgan Says
Posted On November 24, 2025
The Bitcoin (CRYPTO: BTC) mining sector is running on faulty math — and the gap is big enough to distort every valuation screen on Wall Street.
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That’s according to JPMorgan analyst Reginald L. Smith. In a Nov. 24 research note, he explains that Bloomberg’s diluted share counts for Cipher Mining Inc (NASDAQ:CIFR), CleanSpark Inc (NASDAQ:CLSK), Riot Platforms Inc (NASDAQ:RIOT) and MARA Holdings Inc (NASDAQ:MARA) are 20%–33% too low, understating their combined market cap by roughly $8 billion. In other words, the group appears far cheaper than it truly is.
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