Analyst Buy Ratings Signal Infrastructure Pivot for Crypto Firms

Analysts at Benchmark, TD Cowen, and Mizuho have issued buy ratings on Bitdeer, Strive, DeFi Technologies, and Gemini. The ratings reflect a valuation framework shift. Each firm is being evaluated as an infrastructure, AI, or capital markets platform rather than a pure crypto trading business.

The surface interpretation is that Wall Street simply likes these names. The better market read is more precise. These companies have moved beyond dependency on spot volumes or proprietary trading. Bitdeer operates mining infrastructure with growing AI compute workloads. Strive and DeFi Technologies offer asset management and structured products. Gemini provides regulated exchange and custody rails. In the analysts' view, the revenue driver is recurring service fees, not volatile trade flow.

That distinction matters for multiples. Traditional crypto equity valuations have been tied to daily exchange volumes or Bitcoin price correlation. Infrastructure and AI labels bring a different set of comps – cloud computing, payments, and data providers. If the market adopts that lens, these stocks could trade on revenue growth and margin stability instead of coin price swings.

Regulatory Context Weighs on the Thesis

Recent regulatory developments have raised the bar for crypto companies to prove sustainable business models. The push for a permanent US CBDC ban and the Bank of England's shift from holding caps to issuance guardrails create a clearer policy environment. Japan's LDP plan targeting March 2025 for stablecoin launches and the Fed Survey showing 10% crypto adoption build a narrative of growing institutional demand for compliant infrastructure. At the same time, Galaxy Digital received a BitLicense and reported a $216M loss, illustrating that even well-capitalized players face execution risk.

Against that backdrop, the three banks are treating these firms as operational businesses rather than speculative venues. The buy ratings signal that each company has a defensible moat. The concentration of bullish coverage – no hold or sell ratings from these banks on the same names – suggests conviction in the thesis.

The Four Names and Their Revenue Pivots

Bitdeer focuses on computing power for Bitcoin mining and has expanded into AI workloads. Strive builds an asset management platform leaning on crypto and AI strategies. DeFi Technologies wraps decentralized finance exposure into publicly traded vehicles. Gemini operates regulated exchange and custody services. Each has repositioned toward infrastructure-heavy operations, reducing correlation to spot crypto prices.

Analysts at all three banks hold buy ratings, a rare concentration for the space. The absence of hold or sell ratings implies these firms are not being judged by volatile trading revenues but by recurring service fees.

Next Decision Point: Proving the Revenue Shift

The buy ratings set an expectation. The next catalyst will be quarterly or annual filings that show the revenue mix tilting away from transaction fees toward recurring services. If Bitdeer reports growing AI compute sales, or DeFi Technologies shows rising assets under management from structured products, the infrastructure valuation will gain evidentiary support. If the revenue mix stays dependent on crypto market activity, the thesis will face pressure.

For traders building a watchlist, the key variable is whether these companies can report earnings that validate the infrastructure label. The analyst coverage provides a reason to look. Operating results will confirm or refute the framework.