According to a recent Clear Street report, Bitcoin miners are pursuing yield strategies on their BTC holdings and diversifying into AI computing.
The report, titled “BTC Mining: Emerging Key Themes in 2025,” identifies three themes for 2025: generating revenue from Bitcoin reserves, leveraging existing infrastructure for HPC initiatives, and It outlines the benefits of changes in regulatory leadership.
Bitcoin Yield and Spot ETF Upgrades
Clear Street authors say multiple miner management teams are considering ways to generate income from custodial BTC, with securities lending listed as a potentially viable approach, pending regulatory adjustments. He points out. The report states that the SEC's new stance could allow the in-kind creation of BTC exchange-traded fund shares, allowing miners to directly exchange Bitcoin for ETF units and then partner with prime brokers for stock lending income. It says that there is a sex. Yields on general collateral securities are expected to be in the low to mid-single digits, but higher interest rates may apply if borrowing for ETF shares becomes difficult.
Clearstreet added that the legal changes will bring BTC securities lending on par with broader lending practices and encourage sector participants to focus on the details of their operations. Our analysis shows that CleanSpark has a notable HODL balance and could potentially reap millions of dollars annually if the strategy scales. Bit Digital, Bitfarms, and TeraWulf have been cited with a variety of holdings and approaches, including staking programs or not holding any Bitcoin at all, depending on the company's policies. Clear Street predicts that such a revenue mechanism could provide an additional revenue stream and allow miners to optimize large-scale operations that may otherwise be idle.
Diversification of HPC computing and AI
The report also highlights the growing pivot to HPC computing, with miners repurposing data centers, power supplies, and advanced equipment to serve AI-driven workloads. The authors see avenues for companies to diversify their revenue beyond mining. Bit Digital is said to be aiming to become a data center company through its acquisition in Montreal, hosting HPC clients with stable rates and potential profits. TeraWulf is highlighted with new HPC contracts that can scale to over 100 MW of capacity, targeting demand for complex AI research needs. Clear Street's numbers show that HPC services can generate attractive revenue per megawatt, with margins varying depending on data center configuration and contract size.
According to the report, political changes may also strengthen the outlook for the industry. President Trump's administration is being portrayed as friendlier to Bitcoin interests, with potential changes at the SEC and Department of Energy and a more open view on BTC products. Paul Atkins, President Trump's pick to lead the SEC, has been involved in digital asset initiatives in the past, and Treasury Secretary nominee Scott Bessent is seen as more tolerant of cryptocurrencies than previous leadership. It is being
However, the study warns that federal spending cuts and energy policy changes could introduce uncertainty, especially if renewable energy credits change. Clearstreet also noted that lower government spending, which some investors believe is beneficial for Bitcoin, could reduce inflationary pressures.
This analysis highlights several companies as top candidates based on their valuation, expansion potential, and current HPC roadmap.
Clear Street Recommendations for Bitcoin Miners
Bit Digital (BTBT) is classified as a 'buy' due to its transition from an asset-light mining model to HPC revenue, and management cites a pipeline of potential data center tenants. CleanSpark (CLSK) is featured as a popular pure miner, supported by a best-in-class energy strategy and a pipeline for growth through 2027. TeraWulf (WULF) has a large multiple compared to others, but aims to justify it with new HPC trading and improved mining metrics. Bitfarms (BITF), considered an expert in BTC mining, reportedly has stable energy contracts and a potential HPC entry in late 2025 or early 2026.
According to Clear Street, these forecasts depend on each company's ability to expand data center operations, secure or renew power contracts, and navigate the final regulatory stages of securities lending. The authors highlight that SEC clarification regarding the creation of physical BTC ETF shares is critical to unlocking yield on HODL balances.
Their projections show that participating miners' revenues will increase as new practices mature and capital inflows from institutional partners seeking further exposure to digital assets grow. Based on Clear Street's current forecasts, Bitfarms, Bit Digital, CleanSpark, and TeraWulf remain hot spots.
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