Investing in bitcoin miners is the best equity proxy to bitcoin as the largest cryptocurrency by market cap heads toward $150,000, according to analysts at research and brokerage firm Bernstein.

“Investors merely look at daily correlation of Bitcoin miners, only during days when they see bitcoin rallying,” Bernstein analysts Gautam Chhugani and Mahika Sapra wrote in a note to clients on Monday. “This selective periodic view is incomplete.”

The analysts noted that miners almost always outperform bitcoin during bull markets and underperform during bear markets. “Investors have to take a through-cycle view and for us, we are still mid-way into the 2024-25 cycle and see every window of miner weakness as a buying opportunity,” they said.

Chhugani and Sapra argued that bitcoin miner stocks …