Some crypto mining stocks could be value plays for investors, while others could end up being value traps if the crypto winter extends for a longer period of time, digital asset-focused investment manager Valkyrie said in a report.

“Value stocks are the ones that will likely survive and rebound in price while value traps are the ones that will cease mining and likely never eclipse their prior high prices,” Valkyrie said in its miners outlook.

Crypto mining equities have tumbled and some have lagged the price of bitcoin (BTC) over the past year, forcing them to sell their bitcoin holdings to shore up their balance sheets to survive the crypto winter. Participants also expect some mergers and acquisitions to occur.

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Profitability will be key for survival, and miners containing the lowest levels of debt are more likely to make it out of the crypto winter, according to Valkyrie. Those with weaker balance sheets may also need to raise capital or cut capital spending, the firm wrote.

Miners with smaller crypto holdings relative to their market capitalization include Hive Blockchain (HIVE), Bit Digital (BTBT), CleanSpark (CLSK), Stronghold Digital (SDIG) and Greenidge Generation (GREE). Valkyrie said this batch of miners could be viewed as more “defensive” and less exposed to their liquid assets declining if crypto prices continue to drop.

Those with larger crypto holdings relative to their market cap include Digihost Technology (DGHI), Hut 8 (HUT), Marathon Digital (MARA) and Core Scientific (CORZ). This group is more exposed to a rebound in crypto, according to Valkyrie.

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