{"id":6350,"date":"2026-02-09T19:16:08","date_gmt":"2026-02-09T19:16:08","guid":{"rendered":"https:\/\/digkrypton.com\/index.php\/2026\/02\/09\/cipher-mining-cifr-and-terawulf-wulf-get-morgan-stanley-nod-marathon-mara-rated-underweight\/"},"modified":"2026-02-09T19:16:08","modified_gmt":"2026-02-09T19:16:08","slug":"cipher-mining-cifr-and-terawulf-wulf-get-morgan-stanley-nod-marathon-mara-rated-underweight","status":"publish","type":"post","link":"https:\/\/digkrypton.com\/index.php\/2026\/02\/09\/cipher-mining-cifr-and-terawulf-wulf-get-morgan-stanley-nod-marathon-mara-rated-underweight\/","title":{"rendered":"Cipher Mining (CIFR) and TeraWulf (WULF) Get Morgan Stanley Nod; Marathon (MARA) Rated Underweight"},"content":{"rendered":"

Bitcoin Magazine<\/a><\/p>\n

Cipher Mining (CIFR) and TeraWulf (WULF) Get Morgan Stanley Nod; Marathon (MARA) Rated Underweight<\/a><\/p>\n

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Morgan Stanley initiated coverage of three publicly traded bitcoin miners on Monday, assigning<\/a> Overweight ratings to Cipher Mining (CIFR) and TeraWulf<\/a> (WULF) while giving Marathon Digital (MARA) an Underweight rating.<\/p>\n

The move reflects the bank\u2019s view that certain miners are better valued as infrastructure plays rather than pure crypto or bitcoin bets.<\/p>\n

Analyst Stephen Byrd and his team set price targets of $38 for Cipher and $37 for TeraWulf. Shares of CIFR rose roughly 134% to $16.50 on Monday, while WULF climbed 13% to $16.20.\u00a0<\/p>\n

Marathon shares increased slightly to $8.28, below its $8 target.<\/p>\n

Morgan Stanley\u2019s thesis focuses on the transformation of bitcoin mining sites into data center assets.\u00a0<\/p>\n

Byrd argued<\/a> that once a miner has built a data center and signed a long-term lease with a creditworthy counterparty, the asset should be valued for stable, long-term cash flow rather than bitcoin exposure.\u00a0<\/p>\n

He likened these sites to data center real estate investment trusts (REITs) such as Equinix (EQIX) and Digital Realty (DLR), which trade at high multiples due to scale and predictable revenue.<\/p>\n

Cipher Mining sits at the center of that framework<\/a>. Byrd described its facilities as suited to what he called a \u201cREIT endgame,\u201d where leased data centers function like toll roads, generating predictable cash flows with minimal reliance on bitcoin\u2019s price.\u00a0<\/p>\n

TeraWulf also fits the model, with a track record of signing data center agreements and management experience in power infrastructure. The firm plans to expand 250 megawatts of data center capacity per year through 2032, with Morgan Stanley modeling success rates of 50% in a base case and 75% in an optimistic scenario.<\/p>\n

Marathon Digital received a more cautious assessment. Byrd noted the company\u2019s hybrid approach, combining bitcoin mining with data center ambitions, limits upside potential from bitcoin-to-data center conversions.\u00a0<\/p>\n

Marathon\u2019s focus on acquiring bitcoin and issuing convertible notes to fund mining positions makes its value largely dependent on bitcoin prices.\u00a0<\/p>\n

Morgan Stanley highlighted the company\u2019s limited history of hosting data centers and the historically low return on invested capital in bitcoin mining as factors in the Underweight rating.<\/p>\n

Bitcoin mining or AI?<\/h2>\n

The coverage comes amid ongoing debate over whether bitcoin miners should evolve into power and AI. Morgan Stanley\u2019s stance is selective: miners with long-term leased data centers may offer higher, more predictable returns, while those focused on mining remain exposed to cryptocurrency volatility.<\/p>\n

Bitcoin miners are reallocating money and operational focus away from proof\u2011of\u2011work hashpower toward artificial intelligence and high\u2011performance computing data centers, as shrinking mining margins and halving\u2011driven revenue pressures make traditional operations less lucrative.\u00a0<\/p>\n

Major publicly traded miners such as Bitfarms<\/a> (now rebranded as Keel Infrastructure) and IREN have signaled<\/a> full or partial exits from legacy mining to host AI workloads and secure long\u2011term contracts with cloud and hyperscaler partners.<\/p>\n

This post Cipher Mining (CIFR) and TeraWulf (WULF) Get Morgan Stanley Nod; Marathon (MARA) Rated Underweight<\/a> first appeared on Bitcoin Magazine<\/a> and is written by Micah Zimmerman<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine Cipher Mining (CIFR) and TeraWulf (WULF) Get Morgan Stanley Nod; Marathon (MARA) Rated Underweight Morgan Stanley initiated coverage of three publicly traded bitcoin miners on Monday, assigning Overweight ratings to Cipher Mining (CIFR) and TeraWulf (WULF) while giving Marathon Digital (MARA) an Underweight rating. The move reflects the bank\u2019s view that certain miners […]<\/p>\n","protected":false},"author":0,"featured_media":6351,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-6350","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"acf":[],"_links":{"self":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/6350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/comments?post=6350"}],"version-history":[{"count":0,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/posts\/6350\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media\/6351"}],"wp:attachment":[{"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/media?parent=6350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/categories?post=6350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digkrypton.com\/index.php\/wp-json\/wp\/v2\/tags?post=6350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}