Morgan Stanley Initiates Bitcoin Miner Coverage, Rates Cipher and TeraWulf Overweight, Marathon Underweight

TheNewsCryptoPublicado em 2026-02-10Última atualização em 2026-02-10

Resumo

Morgan Stanley has initiated coverage on major Bitcoin miners, framing them as infrastructure businesses rather than pure cryptocurrency plays. The bank assigned Overweight ratings to Cipher Mining and TeraWulf, citing their potential to transition into stable utility-like companies through long-term power contracts and site leasing—particularly to AI tenants. Cipher is seen as well-positioned for a potential “REIT endgame,” while TeraWulf’s management experience in power and infrastructure supports its positive outlook. In contrast, Marathon Digital received an Underweight rating due to its heavy dependence on Bitcoin price volatility, mining difficulty, and energy costs, making it a higher-risk investment. Morgan Stanley emphasizes that the infrastructure model offers more predictable income and deserves higher valuation multiples.

Morgan Stanley has started formally analyzing the three major publicly traded Bitcoin miners. They argued that these miners should not be viewed as a cryptocurrency bet; instead, they should be valued as an infrastructure business. The bank has given overweight ratings on Cipher Mining and Terawulf, while giving Marathon Digital an underweight rating.

Morgan Stanley believes that once the mining company starts building large, powered sites and signing long-term contracts with customers, it starts looking like a real utility and infrastructure company. Infrastructure investors usually pay higher valuations because income is predictable and contracted with less dependence on the bitcoin value.

Why Cipher and TeraWulf Seem to be Positive

Morgan Stanley says Cipher is well-positioned for what he called a “REIT endgame.” If the Cipher leases its building and power capacity to the AI instead of mining, then risk drops, and valuation could increase. Morgan Stanley sees more upside if the transaction happens.

TeraWulf also received a similar positive rating because the management has deep power and infrastructure experience, with the company already having a history of signing hosting and data center agreements. The analyst believes that future sites can be converted from mining to AI tenants.

Why is Morgan Stanley Cautious on Marathon Digital

For Marathon Digital, Stanley took a different position. Morgan Stanley says that the MARA behaves mainly like the bitcoin price vehicle, and it actively tries to increase BTC exposure. So its stock performance depends heavily on the difficulty, power costs, and BTC price swings. Morgan Stanley warns that mining profitability faces pressure from competition and rising energy demands.

These reports arrive when the investors are debating the future identity of Bitcoin miners. Morgan Stanley replies with its report to all the investors that the infrastructure model gives more stability and deserves a higher value than pure mining.

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TagsCipher MiningJPMorganMarathon

Perguntas relacionadas

QWhat is Morgan Stanley's main argument regarding the valuation of major Bitcoin miners?

AMorgan Stanley argues that Bitcoin miners should not be viewed as a cryptocurrency bet but should be valued as infrastructure businesses, as they build large powered sites and sign long-term contracts, making them similar to utility companies.

QWhich two Bitcoin mining companies received an 'overweight' rating from Morgan Stanley?

ACipher Mining and TeraWulf received overweight ratings from Morgan Stanley.

QWhy does Morgan Stanley view Cipher Mining positively, specifically mentioning a 'REIT endgame'?

AMorgan Stanley views Cipher positively because it is well-positioned for a 'REIT endgame,' where leasing its building and power capacity to AI instead of mining would reduce risk and increase valuation.

QWhat is the reason for Morgan Stanley's cautious (underweight) rating on Marathon Digital?

AMorgan Stanley is cautious on Marathon Digital because it behaves mainly as a Bitcoin price vehicle, actively increasing BTC exposure, making its stock performance heavily dependent on mining difficulty, power costs, and BTC price swings, with profitability facing competition and rising energy demands.

QAccording to the report, what advantage does the infrastructure model offer to investors?

AThe infrastructure model offers more stability and deserves a higher valuation because income is predictable and contracted, with less dependence on the value of Bitcoin.

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