BTBT and WULF equities outperformed broader markets after Wall Street analysts issued bullish ratings on their strategic transition from Bitcoin mining to AI compute hosting.
Shares of Bit Digital Inc. (BTBT) and TeraWulf (WULF) advanced during midday trading on Tuesday, rallying despite broader market weakness following fresh Wall Street coverage. According to TheFly, H.C. Wainwright initiated coverage of Bit Digital with a ‘Buy’ rating and a $4 price target, projecting approximately 145% upside from its current trading level of $1.60. Separately, Freedom Capital analyst Paul Meeks launched coverage on TeraWulf with a ‘Buy’ rating and a $19 price target.
BTBT shares rose roughly 5% in midday trade. On Stocktwits, retail sentiment for the stock improved from ‘neutral’ to ‘bullish,’ accompanied by ‘normal’ discussion levels over the past day. Meanwhile, WULF stock climbed more than 7%, positioning itself to reach a one-month high. Retail sentiment around TeraWulf remained in the ‘bearish’ zone, with ‘low’ chatter recorded over the same period.
H.C. Wainwright highlighted that Bit Digital has transitioned from a Bitcoin miner to a strategic asset holding company with two core positions: a majority stake in artificial intelligence infrastructure firm WhiteFiber (WYFI) and a substantial Ethereum treasury. In June, the company announced plans to operate as a pure-play Ethereum staking and treasury entity, having accumulated over 158,000 ETH by March. At the time, Bit Digital also indicated it was exploring strategic alternatives for its Bitcoin mining operations, including a potential sale or wind-down, with proceeds earmarked for further Ethereum accumulation. The analyst firm noted that Bit Digital holds “two independently valuable assets within one very attractively priced vehicle,” adding that the stock currently trades at a 25% discount to its net asset value.
Ethereum was trading near $2,400, up 0.3% over the preceding 24 hours. Despite the price movement, retail sentiment surrounding ETH on Stocktwits remained ‘bearish,’ with ‘normal’ chatter levels reported over the past day.
Freedom Capital’s research identified a “defensible floor” near $14 per share—a level at which TeraWulf traded for four consecutive sessions last week—and established a fair value estimate of $19. The firm explicitly noted that its target aligns with only about half of the broader Street consensus. For context, Needham analysts recently raised their price target for WULF to $33, citing the company’s 20-year agreement with Anthropic for approximately 400 megawatts of capacity and $19 billion in contracted revenue. Based on current trading levels around $17, Freedom Capital’s $19 target implies an 11% upside for TeraWulf.