모건스탠리는 비트코인 채굴사들이 AI 데이터센터 서비스로 사업을 전환함에 따라 테라울프(WULF), 사이퍼 리서치(CIFR), 마라톤 디지털(MARA)의 상승 잠재력이 크다고 판단했다.

Morgan Stanley has raised price targets for multiple Bitcoin mining companies, citing improving valuations as firms transition traditional mining capacity into data center operations. On Monday, the investment bank lifted its target for TeraWulf (WULF) to $41.50 from $37 and for Cipher Mining (CIFR) to $40.50 from $38, maintaining an ‘Overweight’ rating on both stocks. The firm also increased its price target for MARA Holdings (MARA) to $8.50 from $8, though it retained an ‘Underweight’ rating, signaling a more cautious outlook relative to its peers.

Analyst Stephen Byrd pointed to strong upside potential, noting that valuations tied to Bitcoin miners converting capacity into data center operations were becoming “increasingly attractive,” with “significant base case upside.” This upgrade coincides with a broader industry shift toward high-performance computing (HPC) and artificial intelligence (AI) infrastructure. Several major miners, including Hut8 Corp (HUT), Riot Platforms (RIOT), and Iren Limited (IREN), have recently announced initiatives to diversify beyond traditional cryptocurrency mining by repurposing their existing power and cooling assets for AI workloads.

Following the announcement, WULF and CIFR posted gains in early trading, rising over 3% and 1%, respectively. Retail sentiment on Stocktwits, however, shifted for both equities: WULF moved to ‘bearish’ from ‘neutral’ with discussion volume dropping to ‘low’ from ‘normal,’ while CIFR slipped to ‘neutral’ from ‘bullish,’ though chatter remained ‘normal.’ Conversely, MARA’s stock declined 0.3% in morning trade. Retail sentiment around MARA turned ‘bearish’ from ‘neutral,’ with chatter staying ‘high’ over the past day.