Morgan Stanley Initiates Bitcoin Miner Coverage: Cipher Mining (CIFR) & TeraWulf (WULF) Rated Buy, Marathon Digital (MARA) Sell

Investment bank Morgan Stanley has commenced equity research coverage on the Bitcoin mining sector, issuing distinct ratings for key players. Analysts have assigned an "Overweight" (Buy) rating to both Cipher Mining Inc. (CIFR) and TeraWulf Inc. (WULF). Conversely, Marathon Digital Holdings Inc. (MARA) received an "Underweight" (Sell) recommendation. This initiation of coverage provides institutional investors with a focused analysis of public mining companies, highlighting divergent outlooks based on operational efficiency, cost structures, and growth strategies. The report underscores the increasing financialization and analyst scrutiny within the cryptocurrency industry as Bitcoin (BTC) mining evolves into a more mature asset class.