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According to CoinMarketCap, Morgan Stanley has begun coverage on Bitcoin mining companies, giving Cipher Mining and TeraWulf an overweight rating, while rating Marathon Digital as underweight.

According to CoinDesk data, Morgan Stanley analyst Stephen Byrd and his team rated three Bitcoin miners, giving Cipher Mining (CIFR) and TeraWulf (WULF) a "Buy" rating, with target prices set at $38 and $37, respectively.At the same time, they also initiated coverage on Marathon Digital (MARA), giving it a "Sell" rating with a target price of $8.On Monday, CIFR's stock price rose 12.4% to $16.51, WULF's stock price increased by 12.8% to $16.12, and MARA saw a slight increase to $8.28.

TeraWulf Inc. (NASDAQ: WULF) announced on December 18, 2025, that it has successfully completed the financing pricing for a 168 megawatt high-performance computing (HPC) joint venture project located in the Abilene, Texas park with Fluidstack.The project will build a next-generation liquid-cooled artificial intelligence data center, with a total power capacity of 240 megawatts. The funds raised will be used for construction, establishing reserves, and completing facility delivery, with an expected operational start in the second half of 2026.

According to CNBC, BTIG analyst Jonathan Krinsky stated in a client report on Wednesday that after experiencing a peak-to-trough decline of -36% earlier this month, Bitcoin is now expected to continue its reflexive rebound, returning to at least $100,000.According to data from Coin Metrics, Bitcoin's latest trading price is $92,451.3, having risen nearly 10% over the past five days, but still down 20% over the past month.Analysts noted that despite recent pullbacks, cryptocurrency mining companies Cipher Mining and Terawulf have performed well during the cryptocurrency correction. Since Monday, Cipher Mining has risen 35%, and Terawulf has increased by 31%. Barclay's Crypto Mining Index has held its support level and is expected to have 15% more upside before encountering stronger resistance.Additionally, the second-largest cryptocurrency by market capitalization, ETH, which has dropped 24% over the past month, also seems poised to reclaim the $3,400 level, with the latest trading price at $3,075.62, having risen nearly 13% over the past five days. Solana and XRP have increased by 12% and 15%, respectively, during the same period.

According to Cointelegraph, American Bitcoin miner TeraWulf announced its third-quarter financial report on Monday, with revenue reaching $50.6 million, a year-on-year increase of 87%. Among this, digital asset revenue was $43.4 million.Although the company only mined 377 Bitcoins this quarter, a decrease from 555 Bitcoins in the same period last year, the price increase more than compensated for the drop in production. The company stated that revenue growth also came from the expansion of computing power and the launch of AI high-performance computing leasing business.TeraWulf is accelerating its shift away from a single mining model. CEO Paul Prager stated that the company has been exceptionally busy from the third to the fourth quarter, having expanded its partnership with Fluidstack and Google for Lake Mariner, and entered the Southwest Power Pool through the Abernathy joint venture project. In October, the company issued $3.2 billion in senior secured notes for the expansion of the Lake Mariner data center and signed three 10-year AI infrastructure leasing agreements with Fluidstack, totaling $6.7 billion.On the day of the financial report release, TeraWulf's stock price (WULF) peaked at $14.85 during intraday trading, an increase of 6%, and closed at $14.30, a slight rise of 0.49%. Although miners are generally shifting towards AI business, the price of Bitcoin still has a core impact on their revenue.

According to GlobeNewswire, Nasdaq-listed Bitcoin mining company TeraWulf announced the completion of a $1.025 billion convertible preferred note issuance, exceeding the previously announced $900 million private placement scale.This includes $125 million in notes issued with additional note purchase options granted to initial purchasers, with net proceeds of approximately $999.7 million after expenses. The new funds will be used for the construction of the Abilene data center campus in Texas and other corporate purposes.

ChainCatcher news, Bitcoin mining company TeraWulf announced that it has expanded its private placement size to $900 million and established the terms of the issuance.This issuance is for 0% convertible senior notes, with a $125 million overallotment option, maturing in 2032. This issuance is an extension of the company's previously disclosed $500 million financing plan, with initial purchasers able to exercise their additional subscription rights within 13 days. The company stated that the conversion premium for these zero-coupon notes is 37.5%, with an initial conversion price of approximately $19.94 per share based on Wednesday's closing price of $14.50. If the overallotment option is fully exercised, the total financing amount will reach approximately $999.7 million, with funds to be used for the construction of the Abilene data center campus in Texas and other corporate purposes.

ChainCatcher news, according to GlobeNewswire, Nasdaq-listed Bitcoin mining company TeraWulf announced that it will raise an additional $500 million through the issuance of convertible preferred notes, and it has also offered initial purchasers an option to buy up to $75 million in convertible bonds. The new funds will be used for the construction of data centers and general corporate purposes.

ChainCatcher news, according to The Block, TeraWulf has partnered with the AI cloud platform Fluidstack to build a 168 MW high-performance AI data center in Texas, with a $1.3 billion lease support from Google. TeraWulf holds a 51% stake, and the total contract value reaches $9.5 billion. The project is expected to be completed in the second half of 2026, pushing the company's total capacity to exceed 510 MW.The company also disclosed that Q3 revenue increased by approximately 84% year-on-year, and the stock price rose by 25% in response to the news, having increased by over 130% year-to-date.

ChainCatcher news, according to Bloomberg, cryptocurrency mining company TeraWulf Inc. has completed a $3.2 billion debt deal intended for the expansion of its data centers.

ChainCatcher news, according to Globenewswire, Bitcoin mining company TeraWulf Inc. (NASDAQ: WULF) announced that its wholly-owned subsidiary WULF Compute LLC has completed the pricing of a $3.2 billion offering of 7.75% senior secured notes at par.The notes will be offered through a private placement to qualified institutional buyers. Subject to market and other conditions, the offering is expected to close on October 23, 2025. The notes will be fully and unconditionally guaranteed by WULF Compute's subsidiaries La Lupa Data LLC, Akela Data Holdings LLC, and Akela Data LLC. WULF Compute plans to use the net proceeds from this offering to fund certain data center expansion projects at its Lake Mariner campus in Buck, New York.

ChainCatcher news, according to Bloomberg, Bitcoin mining company TeraWulf (NASDAQ: WULF) is expected to raise approximately $3 billion to support the construction of its data centers.Morgan Stanley is arranging this potential deal for TeraWulf, which could launch as early as October, with financing possibly completed through the high-yield bond or leveraged loan markets. Google is expected to provide backstop support for the deal, which could lead to a higher rating for the debt, with rating agencies determining the credit rating of the transaction in the range of BB to CCC.

ChainCatcher news, according to GlobeNewswire, Bitcoin mining company TeraWulf (NASDAQ: WULF) announced today that it has increased the proposed issuance size of its convertible preferred notes from the previously announced $400 million to $850 million and has set the pricing.The notes will mature in 2031, with a coupon rate of 1.00% and an initial conversion price of $12.43 per share, representing a 32.50% premium over the current stock price.

ChainCatcher news, according to The Block, as Bitcoin mining company TeraWulf announced plans to raise $400 million, tech giant Google has increased its stake in the company to 14%, officially becoming one of TeraWulf's major shareholders.

ChainCatcher news, according to the U.S. listed Bitcoin mining company TeraWulf (stock code: WULF), it plans to raise $400 million through a private placement of convertible senior notes. This financing comes as its AI cloud service client Fluidstack decides to add 160 megawatts of power capacity at the Lake Mariner facility in New York.According to a statement released on Monday, the convertible notes include a $60 million over-allotment option for initial buyers, and the funds raised will be used for capped options trading and expanding non-mining data center operations. The notes are unsecured senior notes, paying interest semi-annually starting March 1, 2026, and maturing on September 1, 2031. Upon shareholder approval, TeraWulf may choose to settle the conversion in cash, stock, or a combination thereof. This financing marks TeraWulf's acceleration into the high-performance computing sector beyond Bitcoin mining.Earlier this month, the company signed two 10-year hosting agreements with AI high-performance computing provider Fluidstack, with Google providing $1.8 billion in leasing guarantees and acquiring an 8% stake in TeraWulf.

ChainCatcher news, according to GlobeNewswire, Bitcoin mining company TeraWulf (NASDAQ: WULF) announced plans to privately issue $400 million in convertible notes maturing in 2031, with an overallotment option of up to $60 million. The proceeds will be used for capped subscription transaction costs, data center expansion, and general corporate purposes.

ChainCatcher news, according to The Block, Bitcoin mining company TeraWulf's second-quarter financial report shows that its net loss for the first half of this year has widened to over $79 million due to ongoing investments in high-performance computing and mining operations. The operating costs (excluding depreciation) were approximately $22 million, a quarter-over-quarter increase from $13.9 million in the second quarter of 2024.Its stock price rose nearly 3% at the opening but is currently down nearly 4%. TeraWulf CEO Paul Prager stated, "TeraWulf will continue to execute its strategy to develop scalable and sustainable digital infrastructure to support high-performance computing hosting and proprietary Bitcoin mining."

ChainCatcher news, according to Cointelegraph, TeraWulf released its Q1 financial report, with a net loss widening to $61.4 million, a significant increase from $9.6 million in the same period last year. Revenue dropped to $34.4 million, a year-over-year decline of 18.9%, while costs surged by 70.1% to $24.5 million. The main reasons are the Bitcoin halving, rising network difficulty, and severe weather.

According to ChainCatcher news, TeraWulf, a Bitcoin mining company, announced an annual revenue of $140.1 million for 2024, a 102% increase from $69.2 million in 2023, as reported by Techinasia.This growth is primarily attributed to increased Bitcoin production and rising prices. The company's adjusted EBITDA under non-GAAP nearly doubled, rising from $31.9 million to $60.4 million. By the end of the year, TeraWulf held $274.5 million in cash and digital assets, including 1,801 Bitcoins.After the earnings report was released, TeraWulf's stock price rose by 14%, bringing its market capitalization to $1.57 billion.

According to ChainCatcher, TeraWulf, a Bitcoin mining company, reported its fourth-quarter performance for 2024, showing that its annual revenue increased by 102% from $69.2 million in 2023 to $140.1 million, driven by an increase in Bitcoin production and a rise in the average realized price of Bitcoin. TeraWulf stated that its legacy term loan debt was eliminated in 2024, which was $139.4 million at the end of 2023. TeraWulf's GAAP adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) nearly doubled, rising from $31.9 million in 2023 to $60.4 million in 2024. As of December 31, 2024, the company reported cash and cash equivalents of $274.1 million, with $274.5 million in cash, cash equivalents, and Bitcoin on its balance sheet, and the amount of BTC held nearly quadrupled to 1,801 BTC.