Morgan Stanley initiated coverage of three publicly traded bitcoin miners on Monday, assigning Overweight ratings to Cipher Mining (CIFR) and TeraWulf (WULF) while giving Marathon Digital (MARA) an Underweight rating.

The move reflects the bank’s view that certain miners are better valued as infrastructure plays rather than pure crypto or bitcoin bets.

Analyst Stephen Byrd and his team set price targets of $38 for Cipher and $37 for TeraWulf. Shares of CIFR rose roughly 134% to $16.50 on Monday, while WULF climbed 13% to $16.20. 

Marathon shares increased slightly to $8.28, below its $8 target.

Morgan Stanley’s thesis focuses on the transformation of bitcoin mining…

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