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. Analyst Stephen Byrd set price targets of $38 for Cipher and $37 for TeraWulf. The thesis focuses on transforming mining sites into data center assets that can generate stable, long-term cash flows like REITs, de-emphasizing pure bitcoin exposure. Cipher and TeraWulf are favored for their data center capabilities and management experience, while Marathon is faulted for its hybrid model, limited hosting history, and heavy reliance on bitcoin prices. The coverage reflects a broader trend of bitcoin miners pivoting from proof-of-work mining to AI and high-performance computing data centers.

Coinbase institutional sales chief John D'Agostino said the company is working to move decades-old financial infrastructure onto faster, cheaper and more stable blockchain ledgers, while expanding through derivatives, tokenized securities, DeFi and stablecoins.

Coinbase institutional sales head John D'Agostino said the company is working to shift decades-old financial ledger infrastructure onto faster, cheaper and more stable blockchain ledgers, while expanding across derivatives, tokenized securities, DeFi and stablecoins.

Coinbase institutional sales head John D'Agostino said the company is working to move financial infrastructure from decades-old ledger systems onto faster, cheaper and more stable blockchain ledgers, while building toward a full-service crypto financial platform.

Redemption requests for Blackstone's Private Credit Fund approached 10% in the second quarter of 2026, representing approximately $4.4 billion, a notable increase from the prior quarter and highlighting liquidity concerns.