Morgan Stanley has initiated coverage on three bitcoin mining companies, recommending Cipher Mining and TeraWulf with Overweight ratings and price targets of $38 and $37, respectively. Analyst Stephen Byrd highlighted these companies' focus on data center leasing, which he views as infrastructure assets offering stable cash flows. Shares of Cipher Mining rose 12.4% to $16.51, while TeraWulf increased 12.8% to $16.12. Conversely, Marathon Digital received an Underweight rating with an $8 target, as Byrd expressed concerns over its hybrid strategy and focus on bitcoin price exposure. Marathon's shares were slightly up at $8.28. Byrd emphasized the potential for higher valuations in companies transitioning from bitcoin mining to data center operations, likening them to data center REITs.