Wall Street Backing Fuels Unexpected Gains in Bit Digital and TeraWulf
Two cryptocurrency stocks are defying the broader market sell-off after receiving bullish backing from Wall Street analysts.
Bit Digital Inc. (BTBT) and TeraWulf (WULF) saw significant gains in midday trade on Tuesday, following initiation of coverage by H.C. Wainwright and Freedom Capital.
H.C. Wainwright initiated coverage with a 'Buy' rating and a $4 price target for Bit Digital, implying potential upside of 145% from current levels. The firm highlighted the company's pivot away from Bitcoin mining to a strategic asset company with holdings in AI infrastructure company WhiteFiber (WYFI) and Ethereum.
Freedom Capital also initiated coverage of TeraWulf with a 'Buy' rating and a $19 price target, citing a 'defensible floor' around $14 a share. The firm noted that its analysis targets only about half of the Street consensus.