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BTBT, WULF Stocks Defy Market Sell-Off After Bullish Wall Street Backing On Pivot Away From Bitcoin Mining
Freedom Capital found a “defensible floor” for WULF around $14 a share, where it traded for four straight sessions last week.
Anushka Basu·Stocktwits
Published Sep 08, 2026 | 1:04 PM EDT
- H.C. Wainwright initiated coverage of Bit Digital with a ‘Buy’ rating and a price target of $4, implying potential upside of 145% from current levels.
- The firm said Bit Digital now offers exposure to WhiteFiber and an Ethereum treasury, while the company continues to shift away from Bitcoin mining.
- Freedom Capital initiated coverage of TeraWulf with a ‘Buy’ rating and a $19 price target.
Shares of Bit Digital Inc. (BTBT) and TeraWulf (WULF) gained in midday trade on Tuesday, rallying despite weakness in the broader market, after the two stocks saw fresh coverage from Wall Street.
According to TheFly, H.C. Wainwright initiated coverage of Bit Digital with a ‘Buy’ rating and a $4 price target, meaning the firm expects the stock to rise about 145% from its current trading price of $1.60. Separately, Paul Meeks, an analyst at Freedom Capital, started coverage on TeraWulf with a ‘Buy’ rating and a $19 price target.
BTBT’s price was up around 5% in midday trade. On Stocktwits, retail sentiment around BTBT improved to ‘bullish’ from the ‘neutral’ zone, accompanied by ‘normal’ chatter levels over the past day.
WULF stock was up over 7% in midday trade, on track to hit a one-month high. Retail sentiment around WULF remained in the ‘bearish’ zone, with chatter at ‘low’ levels over the past day.
Ethereum Pivot Offers Two Valuable Assets At A Discount
H.C. Wainwright said that Bit Digital has pivoted from being a Bitcoin (BTC) miner to a strategic asset company with two holdings. One is a majority stake in AI infrastructure company WhiteFiber (WYFI), and the other is its accumulation of Ethereum (ETH).
The firm announced plans to become a pure-play Ethereum staking and treasury company back in June. It held over 158,000 ETH in its treasury as of March.
At the time, Bit Digital also said that it was exploring strategic options for its Bitcoin mining operations, including a potential sale or wind-down, with proceeds to be reinvested in Ethereum.
According to H.C. Wainwright, Bit Digital has “two independently valuable assets within one very attractively priced vehicle.” He also added that the stock trades at a 25% discount to its net asset value.
Ethereum’s price was trading at around $2,400, up 0.3% in the last 24 hours. On Stocktwits, retail sentiment around ETH remained in the ‘bearish’ zone, with ‘normal’ chatter levels over the past day.
WULF Rallies Despite ‘Half Of The Street Consensus’
Freedom Capital said its analysis found a “defensible floor” around $14 a share, the level at which TeraWulf traded on four straight sessions last week, and set the fair value at $19. The firm said it targets only about half of the Street consensus.
Previously, Needham analysts increased WULF stock’s price target to $33, citing its 20-year deal with Anthropic for roughly 400 megawatts (MW) with $19 billion in contracted revenue.
From current levels of $17, Freedom Capital’s price target implies an 11% upside for the WULF stock.
Read also: BMNR Stock Dips Even As Its Latest Ethereum Buy Leaves It Just 0.1% From Its ‘Alchemy Of 5%’ Goal
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Source: stocktwits.com