TeraWulf initiated with a Buy at Stifel

Stifel analyst Bill Papanastasiou initiated coverage of TeraWulf with a Buy rating and $3 price target. TeraWulf represents one of the most attractive public Bitcoin operators on the basis that it mines at one of the lowest marginal costs, using predominantly zero-carbon energy sources, and manages a highly efficient fleet of the latest generation equipment, the analyst tells investors in a research note. Stifel expects the company to pay down a substantial amount of its outstanding term loan organically.