Just caught that Morgan Stanley is rolling out bitcoin miner coverage and they're pretty bullish on some names. They're calling Cipher Mining and TeraWulf as buys, which is interesting given how volatile the mining sector has been. Meanwhile they're downgrading Marathon Digital, which caught a lot of people off guard.

The whole mining narrative is shifting though. Bitcoin miners are getting a lot more institutional attention, but people are also starting to look at eth miners and other GPU-based operations since ethereum's still got decent economics. The mining equipment makers and operators are basically playing the leverage game on crypto price action.

Morgan Stanley getting involved in this coverage is kind of a big deal for legitimacy. Means the Street is taking mining stocks seriously now, not just treating them as penny stock volatility plays. Worth watching which way the institutional money actually flows based on their calls.