Strategy vs. TeraWulf: Which Bitcoin-Focused Stock Has an Edge?
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Strategy MSTR and TeraWulf WULF are two well-known bitcoin-focused stocks. While Strategy is the world’s largest bitcoin treasury company, holding 638,460 bitcoins as of Sept. 7, 2025, TeraWulf is a vertically integrated owner and operator of next-generation digital infrastructure, purpose-built to support bitcoin mining and high-performance computing (HPC) workloads.Bitcoin, the most popular cryptocurrency, has been soaring due to increasing acceptance as a non-sovereign asset, as well as higher institutional and corporate adoption. The liberal policies of U.S. President Donald Trump have been a key catalyst in driving the adoption of bitcoin. However, Strategy or TeraWulf, which has an edge?The Case for MSTR StockStrategy benefits from increasing bitcoin yield, which hit 19.7% at the end of the second quarter of 2025 and 25% year to date. In dollar terms, bitcoin gain was $9.5 billion at the end of the second quarter and $13.2 billion year to date. In the second quarter of 2025, product licenses and subscription services revenues jumped 44% year over year to $48 million and accounted for 41.9% of revenues, which was 100% software. Strategy now expects to achieve a bitcoin yield of 30% and $20 billion in gains, assuming the bitcoin price hits $150,000 at the end of the year.The company’s disciplined approach to capital raising through preferred equity offerings — Strike (STRK), Strife (STRF), STRD (Stride) and STRC (Stretch) — is a key catalyst. Strategy has issued $10.7 billion in equities and $7.6 billion in fixed income securities year to date. Among fixed income securities, the company raised $2 billion, $0.94 billion, $2.52 billion, $1.13 billion and $1.02 billion through convertible notes, STRF, STRC, STRK and STRD, respectively.MSTR is benefiting from rising subscription revenues. In the second quarter of 2025, subscription services revenues jumped 69.5% year over year to $40.8 million. Product licenses and subscription services revenues were $48 million, up 43.9% increase year over year.For 2025, Strategy expects operating income of $34 billion, net income of $24 billion and earnings of $80 per share, based on a bitcoin price outlook of $150,000 at the end of the year.The Case for WULF StockWULF self-mined 485 bitcoin at the Lake Mariner facility in the second quarter of 2025, and bitcoin mining capacity jumped 45.5% year over year to 12.8 EH/s. As of June 30, 2025, TeraWulf owned approximately 70,300 miners, with approximately 65,100 operational at the facility. However, power cost per bitcoin self-mined jumped 98.5% year over year due to halving (in April), rising network difficulty and short-term power price volatility.TeraWulf now expects power prices in Upstate New York to remain steady with historical levels for the rest of 2025. The company now expects 5 cents per kilowatt hour for the second half of the year and mining operations to contribute positively to EBITDA. However, WULF expects selling, general and administrative expenses between $50 million and $55 million compared with previous guidance of $40-$45 million due to accelerated growth in the company’s HPC business.TeraWulf is on track to deliver 72.5 MW of HPC colocation capacity under its data center lease agreements with Core42 Holding for GPU compute workloads. The WULF Den and CB-1 leases with Core42 are expected to start generating revenues in the third quarter of 2025. The company’s expanding clientele, which now includes Fluidstack, a premier AI cloud platform that builds and operates HPC clusters, is a key catalyst. TeraWulf will deliver more than 360 MW of critical IT load at its Lake Mariner data center campus in Western New York.MSTR’s Earnings Estimate Revisions Steady, WULF’s Goes SouthThe Zacks Consensus Estimate for MSTR’s 2025 loss is pegged at $15.73 per share, unchanged over the past 60 days. The company reported a loss of $6.72 per share in 2024. Strategy Inc Price and Consensus Strategy Inc price-consensus-chart | Strategy Inc Quote The consensus mark for TeraWulf’s 2025 earnings has widened by a dime to 27 cents per share over the past 60 days. The company reported a loss of 19 cents per share in 2024. TeraWulf Inc. Price and Consensus TeraWulf Inc. price-consensus-chart | TeraWulf Inc. Quote Stock Performance and Valuation: MSTR Vs. WULFYear to date, Strategy shares have appreciated 20.6%, while TeraWulf has jumped 97.4%.MSTR and WULF Stock’s Performance Image Source: Zacks Investment Research In terms of Price/Book, Strategy shares are trading at 2.07X, a discount compared with TeraWulf’s 26.03X.Strategy and TeraWulf are overvalued, as suggested by the Value Score of F for each.MSTR and WULF Stock’s Valuation Image Source: Zacks Investment Research ConclusionStrategy benefits from its policy to hold bitcoin on its balance sheet. However, bitcoin’s inherent volatility is a headwind for MSTR investors. Meanwhile, WULF benefits from strong prospects from low-cost bitcoin mining and expanding HPC footprint.TearWulf, a Zacks Rank #3 (Hold) company, has an edge compared with Strategy, which currently has a Zacks Rank #4 (Sell).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Higher. Faster. Sooner. Buy These Stocks NowA small number of stocks are primed for a breakout, and you have a chance to get in before they take off.At any given time, there are only 220 Zacks Rank #1 Strong Buys. On average, this list more than doubles the S&P 500. We’ve combed through the latest Strong Buys and selected 7 compelling companies likely to jump sooner and climb higher than any other stock you could buy this month.You'll learn everything you need to know about these exciting trades in our brand-new Special Report, 7 Best Stocks for the Next 30 Days.Download the report free now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Strategy Inc (MSTR): Free Stock Analysis Report TeraWulf Inc. (WULF): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks
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