MARA, CIFR, WULF Stocks Drop As Price Target Cuts Outweigh Bitcoin’s $65K Rebound

Bitcoin’s climb to $65,000 failed to lift Bitcoin mining stocks, even as MSTR, CRCL, and other crypto-linked equities moved higher.

• Cantor Fitzgerald reduced its target on MARA, Citizens cut its target on TeraWulf, and JPMorgan lowered its target on Cipher Mining.
• The analyst moves followed second-quarter losses, including large non-cash charges tied to Bitcoin holdings.
• Bitcoin miners continue to face pressure from elevated network difficulty and compressed hash-price levels, limiting profitability even with higher BTC prices.

Shares of Cipher Digital (CIFR), MARA Holdings (MARA), and TeraWulf (WULF) fell in morning trade on Friday after getting price target cuts from Wall Street, despite large-cap crypto-linked equities trading higher after Bitcoin (BTC) reclaimed the $65,000 level.

MARA stock fell over 5%, while CIFR stock dropped as much as 4.5% and WULF stock fell 3.7%. On Stocktwits, retail sentiment around MARA and WULF remained in ‘bearish’ territory over the past day. 

Meanwhile, sentiment around CIFR stock improved to ‘extremely bullish’ from ‘bullish’ territory. It was also among the top trending tickers on Stocktwits at the time of writing.

<CIFR stock retail sentiment on August 7 as of 10:55 a.m. ET | Source: Stocktwits>

MARA, CIFR, WULF Hit With Price Target Cuts

Cantor Fitzgerald lowered its price target on MARA Holdings to $12 from $14, and kept an ‘Overweight’ rating on the shares, as per a note to investors cited by TheFly. Citizens cut its target on TeraWulf to $29 from $30, and kept an ‘Outperform’ rating.

Meanwhile, JPMorgan trimmed its target on Cipher Mining to $22 from $23 while maintaining an ’Overweight’ rating following the company's Q2 report. The firm pointed to progress on the company's expected deliveries, including a two-month pull-forward of Phase 1 at the Black Pearl data center campus.

Q2 Losses Drive Price Target Cuts

The price target cuts land on top of second-quarter losses that each company reported earlier this week. MARA posted a $611 million net loss for the quarter, tied to a decline in the value of its roughly 35,577 BTC treasury, on revenue that fell 27% from a year earlier.

Cipher Digital's net loss came in even larger at $267.5 million, driven mostly by a $150.5 million non-cash charge tied to the change in fair value of its warrant liabilities. Bitcoin mining revenue for the quarter was $24.8 million.

TeraWulf's loss dwarfed both, at $940.8 million, almost entirely a function of a $755.7 million non-cash hit from marking Google's warrants to market. Crypto mining revenue at the company fell to $12.8 million from $47.6 million a year ago, while HPC lease revenue from its Anthropic and Fluidstack deals grew to $31.9 million, or about 71% of the total.

Mining Economics Are Still Squeezed

Bitcoin's network difficulty remains near record levels, and hashprice has stayed compressed in the high-$20s to low-$30s per petahash per second per day through much of 2026, near multi-year lows.

Data from WuBlockchain's mining desk showed roughly 22.7% of the 22 mainstream Bitcoin mining machine models it tracks were running at a daily net loss. The most efficient model on the list still needs Bitcoin above roughly $46,787 just to break even. Less efficient units require Bitcoin’s price to stay above $80,000.

That leaves a meaningful share of the industry's installed hardware underwater, even with Bitcoin sitting near $65,000.

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