Bank of America Analyst: 'Bye Bye Bitcoin'

Cover image via depositphotos.com Pivoting to AI Market performance Advertisement BofA Securities has initiated coverage of TeraWulf Inc. (NASDAQ: WULF) with a "Buy" rating and a $34 price target. It is worth noting that the telecom analyst Michael Funk titled the research report, "Bye Bye Bitcoin. Hello AI data centers," to underscore the pivot toward the leading cryptocurrency. Pivoting to AI TeraWulf is currently repurposing its operations to focus on the high-performance computing (HPC) that are necessary for supporting massive AI workloads. HOT Stories Fresh $1.5 XRP Roadmap Analyzes Key Triangle Pattern Break; Shiba Inu (SHIB) Whales Disappear From On-Chain; Bitcoin Is Now Firmly Upward: CryptoQuant Reviews Whale U-Turn - Morning Crypto Report 'Never as Bad as It Seems': Coinbase CEO Remains Bullish on Bitcoin The firm aspires to reach between 1.8 and 3.0 gigawatts of critical IT load capacity by 2030. Advertisement The transition is considered to be a rather savvy move by analysts, given that there is growing demand for AI-ready data centers. You Might Also Like Sun, 06/14/2026 - 06:35 Bitcoin Mining Difficulty Plummets Nearly 10% By Alex Dovbnya Recently, the company recently completed a landmark $3.2 billion high-yield bond sale to fund the expansion of its Lake Mariner campus in New York. Advertisement This transaction is the largest junk bond sale led by a single Wall Street institution in more than three decades. Notably, Alphabet’s Google has agreed to guarantee the debt once the facility is operational. TeraWulf has also acquired a hyperscale site in Eastern Kentucky known as the Muskie Data Campus. This facility is expected to support over 1 gigawatt of capacity (deliveries are slated for the latter half of 2028). The company is also working with Morgan Stanley and other institutions to explore the leveraged loan market to further fuel its AI infrastructure efforts. Market performance TeraWulf shares have seen an impressive 548% surge over the past year. They are currently changing hands near $28. On top of BofA's bullish call, other firms have come up with their own bullish takes. Bernstein, for instance, initiated coverage with an "Outperform" rating. #Bitcoin News