Bitcoin-to-DC Conversions + Behind-the-Meter Generation: A Perfect Marriage

Research evidence excerpt

Bitcoin-to-DC Conversions + Behind-the-Meter Generation: A Perfect Marriage

Foundation

July 20, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMBitcoin Mining/Data Center Development | North Stephen C Byrd

America Equity Analyst

Stephen.Byrd@morganstanley.com +1 212 761-3865

David Arcaro, CFA

Equity AnalystBitcoin-to-DC Conversions + David.Arcaro@morganstanley.com +1 212 761-1817

Jeremy Herring

Research AssociateBehind-the-Meter Generation: A Jeremy.Herring@morganstanley.com +1 212 761-4182

Andrew S Percoco

Equity AnalystPerfect Marriage Andrew.Percoco@morganstanley.com +1 212 296-4322

Angel Castillo

We believe the market under-appreciates the value creation Equity Analyst

Angel.Castillo@morganstanley.com +1 212 761-1931

from combining Bitcoin miner grid access with onsite power Stefan Diaz, CFA

generation to create much larger data center complexes. Other EquityStefan.Diaz@morganstanley.comAnalyst +1 212 761-1834

positive catalysts plus recent market drawdowns lead us to be James E Faucette

bullish, with high conviction, on this theme. EquityJames.Faucette@morganstanley.comAnalyst +1 212 296-5771

Bitcoin Mining/Data Center Development

Key Takeaways North America

Industry View Attractive

We update our CIFR Bull Case on expectations of combined grid access with

What’s Changed

behind the meter (BTM) generation to create large DC complexes.

Cipher Mining Inc. (CIFR.O) From To

Why? AI customers want larger data centers and BTM generation pairs well with Price Target $48.50 $47.00

grid access to create "compute visibility" through the end of the decade.

Bitcoin-to-DC players benefit from much larger data center construction

volumes, and BTM players can secure much larger power sales contracts.

Key OW beneficiaries: CIFR, WULF, GLXY, SEI, BE, GEV, INIO, NEE, WMB, PUMP,