[UBS Assigns Buy Ratings to Five Bitcoin Mining Companies, Average Target Price Upside 36%] UBS Group has initiated coverage on five Bitcoin mining companies transitioning to AI data center hosting and assigned them buy ratings. The five companies collectively secure 4.8GW of leased capacity, with an additional 12GW in the expansion pipeline, and currently deliver 720MW. Target prices are as follows: Hut 8 at $143, TeraWulf at $24, Applied Digital at $38, Core Scientific at $24, and Cipher Digital at $23. UBS believes the scarcity of power access timing supports rental and development yields, while tenant structures are improving toward higher credit ratings. Meta, Amazon, AMD, NVIDIA, and Anthropic have successively signed agreements. The five companies are currently trading at 12 to 18 times their projected 2028 EBITDA, lower than the approximately 19 times for data center REITs.