KEEL Vs WULF Vs HUT Vs CIFR: Which Former Bitcoin Miner Is The Better AI Infra Play?

• According to Koyfin data, Hut 8 commands the highest forward enterprise value-to-sales multiple at 35.5x. 
• Wall Street is largely bullish on all four AI infra plays, with WULF stock leading the pack, with a 12-month price target of $38.59, implying more than 66% upside. 
• Stocktwits users are also most optimistic about WULF stock, with sentiment in the ‘extremely bullish’ territory over the past day.

After years of relying almost exclusively on Bitcoin mining revenue, Keel Infrastructure Corp. (KEEL), TeraWulf Inc. (WULF), Hut 8 Corp. (HUT) and Cipher Digital Inc. (CIFR) are racing to capitalize on the AI infrastructure boom.

The shift reflects a broader sentiment toward AI companies and the expectations for growing demand for power assets, data center expertise and high-performance computing (HPC) workloads.

As investors assess the potential of these new AI infrastructure plays, here’s what the companies’ performance so far, valuation multiples, and Wall Street targets indicate about which former Bitcoin miner is the most compelling new AI bet.

KEEL Vs WULF Vs HUT Vs CIFR Stock Performance

The transition from Bitcoin mining to AI infrastructure accelerated across the sector between late 2025 and early 2026.

Keel Infrastructure completed its transformation in April this year, rebranding from Bitfarms and exiting Bitcoin mining to focus exclusively on energy-secured data center development.

TeraWulf formally began winding down its mining operations in late 2025 as it pursued AI and HPC leasing opportunities, while Hut 8 ramped up its data-center strategy through major customer agreements announced in early 2026.

Cipher Mining's pivot gained momentum in 2026 as it secured hyperscaler-backed contracts and advanced the buildout of large-scale AI-ready campuses, which are slated to begin generating revenue later in the year.

All four companies have posted substantial returns this year, with HUT stock outperforming its peers, up more than 131% so far in 2026. KEEL and WULF stocks have also more than doubled in value in the same period, while CIFR stock has gained nearly 58%.

Stock Valuations

As is evident across the AI sector, investors appear willing to pay a premium for exposure to the AI infrastructure buildout. According to Koyfin data, Hut 8 commands the highest forward enterprise value-to-sales multiple at 35.5x. Cipher is next at 33.4x, while Keel Infrastructure trades at a 29.5x forward EV-to-sales multiple and TeraWulf at 28.1x.

While all four companies have elevated multiples that are relatively range-bound, the market seems to be pricing Hut 8 and Cipher as the biggest beneficiaries from the AI boom, based on the high growth premiums.

Wall Street’s Stance On WULF, CIFR, KEEL, HUT

Wall Street is largely bullish on all four AI infra plays, although some have significantly greater upside potential, based on 12-month average price targets.

WULF stock leads the pack, with a target of $38.59 based on 17 estimates. This implies an upside of more than 66% from current levels, with all ratings a ‘Buy’ or higher.

CIFR stock has a target of $32.63 based on 16 estimates, implying about a 40% upside from its last close. All analysts also rate the company a ‘Buy’ or higher.

Analysts have a target price of $6.22 for KEEL stock, implying more than 28% upside. Of the 10 analysts covering the stock, nine rate it ‘Buy’ or higher, while one rates it ‘Hold’.

HUT stock’s one-year average price target is $126.94, based on 17 analyst estimates, implying 19.5% upside from its last close. Like WULF and CIFR, all analysts rate this company a ‘Buy’ or higher.

What Do Retail Traders Think About KEEL, WULF, HUT, CIFR Stocks?

Stocktwits users are most optimistic about WULF stock, with sentiment in the ‘extremely bullish’ territory over the past day. CIFR sentiment was in the ‘neutral’ territory.

Meanwhile, retail sentiment on HUT and KEEL were in the ‘bearish’ and ‘extremely bearish’ areas at the time of writing.

One bullish user on WULF said, “This is a long term hold, if you can get it at a good price ($20 and below), but its going to take a long while so patience is key.”

Another user on KEEL said, “The deals are already priced in, sorry guys. This stock is hanging under $8 for the next 2 years.”

Earlier this month, a user said, “$CIFR $HUT $WULF $KEEL all trash. This space gets hit harder each day. Is the run over for these? Hard to know when option BS plays with the prices.”

All four stocks have posted declines so far this month.

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