Bitcoin Miners WULF, MARA Trade at 4.4x Price-to-Sales Multiples

Investors were given a detailed look into the financial health of Bitcoin miners today as CryptoQuant’s on-chain tracker revealed real-time revenues. This data showed that WULF and MARA are commanding rich 4.4× price-to-sales multiples, while Iris Energy is lagging behind with a steep discount.

CryptoQuant has developed a proprietary labeling methodology that tracks the Bitcoin addresses associated with major miners. This allows analysts to estimate daily revenues for firms like MARA, WULF, RIOT, HIVE, CORZ, CLSK, BITF, CIFR, and IREN with near-perfect accuracy. By calculating block rewards and transaction fees attributed to each miner’s wallet, CryptoQuant can derive intra-month revenue estimates. These real-time figures provide investors with a forward-looking valuation framework, akin to the price-to-sales ratio used in traditional equity analysis. Annualizing these revenue figures and comparing them to market capitalizations allows for clearer insight into how the market values these firms.

WULF (Terawulf) and MARA (Marathon Digital Holdings) are currently trading at the highest valuation multiples across the sector, with market value-to-annualized revenue ratios exceeding 4.4. This suggests that investors are willing to pay a large premium for each dollar of expected annual revenue generated by these companies. Such elevated multiples may reflect strong investor confidence in the long-term growth potential or operational efficiency of WULF and MARA. However, it also shows that these stocks may be priced for “perfection,” and any misstep in earnings or production could lead to valuation corrections.

At the opposite end of the spectrum is IREN (Iris Energy), which shows the lowest valuation multiple among its peers. This low ratio stands in contrast to the company’s recent growth in Bitcoin production, indicating a potential disconnect between its operational performance and market valuation. For investors, this could represent a relative value opportunity, especially if IREN’s fundamentals continue to improve and the market eventually re-rates the stock.

The dispersion in valuation multiples across Bitcoin miners presents opportunities for both long-only and delta-neutral strategies. Investors might overweight undervalued firms like IREN while underweighting or hedging exposure to firms trading at rich premiums, such as WULF and MARA. As on-chain data provides deeper, real-time insights into Bitcoin miner performance, valuation strategies are becoming more nuanced and data-driven. With daily visibility into miner revenues, investors now have the tools to fine-tune allocations based on actual economic output—an edge that could prove essential in managing the volatile crypto-equity market.