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Core Insights - Strategy (MSTR) and TeraWulf (WULF) are prominent bitcoin-focused stocks, with MSTR being the largest bitcoin treasury company holding 638,460 bitcoins as of September 7, 2025, while WULF operates next-generation digital infrastructure for bitcoin mining and high-performance computing [1][8] Group 1: Strategy (MSTR) - MSTR benefits from increasing bitcoin yield, which reached 19.7% at the end of Q2 2025 and 25% year-to-date, resulting in a bitcoin gain of $9.5 billion for Q2 and $13.2 billion year-to-date [2] - The company reported a 44% year-over-year increase in product licenses and subscription services revenues, totaling $48 million, which accounted for 41.9% of total revenues, all derived from software [2] - MSTR expects to achieve a bitcoin yield of 30% and $20 billion in gains if bitcoin prices reach $150,000 by year-end [2] - The disciplined capital raising strategy through preferred equity offerings has led to $10.7 billion in equities and $7.6 billion in fixed income securities issued year-to-date [3] - Subscription services revenues surged 69.5% year-over-year to $40.8 million in Q2 2025, contributing to an expected operating income of $34 billion and net income of $24 billion for the year [4] Group 2: TeraWulf (WULF) - WULF self-mined 485 bitcoins in Q2 2025, with mining capacity increasing by 45.5% year-over-year to 12.8 EH/s, owning approximately 70,300 miners [5] - Power costs for self-mined bitcoin increased by 98.5% year-over-year due to halving, rising network difficulty, and power price volatility [5] - WULF anticipates stable power prices at 5 cents per kilowatt hour for the second half of 2025, with mining operations expected to positively contribute to EBITDA [6] - The company is set to deliver 72.5 MW of HPC colocation capacity, with revenue generation expected to start in Q3 2025 [7] - WULF's stock performance has surged 97.4% year-to-date, outperforming MSTR's 20.6% increase [8][12] Group 3: Financial Performance and Valuation - MSTR's consensus estimate for 2025 loss is $15.73 per share, unchanged over the past 60 days, while WULF's earnings estimate has widened to 27 cents per share [10][11] - In terms of Price/Book ratio, MSTR trades at 2.07X, while WULF trades at 26.03X, indicating both companies are overvalued [14] - MSTR holds a Zacks Rank of 4 (Sell), while WULF has a Zacks Rank of 3 (Hold), suggesting WULF has a competitive edge [18]