Recent insights from CryptoQuant’s on-chain tracker have provided investors with a closer look at the financial health of Bitcoin miners. The data indicates that companies like WULF (Terawulf) and MARA (Marathon Digital Holdings) are trading at substantial price-to-sales ratios of 4.4 times, while Iris Energy (IREN) remains at a notable discount.
This analysis is enhanced by CryptoQuant’s proprietary labeling system, which monitors Bitcoin addresses linked to major mining operations. Consequently, analysts can accurately estimate the daily revenue generated by prominent firms, including MARA, WULF, RIOT, HIVE, CORZ, CLSK, BITF, CIFR, and IREN.
Most miner valuations rely on lagging data.
We built a real-time alternative.
Track daily revenue for MARA, RIOT, IREN & more using on-chain data. pic.twitter.com/W8u4ds0kts
— CryptoQuant.com (@cryptoquant_com) May 14, 2025
According to CryptoQuant, the firm can estimate intra-month revenues by tallying block rewards and transaction fees linked to each miner’s wallet. These real-time metrics empower investors with a proactive valuation approach, similar to traditional equity market analysis via price-to-sales ratios. By annualizing these revenue figures and juxtaposing them with market capitalizations, investors can gain a clearer understanding of how these mining businesses are valued in the current market landscape.
WULF and MARA Achieve Record Valuation Multiples
A recent evaluation indicates that WULF and MARA are at the forefront of the sector, boasting the highest valuation multiples, with their market value-to-annualized revenue ratios surpassing 4.4. This trend suggests that investors are prepared to pay a premium for each dollar of expected annual income these companies generate.
The elevated valuation multiples may reflect strong investor confidence in WULF and MARA’s long-term growth potential or operational efficiencies. However, the analysis warns that such high valuations leave these stocks vulnerable to significant corrections should there be any missteps in performance or production.
Iris Energy at the Bottom of the Valuation Spectrum
Conversely, Iris Energy is positioned at the lower end of the valuation scale, exhibiting the smallest multiples among its contemporaries. This low ratio, despite the company’s recent increases in Bitcoin production, points to a possible disconnect between its operational results and market value.
CryptoQuant’s analysts suggest this could present a potential investment opportunity for those looking for relative value, especially if Iris Energy’s fundamentals continue to strengthen, prompting a market reevaluation of its stock.
The variation in valuation multiples among Bitcoin miners offers prospects for both long-only and delta-neutral investment strategies. Investors might consider favoring undervalued companies like Iris Energy while hedging or reducing exposure to firms trading at high premiums, such as WULF and MARA.
As advancements in on-chain data continue to deliver real-time insights into the performance of Bitcoin miners, valuation strategies are becoming increasingly sophisticated. With the capability to monitor daily revenues, investors can now make more informed allocation decisions based on actual economic output—a crucial advantage in navigating the fluctuating crypto-equity landscape.
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