10 Best Bitcoin and Blockchain Stocks To Buy Right Now

6. Hut 8 Corp. (NASDAQ:HUT)

Number of Hedge Fund Holders: 22

Hut 8 Corp. (NASDAQ:HUT) is a Bitcoin mining company that has self-mining, hosting, managed services, and traditional data center operations across North America. The firm has a portfolio comprising 20 sites including 10 Bitcoin mining, hosting, and managed services sites in Alberta, New York, and Texas, 4 power generation assets in Ontario, 5 high-performance computing data centers in British Columbia and Ontario, and one non-operational site in Alberta.

Hut 8 Corp. (NASDAQ:HUT) serves as one of North America’s largest Bitcoin miners and a leading vertically integrated operator of large-scale energy infrastructure. Its unique business model revolves around profitable digital asset mining, high-performance computing, and yield programs that complement its self-mined Bitcoin reserves’ value.

The firm’s revenue for the third quarter was $43.7 million, as compared to $21.7 million in the prior year period. The firm took certain initiatives to strengthen its competitive position in both AI and Bitcoin mining as well as to drive top-line growth during the quarter. Some of these include the launch of its GPU-as-a-Service business and a partnership with BITMAIN to develop and host approximately 15 EH/s of the U3S21EXPH, a next-generation ASIC miner, under a colocation agreement.

Strategic partnerships across the value chain are fundamental to the firm’s approach to building a next-generation energy infrastructure platform. In November, Hut 8 Corp. (NASDAQ:HUT) announced an initial ASIC fleet upgrade with the purchase of 31,145 BITMAIN Antminer S21+ miners. The upgrade is expected to improve average fleet efficiency from 31.7 to 19.9 J/TH and increase self-mining hashrate by approximately 66%.