10 Best Bitcoin and Blockchain Stocks To Buy Right Now

5. Iris Energy Limited (NASDAQ:IREN)

Number of Hedge Fund Holders: 28

Iris Energy Limited (NASDAQ:IREN) owns, builds, and operates data centers and electrical infrastructure to mine Bitcoin. The company’s business model has been built on sustainably-mined Bitcoin. Its sites are powered by 100% renewable energy. The company’s facilities are optimized for Bitcoin mining, AI cloud services, and other power-dense compute.

The firm’s bitcoin mining business is robust as it is about to achieve its 31 EH/s milestone and has also announced the acceleration of its growth trajectory to 50 EH/s in H1 2025, which was previously H2 2025. As compared to other public miners, the firm has a lower all-in cash cost per bitcoin through best-in-class efficiency, high uptime, operating leverage, and lower electricity cost as the Childress site scales.

For Q1 FY25, Iris Energy Limited (NASDAQ:IREN) recorded Bitcoin mining revenue of $49.6 million which declined over the year, as a result of an increase in network difficulty and lower Bitcoin prices which was offset by growth in operating hashrate during the month of September. Simultaneously, there was a 28% year-over-year increase in AI Cloud Services revenue.

Following the energization of its Childress Phase 3 substation, the firm has successfully increased its installed capacity from 21 EH/s to 28 EH/s. Childress Phase 3 construction is nearing completion and the firm expects to achieve 31 EH/s of installed capacity in December. As of Q3, Iris Energy Limited (NASDAQ:IREN) is held by 28 hedge funds and ranks on our list of the best bitcoin and blockchain stocks to buy.