In this article, we will discuss the 10 best bitcoin and blockchain stocks to buy right now.
Crypto Market Updates: Where is Bitcoin Heading?
While Donald Trump had revealed his plans to make America the crypto capital of the world, he also stated that he would be sacking the chair of the Securities and Exchange Commission, Gary Gensler, who has led the SEC’s crackdown on the crypto market. Gensler tried to regulate the market which he believed to be at least partially made up of securities trading illegally.
The price of bitcoin rose above $80,000 for the first time ever following Donald Trump’s victory in the US elections. Other cryptocurrencies such as dogecoin which is the favorite coin of Elon Musk, a strong Trump supporter, also posted gains. On November 29, CNBC reported that Bitcoin was on pace to post a 38% gain for November which would make the month its best since February.
While Tom Lee, Fundstrat Capital CIO, is confident that Bitcoin is going to close well above $100,000 before year-end as he joined CNBC, Bitwise’s Matt Hougan previously appeared on CNBC to call the market a win-win post-election. According to him, there is a clear path right up to $100,000 by 2024’s end while $200,000 is completely reasonable for 2025 considering that the trend is up and is going to stay intact for a while. As of December 5, Bitcoin is trading at $101,158.
Meanwhile, there is a noticeable shortage on the supply side. Frank Speiser, Metafide CEO joined ‘The Exchange’ to discuss his Bitcoin outlook on November 29. He mentioned ETF inflows being at record highs, an intention by the new administration to assemble a strategic Bitcoin reserve, and smaller trades simultaneously showing up on the market. However, there is not enough Bitcoin to satisfy the current rising demand.
An interesting new statement on the US crypto market was recently made by Fed Chair Jerome Powell as he called Bitcoin a competitor for gold, not the U.S. dollar, negating the stance of those crypto fans who see Bitcoin as a possible replacement for the dollar. Powell sees Bitcoin as a speculative asset such as gold, rather than something comparable to a currency.
With the new administration expected to legitimize digital assets and Bitcoin surpassing $100,000, the market is yet to see how things unfold. With that being said, let’s move to the 10 best bitcoin and blockchain stocks to buy right now.
Our Methodology:
In order to compile a list of the 10 best bitcoin and blockchain stocks to buy right now, we used stock screeners and relevant ETFs to make a list of the most dominant companies. Moving on, we shortlisted the top 10 stocks from our list which had the highest number of hedge fund holders. The 10 best bitcoin and blockchain stocks to buy right now have been arranged in ascending order of their hedge fund holders, as of Q3.
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
10 Best Bitcoin and Blockchain Stocks To Buy Right Now
10. Cipher Mining Inc. (NASDAQ:CIFR)
Number of Hedge Fund Holders: 13
Cipher Mining Inc. (NASDAQ:CIFR) is an industrial-scale Bitcoin mining company that is dedicated to expanding and strengthening the Bitcoin network’s critical infrastructure in the United States. Cipher focuses on the development and operation of bitcoin mining data centers in the country.
Cipher Mining Inc. (NASDAQ:CIFR) is in an attractive industry position to maximize opportunities in both Bitcoin mining and HPC infrastructure. The firm is seeking its first HPC tenants while also continuing to build out its bitcoin operations. Cipher is leveraging the broad skill sets of its operations and construction teams which have extensive experience building tier 3 data centers. It is also powering an extremely efficient fleet of rigs with industry-low costs for electricity through the fleet upgrade at Odessa.
The third quarter was busy for the firm as it completed the acquisition of the Barber Lake data center site and the acquisition of the Reveille data center site. Cipher also signed option agreements to purchase or lease 3 sites in Texas with the targeted power capacity of 500 MW each, that are suitable for bitcoin mining and HPC.
Cipher Mining Inc. (NASDAQ:CIFR) produced 202 BTC in the recent month, November. Simultaneously, the firm continued to upgrade the mining fleet at Odessa and develop the new Black Pearl data center. While the firm expects to complete the Odessa upgrade by year-end, Black Pearl’s development is all set for energization by the end of Q2 2025.
9. Bitfarms Ltd. (NASDAQ:BITF)
Number of Hedge Fund Holders: 14
Bitfarms Ltd. (NASDAQ:BITF) is a global leader in vertically integrated Bitcoin data center operations. The company runs vertically integrated mining operations with onsite technical repair, proprietary data analytics, and company-owned electrical engineering and installation services. The firm has 12 operating Bitcoin data centers and 2 under development, and hosting agreements with 2 data centers, in four countries including Canada, the US, Paraguay, and Argentina.
Bitfarms Ltd. (NASDAQ:BITF) manages one of the largest internationally diversified portfolios of energy contracts in the Bitcoin data center business. The firm is currently diversifying its portfolio beyond BTC mining, including HPC/AI, hosting, heat recapturing, energy generation, and trading, while it expands in the US, particularly in the attractive PJM region.
The firm recorded third-quarter revenue of $45 million, up 30% year-over-year. It continues to make progress on its fleet upgrade program and deployed 5,400 additional miners during the quarter. Bitfarms was successful in achieving its efficiency target of 21 w/TH three months ahead of schedule. Thus, the quarter went well despite being the first full quarter after Bitcoin halved, record low hashprices for the Bitcoin mining industry, and a 62% year-over-year rise in network difficulty.
In November, Bitfarms Ltd. (NASDAQ:BITF) accomplished an operating hashrate of 12.8 EH/s with the initial deployment of miners to Stronghold Digital Mining’s sites in Pennsylvania under the two hosting agreements previously announced. Almost 75% of Bitfarms’ hashrate is expected to come from North American data centers by 2025’s first half with the aforementioned hosting agreements supporting a total of approximately 4 EH/s. The firm had previously announced its acquisition of Stronghold Digital Mining which is expected to make Bitfarms all set to increase its energy portfolio to over 950 MW by year-end 2025.