10 Best Blockchain Stocks to Buy According to Analysts

8. Applied Digital Corporation (NASDAQ:APLD)

Average Price Target Upside Potential According to Analysts: 54.49%

Number of Hedge Fund Holders: 26

Applied Digital Corporation (NASDAQ:APLD) is a company that designs, develops, and operates next-generation data centers across North America. The company provides digital infrastructure solutions for blockchain mining operations and GPU computing solutions for critical workloads related to artificial intelligence (AI) and other high-performance computing (HPC) tasks. Applied Digital Corporation (NASDAQ:APLD) is one of the best blockchain stocks to buy according to analysts.

The company is strategically focused on expanding its HPC business. Applied Digital Corporation (NASDAQ:APLD) is developing a 400-megawatt campus in Ellendale, North Dakota. In December 2024, the company successfully energized the main substation transformer. Applied Digital Corporation (NASDAQ:APLD) expects that the facility will have 100 megawatts of critical IT load available in 2025.

Additionally, on January 14, Applied Digital Corporation (NASDAQ:APLD) announced a strategic partnership with Macquarie Asset Management, the asset management division of Macquarie Group. Macquarie Group will invest up to $900 million in the company’s HPC data center facility in North Dakota. The Australian investment bank will be able to invest up to another $4.1 billion in the HPC data centers that APLD builds in the future. Under the partnership agreement, Applied Digital Corporation (NASDAQ:APLD) will retain an 85% stake in its HPC assets while possibly gaining as much as $5 billion in funding to enhance its operations. This investment will help Applied Digital Corporation (NASDAQ:APLD) to establish itself as a top-tier HPC data center designer, builder, and operator in the US.