The blockchain market is experiencing various trends that continue to shape its future and expand the technology’s use cases across a range of sectors. The blockchain technology offers significant benefits, such as transparency and efficiency. According to a report by The Business Research Company, the global blockchain market was valued at $28.93 billion in 2024. The market is expected to grow significantly at a compound annual growth rate (CAGR) of 44.9% during 2025-2029 to reach a value of $216.82 billion by the end of the forecast period.
Crypto mining is also becoming very attractive and profitable, especially as the price of cryptocurrencies rises. Crypto mining companies verify and add transactions to the blockchain networks and earn crypto as rewards. Bitcoin reached a new high of $109,000 on January 20 and Bitcoin mining is becoming increasingly popular. As a result, there is an increase in demand for advanced infrastructure, such as data centers and mining equipment. This is driving investment in blockchain technology and services.
However, not all blockchain companies are focused on mining cryptocurrencies. Some of the companies involved in the blockchain space develop applications, provide services, or create new use cases by utilizing blockchain technology.
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Blockchain stocks may benefit greatly from the anticipated changes in US regulations under Trump’s administration and experts believe this may lead to a surge in institutional interest and investment in blockchain and crypto stocks.
Trump recently launched the “Official Trump” meme coin, which had risen to over a $10 billion market cap by the morning of January 20, according to CoinGecko, as reported by CNBC. Additionally, returning First Lady Melania Trump has also launched her own “Melania” meme coin.
Gracy Chen, CEO of crypto exchange Bitget, told CNBC that rumors about cryptocurrency being declared a national interest by the US have positively influenced the price of Bitcoin. She noted that the rise in Bitcoin’s price is not because of the launch of new meme coins. Instead, Chen said that without the release of the Trump family meme coins, Bitcoin’s price would have increased more as capital would not have shifted to new coins to limit overall growth.
Joel Kruger, market strategist at LMAX, believes that the coin launches by the Trump family gave traders further conviction that the new administration will be positive for the industry.
With this background in mind, let’s take a look at the 10 best blockchain stocks to buy according to analysts.
A team of technicians working on a server of bitcoin mining equipment in a data center.
Methodology
To compile our list of the 10 best blockchain stocks to buy according to analysts, we looked for blockchain companies. We reviewed our own rankings, financial media reports, ETFs, and various online resources to compile a list of the best blockchain stocks. Next, we focused on the top blockchain stocks that analysts believe have the most potential for growth. We ranked the 10 best blockchain stocks to buy based on their average price target upside potential according to analysts as of January 31, 2024.
Additionally, we mentioned the hedge fund sentiment surrounding each stock, which was taken from Insider Monkey’s Q3 2024 database of 900 elite hedge funds.
Why do we care about what hedge funds do? 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 Blockchain Stocks to Buy According to Analysts
10. Cipher Mining Inc. (NASDAQ:CIFR)
Average Price Target Upside Potential According to Analysts: 43.98%
Number of Hedge Fund Holders: 13
Cipher Mining Inc. (NASDAQ:CIFR) develops and operates industrial-scale data centers for Bitcoin mining and high-performance computing (HPC) hosting. The company leverages its experience in cryptocurrencies and blockchain technology to expand Bitcoin network’s infrastructure and mine Bitcoin. CIFR ranks among the best blockchain stocks to buy according to analysts.
The company is strategically focused on becoming a leader in innovative solutions for bitcoin mining and HPC by expanding its data center capabilities. In the third quarter of 2024, Cipher Mining Inc. (NASDAQ:CIFR) acquired the 300-megawatt Barber Lake data center site and the 70-megawatt Reveille data center site, which could be expanded to 200 MW and is well-suited for both HPC or bitcoin mining data centers. Additionally, CIFR also signed options to acquire up to 1.5 gigawatts of new sites in Texas that can be used for both HPC and bitcoin mining data centers.
In January 2025, Cipher Mining Inc. (NASDAQ:CIFR) reported that its 300 MW data center at the Black Pearl site is progressing well and nearing completion of the Phase 1 building. The data center is on track to be energized by Q2 2025. The company is also looking to strengthen its position in HPC data center development through strategic partnerships. On January 30, 2025, Cipher Mining Inc. (NASDAQ:CIFR) announced a $50 million investment from SoftBank Group. This investment will support the company’s HPC data center projects.
9. Hut 8 Corp. (NASDAQ:HUT)
Average Price Target Upside Potential According to Analysts: 47.53%
Number of Hedge Fund Holders: 22
Hut 8 Corp. (NASDAQ:HUT) is an energy infrastructure operator and a major player within the blockchain industry. It is one of the largest Bitcoin miners in North America with self-mining, hosting, managed services, and data center operations. The company has a portfolio of Nineteen sites across North America. Hut 8 Corp. (NASDAQ:HUT) is one of the best blockchain stocks to buy.
The company is strategically strengthening its positioning in blockchain infrastructure through operational upgrades and expansion plans. On November 6, 2024, Hut 8 Corp. (NASDAQ:HUT) announced its agreement with BITMAIN to upgrade about 111 megawatts of self-mining capacity across its existing fleet in Q1 2025. The company will purchase Antminer S21+ miners to increase the self-mining hashrate by 3.7 exahashes per second (EH/s) to 9.3 EH/s. This is expected to help Hut 8 Corp. (NASDAQ:HUT) achieve its goal of 24 EH/s of self-mining hashrate by the second quarter of 2025.
The company is looking to upgrade its mining fleet and enhance its Bitcoin mining capacity. The company’s 205-megawatt Vega project is on track for energization in Q2 2025. At the Vega site, Hut 8 Corp. (NASDAQ:HUT) plans to implement its rack-based Tier I data center architecture to power ASIC computing with direct-to-chip liquid cooling at densities of up to 200 kilowatts per rack. Hut 8 Corp. (NASDAQ:HUT) is focused on high-impact projects in both AI and Bitcoin mining.
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.
7. Core Scientific Inc. (NASDAQ:CORZ)
Average Price Target Upside Potential According to Analysts: 54.85%
Number of Hedge Fund Holders: 58
Core Scientific Inc. (NASDAQ:CORZ) is a leading company in the digital infrastructure space, specializing in Bitcoin mining and high-performance computing (HPC). The company operates data centers across the US where it mines Bitcoin for its own account and also offers hosting services for other Bitcoin mining customers. Core Scientific Inc. (NASDAQ:CORZ) is also looking to allocate and convert a portion of its data centers to support AI-related workloads and deliver hosting services for high-performance computing.
The company is actively looking to grow its HPC business, both in terms of contracted power and total capacity. As of November 2024, Core Scientific Inc. (NASDAQ:CORZ) had contracted about 500 megawatts of critical IT load to host high-performance computing, which is expected to generate $8.7 billion over the life of the contracts. The company also reallocated 100 megawatts of infrastructure from Bitcoin mining to its HPC business. This move increased Core Scientific Inc.’s (NASDAQ:CORZ) total HPC hosting capacity to 800 megawatts.
Additionally, the company expanded its infrastructure by acquiring a new data center in Alabama with 11 megawatts of critical IT load and the potential for expansion to 66 megawatts. At the same time, Core Scientific Inc. (NASDAQ:CORZ) is looking to strengthen its Bitcoin mining business and completed a 100-megawatt expansion at its Pecos, Texas Bitcoin mining data center.
6. IREN Limited (NASDAQ:IREN)
Average Price Target Upside Potential According to Analysts: 66.34%
Number of Hedge Fund Holders: 28
IREN Limited (NASDAQ:IREN) is an Australian company that owns and operates next-generation data centers that are optimized for Bitcoin mining, AI cloud services, and high-performance and power-dense computing applications. According to analysts, IREN Limited (NASDAQ:IREN) is one of the best blockchain stocks to buy.
The company is focused on enhancing its Bitcoin mining operations. In December 2024, IREN Limited (NASDAQ:IREN) reported that it reached its year-end target of 31 EH/s installed self-mining capacity, exceeding its original goal of 20 EH/s. The company is on track for 50 EH/s in the first half of 2025.
Additionally, the company is diversifying into the growing AI and high-performance computing (HPC) markets. As of November 2024, IREN Limited (NASDAQ:IREN) had already installed more than 1,800 GPUs, including both NVIDIA H100 & H200 GPUs, in response to customer demand. IREN Limited (NASDAQ:IREN) is also installing liquid cooling infrastructure at its Childress and Prince George sites to support NVIDIA Blackwell GPUs and further enhance its competitive advantage.
5. Bit Digital Inc. (NASDAQ:BTBT)
Average Price Target Upside Potential According to Analysts: 90.48%
Number of Hedge Fund Holders: 6
Bit Digital Inc. (NASDAQ:BTBT) is a global platform for digital asset production and high-performance computing (HPC) infrastructure. The company has operations in the US, Canada, and Iceland. While the company is primarily known for its large-scale Bitcoin mining operations, it also provides infrastructure services for AI applications. Bit Digital Inc. (NASDAQ:BTBT) introduced ETH staking to power the Ethereum blockchain. BTBT is one of the best blockchain stocks to buy according to analysts.
The company is primarily focused on growing its HPC business through acquisitions and partnerships. In October 2024, Bit Digital Inc. (NASDAQ:BTBT) acquired Enovum Data Centers for CAD $62.8 million. This move integrates the company’s HPC operations with a fully operational and leased Tier-3 data center in Montreal.
In December 2024, Bit Digital Inc. (NASDAQ:BTBT) expanded further by acquiring the real estate and building for a build-to-suit 5MW Tier-3 data center expansion project in Montreal. This transaction is part of the company’s plan to expand its HPC data center footprint to 32 megawatts by the end of 2025.
4. TeraWulf Inc. (NASDAQ:WULF)
Average Price Target Upside Potential According to Analysts: 109.64%
Number of Hedge Fund Holders: 35
TeraWulf Inc. (NASDAQ:WULF) is an American company that develops, owns, and operates advanced data center infrastructure in the US that is specifically designed for Bitcoin mining and to support artificial intelligence (AI) and high-performance computing (HPC) applications. The company generates revenue predominantly through mining Bitcoin. WULF is one of the best blockchain stocks to buy.
The company is focused on improving operational capacity while also seizing new opportunities in both Bitcoin mining and HPC hosting. In Q3 2024, TeraWulf Inc. (NASDAQ:WULF) self-mined 555 Bitcoin across its Lake Mariner and Nautilus Cryptomine facilities. As of September 30, 2024, the company had a total self-mining hashrate capacity of 10.0 EH/s, representing an increase of 100% compared to the same period in the previous year. Subsequent to the third quarter of 2024, TeraWulf Inc. (NASDAQ:WULF) established a 2.5 megawatt HPC hosting proof-of-concept project at Lake Mariner.
On December 23, 2024, the company announced long-term data center lease agreements with Core42, a G42 company that is focused on sovereign cloud, AI infrastructure, and digital services. TeraWulf Inc. (NASDAQ:WULF) will provide over 70 megawatts of data center infrastructure to host Core42’s deployment at the Lake Mariner facility and customize the data halls to support Core42’s GPU clusters. This move highlights TeraWulf Inc.’s (NASDAQ:WULF) strategic extension into AI-driven computing. The agreement diversifies the company’s revenue streams and also enhances its long-term earnings potential.
3. CleanSpark Inc. (NASDAQ:CLSK)
Average Price Target Upside Potential According to Analysts: 139.46%
Number of Hedge Fund Holders: 16
CleanSpark Inc. (NASDAQ:CLSK) is an American Bitcoin mining company that plays a key role in the Bitcoin blockchain network by validating transactions and securing the network through mining activities. The company owns and operates a portfolio of mining facilities across the US. CLSK ranks among the best blockchain stocks to buy according to analysts.
The company is focused on accelerating growth through strategic acquisitions. In September 2024, CleanSpark Inc. (NASDAQ:CLSK) acquired 2 Bitcoin mining sites and associated land in Mississippi for a combined purchase price of $5.775 million. This acquisition will support a total of 16.5 megawatts. Additionally, on October 30, 2024, CleanSpark Inc. (NASDAQ:CLSK) acquired GRIID Infrastructure. This move will help the company grow its Bitcoin mining capacity in the state of Tennessee. The acquisition adds 68 megawatts of developed infrastructure and CleanSpark Inc. (NASDAQ:CLSK) plans to build it to over 400 megawatts of operational capacity in the coming years.
The company’s plan to expand its mining capacity has been paying off. On January 9, 2025, CleanSpark Inc. (NASDAQ:CLSK) announced that it has achieved more than 10,000 Bitcoin in its treasury. This marks an impressive increase of 236% year-over-year in CLSK’s Bitcoin treasury. All of the Bitcoin is self-mined exclusively from the company’s mining operations in the US.
2. HIVE Digital Technologies Ltd. (NASDAQ:HIVE)
Average Price Target Upside Potential According to Analysts: 155.97%
Number of Hedge Fund Holders: 7
HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is a Canadian company that specializes in blockchain and AI infrastructure solutions. The company provides high-performance computing (HPC) hosting services and operates data centers to compute and mine digital currencies like Bitcoin. According to analysts, HIVE is one of the best blockchain stocks to invest in.
The company has strategically moved into the high-performance computing (HPC) market. In its second-quarter results for FY2025, ending September 30, 2024, HIVE Digital Technologies Ltd. (NASDAQ:HIVE) reported that its HPC business achieved an annualized revenue run rate of $9 million. In December 2024, HIVE Digital Technologies Ltd. (NASDAQ:HIVE) announced a $30 million investment in advanced NVIDIA H100 and H200 GPUs for its operations in Quebec, Canada. This investment will allow the company to tap into the growing AI and HPC markets. The company expects that the HPC services annualized run-rate revenue will be above $20 million by calendar Q2 2025 when these clusters are deployed.
Additionally, the company is focused on enhancing its Bitcoin mining operations and improving efficiency. During its Q2 for FY2025, HIVE Digital Technologies Ltd. (NASDAQ:HIVE) successfully mined 340 BTC. HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is also constructing a 100 MW project in Paraguay that will double the company’s hashrate to 12.5 EH/s. Once operational, this facility is expected to enhance efficiency and lower breakeven costs.
1. Bitfarms Ltd. (NASDAQ:BITF)
Average Price Target Upside Potential According to Analysts: 210.34%
Number of Hedge Fund Holders: 14
Bitfarms Ltd. (NASDAQ:BITF) is a blockchain technology and Bitcoin mining company. It develops, owns, and operates vertically integrated data centers. The company manages its entire mining operations and utilizes its data centers to validate transactions on the Bitcoin blockchain and earn cryptocurrency rewards in the process. Bitfarms Ltd. (NASDAQ:BITF) currently has 12 operational data centers and 2 more under development across Canada, the US, Paraguay, and Argentina. BITF is one of the best blockchain stocks to invest in according to analysts.
The company is strategically focused on upgrading its fleet and expanding its operations, especially in the US. In August 2024, Bitfarms Ltd. (NASDAQ:BITF) announced its agreement to acquire Stronghold Digital Mining. This acquisition will increase the company’s energy capacity to more than 950 megawatts by the end of 2025. This will mark a significant shift that will see Bitfarms Ltd.’s (NASDAQ:BITF) operations in the US grow from 6% to approximately 66% of the company’s total capacity.
Additionally, the company is making good progress on its fleet upgrade program and added 5,400 miners during the third quarter of 2024. Bitfarms Ltd. (NASDAQ:BITF) also achieved its efficiency target of 21 watts per terahash (w/TH) 3 months ahead of schedule, reducing direct operating costs and improving gross margins. In Q3 2024, Bitfarms Ltd. (NASDAQ:BITF) earned 703 BTC and averaged 7.6 BTC per day in daily production.
Overall, BITF ranks first among the 10 best blockchain stocks to buy according to analysts. While we acknowledge the potential of blockchain companies, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BITF but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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