In this article, we discuss the 10 best stocks for day trading along with the latest developments in the Fed September meeting and market outlook.
At the press conference held on September 18, Federal Reserve Chair Jerome Powell reiterated the central bank’s commitment to its dual mandate of achieving maximum employment and price stability. He noted that the U.S. economy has remained strong, with GDP increasing at a steady rate of 2.2% in the first half of the year, while inflation has significantly moderated.
While the labor market has softened somewhat, it continues to show strength, with the unemployment rate still relatively low at 4.2%. Inflationary pressures have reduced, although inflation remains slightly above the 2% target, as core PCE prices have risen by 2.7% over the past year.
In light of these developments, the Federal Open Market Committee (FOMC) chose to lower its policy interest rate by 50 basis points, a move intended to ease monetary policy. Powell explained that this action reflects growing confidence that labor market strength can be maintained, while inflation continues to decrease toward the Fed’s target. Powell emphasized the Fed’s flexibility in its approach and noted that future rate changes will depend on incoming data and the evolving economic landscape.
When questioned about the likelihood of future rate cuts, Powell said that each decision would be data-driven and made on a meeting-by-meeting basis. The Summary of Economic Projections (SEP) suggests a federal funds rate of 4.4% by the end of the year, with further reductions expected in the years ahead, which points to expectations of lower inflation and slightly higher unemployment.
Expert Opinion on Current Economic Conditions
At a CNBC interview on September 23, Stephanie Link, Chief Investment Strategist and Portfolio Manager at Hightower said that the market’s current state of confidence is driven by the belief that the Fed is successfully managing a soft landing and preparing for a cycle of rate cuts. She expects better-than-expected economic growth and earnings forecasts, despite the ongoing volatility in the market.
Link noted the strong recent data, which include improved retail sales, manufacturing, and housing permits, along with jobless claims at a four-month low. This backdrop supports earnings growth and any market weakness presents a buying opportunity, especially in sectors like technology, financials, and industrials.
When asked about her stock picks, Link highlighted Exxon, as she mentioned its low valuation, attractive forward earnings, and the recent acquisition of Pioneer. She expects this acquisition to drive significant production growth and sees multiple upcoming catalysts, such as an analyst meeting in December and new projects next year.
Although oil prices remain volatile due to geopolitical factors in the Middle East, Link downplayed the concerns about higher prices and said that the oil giant generates substantial profits even at lower oil prices. She said that the sector’s ability to return cash to shareholders through dividends and buybacks sees further upside in energy stocks despite the sector lagging recently.
With that, we look at the 10 Best Stocks For Day Trading.
10 Best Stocks For Day Trading
Our Methodology
For this article, we identified over 35 stocks with a beta of over 2.5. Next, we narrowed the list to 10 stocks with the highest 5-year beta and average trading volume of over 10 million. The 10 best stocks for day trading are listed in ascending order of their beta. We also mentioned the hedge fund sentiment around each stock which was taken from Insider Monkey’s database of over 900 elite hedge funds.
Why are we interested in 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 Stocks For Day Trading
10. Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH)
5-year Beta (monthly): 2.71
Average Volume: 12,845,288
Number of Hedge Fund Holders: 31
Norwegian Cruise Line Holdings Ltd. (NYSE:NCLH) is making significant strides in the cruise industry as it operates a diverse portfolio that includes Norwegian Cruise Line, Oceania Cruises, and Regent Seven Seas Cruises. With a modern fleet of 32 ships and approximately 66,500 berths, the company offers voyages to around 700 destinations worldwide.
It has ambitious growth plans, with 13 new ships scheduled for delivery by 2036, including five expected between 2025 and 2028. The expansion is a sign of the company’s confidence in the recovery and future potential of the cruise market. It takes it spot among the best stocks for day trading.
For the second quarter, the company generated a record total revenue of $2.4 billion, which marked an 8% increase from the same period in 2023, and it was credited to a 4% increase in capacity. With a GAAP net income of $163.4 million and EPS of $0.35, Norwegian Cruise (NYSE:NCLH) is benefiting from a rebound in consumer demand.
Occupancy rates have also exceeded expectations, reaching 105.9% in the second quarter, and the company forecasts an average occupancy of 105.2% for the full year 2024. The strong performance highlights the growing appetite for cruise vacations, as evidenced by the surge in advanced ticket sales for 2025 sailings.
CEO Harry Sommer has emphasized the solid demand for cruises, which has been instrumental in achieving record results. As more travelers look to explore the world through cruising, the cruise operator is well-positioned to capture this interest. The recent introduction of Norwegian Luna, an innovative addition to the fleet unveiled on September 18, further improves the company’s appeal.
The vessel is designed to elevate the cruising experience and features modern amenities and accommodates around 3,550 guests. It is set to launch in April 2026 with voyages to popular Caribbean destinations.
With these strong financial results, growing occupancy rates, and the launch of new ships, Norwegian Cruise (NYSE:NCLH) is not just recovering from past challenges but seems to be moving toward a prosperous future.
In the second quarter, 31 hedge funds had stakes in Norwegian Cruise (NYSE:NCLH), with total positions worth $526.303 million. As of June 30, Citadel Investment Group has increased its stake in the company by 11998% to 6.9 million shares worth $130.491 million and is the most significant shareholder.
9. Palantir Technologies Inc. (NYSE:PLTR)
5-year Beta (monthly): 2.71
Average Volume: 56,665,380
Number of Hedge Fund Holders: 44
Palantir Technologies Inc. (NYSE:PLTR), founded in 2003, is a key player in the realm of big data analytics and integration. The company has developed strong software platforms that empower organizations to manage, secure, and integrate vast amounts of varying data. It is among our best stocks for day trading with a 5-year beta of 2.71.
Its two primary products, Palantir Gotham and Palantir Foundry cater to distinct markets. Gotham is tailored for defense and intelligence applications, while Foundry serves commercial enterprises seeking advanced data analytics. Palantir Foundry has garnered interest from hedge funds, banks, and other financial institutions, providing them with powerful tools for data analysis and decision-making.
A major advancement for Palantir (NYSE:PLTR) came with the launch of its Artificial Intelligence Platform (AIP) last year, which enables users to use their data swiftly and effectively, often turning initial concepts into operational use cases in a matter of hours. The capability is particularly appealing as businesses increasingly look for ways to harness data-driven insights.
In 2024, the company announced several key partnerships and contracts that highlight its expanding influence in data analytics and artificial intelligence. A significant contract awarded by Nebraska Medicine in September marks a step into the healthcare sector, with a focus on deploying AIP to improve operations within the organization.
Another noteworthy collaboration is its partnership with Microsoft, announced in August. The partnership aims to enhance the capabilities of the U.S. defense and intelligence sectors by integrating Palantir’s (NYSE:PLTR) data analytics and AI solutions with Microsoft’s cloud services. The collaboration allows government agencies to utilize AIP alongside Microsoft’s Azure OpenAI Service, creating a powerful toolkit for analyzing and acting on complex data sets.
On September 20, the company secured a five-year contract with the DEVCOM Army Research Laboratory to extend its Maven Smart System across all military branches. The initiative, valued at up to $229 million, emphasizes the importance of AI in modern military operations. The Maven tool, which serves as a critical connection between troops, sensors, and operational data, shows its ability to provide essential technology to support national security.
As Palantir (NYSE:PLTR) continues to innovate and expand its partnerships, the company is well-positioned to capitalize on the growing demand for data analytics solutions across various sectors. With its strong product offerings and strategic collaborations, it is not just meeting the current needs of its clients but is also shaping the future of data-driven decision-making.
8. XPeng Inc. (NYSE:XPEV)
5-year Beta (monthly): 2.74
Average Volume: 11,348,479
Number of Hedge Fund Holders: 17
XPeng Inc. (NYSE:XPEV), also known as Xiaopeng Motors, is carving its name in the electric vehicle market as one of the leading manufacturers based in China. Founded in 2014, the company has established itself by creating smart EVs that incorporate cutting-edge technologies such as AI and connectivity features.
Its lineup includes well-received models like the P7 sedan, G3 SUV, and the newly launched G6, all designed with a strong emphasis on performance, safety, and user experience. The company vehicles come equipped with its proprietary XPILOT technology, which improves driving through advanced features like navigation, parking assistance, and adaptive cruise control.
At a stake value of $191.728 million, 17 hedge funds held positions in XPeng (NYSE:XPEV) in the second quarter. As of June 30, D E Shaw is the top shareholder in the company and has a position worth $91.91 million.
In August, the company introduced the Mona M03, an electric sedan positioned to compete directly with Tesla’s Model 3. The launch event in Beijing highlighted the M03’s attractive starting price of RMB 119,800, making it the most affordable model in its range.
The market response was overwhelmingly positive, with the company reporting over 10,000 firm orders within just 52 minutes of the launch. The strong demand signals strong consumer interest and positions the M03 as a significant contender in the EV landscape. It ranks 8th on our list of the best stocks for day trading.
On August 30, XPeng (NYSE:XPEV) began delivering the first batch of Mona M03s at the Chengdu Auto Show, which marked an important step in its journey into its second decade. The M03 is designed to appeal to younger consumers as it features modern styling and advanced intelligence while outperforming expectations for vehicles priced around RMB 200,000. The model is not just a new entry, it represents a fresh flagship for the company in the evolving smart mobility era.
Recent analyst upgrades reflect growing confidence in the company’s potential. On September 4, JPMorgan analyst Nick Lai upgraded XPeng (NYSE:XPEV) to Overweight from Neutral with a price target of $11.50, up from $8.
Lai forecasts a significant rise in quarterly deliveries, estimating that the company will boost its shipments from around 45,000 units in the third quarter to approximately 80,000 units in the fourth quarter, thanks in part to the introduction of the Mona M03 and the P7 plus. The anticipated increase could provide a strong foundation for further growth into 2025. As the company continues to innovate and expand its product offerings, it is well-positioned to capitalize on the growing demand for EVs.
7. Aurora Innovation, Inc. (NASDAQ:AUR)
5-year Beta (monthly): 2.79
Average Volume: 10,459,444
Number of Hedge Fund Holders: 19
One of the best stocks for day trading, Aurora Innovation, Inc. (NASDAQ:AUR) is making significant strides in the self-driving technology sector in the U.S., focusing on its flagship product, the Aurora Driver. The comprehensive platform integrates self-driving hardware, software, and data services to create a system that is capable of navigating complex environments safely.
The Aurora Driver stands out due to its advanced perception technology, which combines various sensors to ensure extensive visibility, even in challenging weather conditions. The system is further improved by proprietary software that interprets intricate surroundings and continuously improves through real-world driving, virtual testing, and data sharing among vehicles.
Aurora Innovation (NASDAQ:AUR) is collaborating with a wide range of leaders in the transportation industry, including Continental, FedEx, Toyota, Uber, and Volvo Trucks, which strengthens its position and opens up multiple avenues for growth.
In the second quarter, the company made progress toward its commercial goals, fueled by positive feedback from customers eager to use the Aurora Driver. CEO Chris Urmson highlighted the company’s focus on a responsible technology approach and a strong safety culture, which he believes will help the company maintain its leadership in the industry as it moves toward a planned commercial launch by the end of this year.
A significant partnership with Uber Freight was announced in Q2, which saw the introduction of a pioneering Premier Autonomy program for carriers of all sizes. The collaboration resulted in a threefold increase in commercial volume and secured demand for a substantial portion of Aurora’s anticipated capacity for 2025.
The company is actively pursuing growth through strategic acquisitions and partnerships. It has aligned with Paccar to develop autonomous trucks using the Peterbilt and Kenworth platforms. In 2021, it also acquired OURS Technology, a lidar company, to advance its sensing capabilities. Additionally, partnerships with Volvo aim to create autonomous trucks that can efficiently transport goods.
In May, Aurora Innovation (NASDAQ:AUR) unveiled the Volvo VNL Autonomous truck at the ACT Expo, which showed the result of its partnership with Volvo. The company plans to begin hauling freight with these autonomous trucks soon, although a human safety operator will remain on board to take control if necessary. Upcoming pilot programs are expected to be announced later this year, which will further solidify its operational plans.
In terms of funding, the company is actively raising capital to support its ambitious roadmap. Recently, the company successfully secured $483 million, which surpassed its initial target of $420 million. This follows a substantial capital raise of $820 million completed just over a year ago. With a strong financial foundation, Aurora Innovation (NASDAQ:AUR) seems well-equipped to push toward its goal of a driverless commercial launch by the end of 2024.
6. Transocean Ltd. (NYSE:RIG)
5-year Beta (monthly): 2.80
Average Volume: 20,558,325
Number of Hedge Fund Holders: 42
Transocean Ltd. (NYSE:RIG) is a Swiss company that is a leading offshore drilling contractor, which focuses primarily on deepwater and ultra-deepwater oil and gas exploration. It operates in multiple countries, including locations such as the United States, Canada, Brazil, and Norway.
The company is renowned for its fleet of advanced drilling rigs, which cater to major players in the global energy sector. Over its history, it has expanded through mergers and acquisitions to position itself as one of the largest offshore drilling firms.
On September 4, The Fly reported that Transocean (NYSE:RIG) secured a contract from Reliance Industries Limited to deploy the Dhirubhai Deepwater KG1 rig for drilling six wells off India’s coast. The project, set to start in Q2 2026, is expected to last around 300 days and generate approximately $123 million in backlog, excluding additional fees. The agreement also allows for options that could extend the rig’s operations in India until late 2029.
The contract could significantly benefit the company as it expands the company’s footprint along with the revenue injection. Moreover, the long-term nature of the project, with options for extensions, ensures steady income over the next several years, which is quite significant in a volatile market.
In addition to the Reliance contract, Transocean (NYSE:RIG) also recently secured a one-year contract with BP p.l.c. for the Deepwater Atlas rig, which will operate in the U.S. Gulf of Mexico with an option for one additional year. The project is expected to start in 2028 and will add $232 million to the company’s backlog.
In Q2, 42 hedge funds held stakes in Transocean (NYSE:RIG), with positions worth $490.239 million. As of the second quarter, Slate Path Capital is the most significant shareholder in the company and has a stake worth $165.86 million.
5. MicroStrategy Incorporated (NASDAQ:MSTR)
5-year Beta (monthly): 3.11
Average Volume: 11,941,912
Number of Hedge Fund Holders: 26
MicroStrategy Incorporated (NASDAQ:MSTR) is a Virginia-based company that focuses on business intelligence (BI), mobile software, and cloud services. Since its inception, it has evolved to deliver innovative solutions for data analysis that allow organizations to use both internal and external information for informed decision-making.
The company is also recognized as a significant player in the cryptocurrency space due to its substantial investments in Bitcoin, which have positioned it as a unique asset holder in the tech industry. By the end of July, the company had 226,500 Bitcoin (1 BTC = $63,314.50 as of September 23).
MicroStrategy (NASDAQ:MSTR) is dedicated to advancing the Bitcoin network through financial market engagement, advocacy, and technological innovation. The company utilizes its cash flows and funds from equity and debt financing to build its Bitcoin reserves, which are the primary focus of its treasury strategy.
MicroStrategy (NASDAQ:MSTR) was quite a successful stock in 2024. By July 11, the company had gained nearly 100% and announced a 10-1 stock split on the date. The split was executed as a stock dividend on August 7 for shareholders of record on August 1.
On September 23, TD Cowen analyst Lance Vitanza raised the price target for MicroStrategy (NASDAQ:MSTR) to $200 from $194 and maintained a Buy rating on the company stock. The revision was followed by the company’s recent successful debt transactions, which allowed it to purchase 7,420 bitcoins for $458 million. In addition to the acquisition, these transactions also helped the company reduce its interest expenses significantly.
Bitcoin makes up most of the company’s value which makes sense that the stock will be volatile as cryptocurrencies are one of the most volatile asset classes in the market. With a 5-year beta of 3.11, the company takes the 5th spot on our list of best stocks for day trading.
In the second quarter, 26 hedge funds had stakes worth $442.244 million in MicroStrategy (NASDAQ:MSTR). With 1.199 million shares worth $165.204 million, Citadel Investment Group is the company’s largest shareholder as of June 30. In Q2, the firm increased its holdings in the company by 75%.
Artisan Partners stated the following regarding MicroStrategy Incorporated (NASDAQ:MSTR) in its first quarter 2024 investor letter:
“Extremely strong returns by two sector constituents, Super Micro Computer and MicroStrategy Incorporated (NASDAQ:MSTR), contributed 393bps (52%) to the index’s return and gave them the largest combined weighting in the index’s history. Regarding MicroStrategy, the company started the year with a 0.6% index weighting and a market value of $10.6 billion and ended the quarter at 1.9% and $28.7 billion. Our decision to avoid this company comes down to a lack of conviction in its franchise characteristics. The stock has worked this year due to a rebound in the price of bitcoin. Since 2020, MicroStrategy has been focused on converting its cash and cash equivalent holdings, as well as issuing debt, to fund the purchase of bitcoin, which now totals ~$15 billion.”
4. Riot Platforms, Inc. (NASDAQ:RIOT)
5-year Beta (monthly): 4.11
Average Volume: 19,650,711
Number of Hedge Fund Holders: 12
Riot Platforms, Inc. (NASDAQ:RIOT) is a leading Bitcoin mining company that focuses on developing cryptocurrency mining infrastructure and technology. It has a diversified business model as the firm operates in three key areas including, Bitcoin mining, data center hosting, and engineering. It has strategic investments in companies such as Verady, Coinsquare, and Tess, which further broaden its influence in the cryptocurrency ecosystem.
The company operates in North America and its largest facility is located in Rockdale, Texas, which features state-of-the-art immersion-cooling and air-cooling systems. The company also has electrical engineering and fabrication capabilities in Denver, Colorado, and recently expanded with the acquisition of Block Mining, a Kentucky-based Bitcoin miner. Riot Platforms (NASDAQ:RIOT) aims to grow its operational capacity to 36 EH/s by the end of 2024 to solidify its position as one of the largest Bitcoin mining companies in the region.
With a 5-year beta of 4.11, Riot Platforms (NASDAQ:RIOT) ranks at 4 on our list of best stocks for day trading. The company is also viewed in a favorable light in the long term according to analysts as it has been covered by 13 analysts and all of them maintain a Buy rating on the company stock. Their average price target represents a nearly 147% upside to the company’s stock price on September 23.
On September 6, Roth MKM analyst Darren Aftahi reaffirmed his Buy rating on Riot Platforms (NASDAQ:RIOT) with a $20 price target. The analyst issued the rating and price target on August 5 as well and based his positive outlook on improvements in the company’s operational efficiency.
The analyst noted the company’s 35% month-over-month rise in average operational hash rate, while its deployed hash rate only increased by 1.3%. The gains are credited to upgrades at its Texas facilities, new miners, and improved cooling and immersion systems. The analyst also appreciated the millions in power credits that the company has earned and its effective cost management through power purchase agreements.
3. CleanSpark, Inc. (NASDAQ:CLSK)
5-year Beta (monthly): 4.19
Average Volume: 25,300,855
Number of Hedge Fund Holders: 20
One of the best stocks for day trading, CleanSpark, Inc. (NASDAQ:CLSK) is a leading sustainable Bitcoin mining and energy technology company. Often referred to as “America’s Bitcoin Miner,” it stands out for its emphasis on using low-carbon energy sources, such as solar, nuclear, hydroelectric, and wind power, to fuel its Bitcoin mining operations across various data centers.
On September 11, the company announced a significant move to expand its footprint by entering into agreements to acquire seven Bitcoin mining facilities in Knoxville, Tennessee, for a total of $27.5 million, translating to about $324,000 per megawatt. The acquisition is part of the company’s strategy to secure top-tier infrastructure at competitive prices.
The anticipated operational hashrate from these facilities is expected to reach 5 exahashes per second (EH/s) once the latest S21 pro miners are installed. The seven sites, which collectively amount to 85 megawatts, range in size from 10 to 20 megawatts, adding significant capacity to CleanSpark’s (NASDAQ:CLSK) operations.
Additionally, on the same day, the company finalized its acquisition of a 45 MW site in Wyoming, which is projected to contribute another 3 EH/s to its hashrate. The facility will incorporate immersion-cooled Bitcoin mining data centers, designed to support the latest generation of S21 immersion XPs, which improves the efficiency and effectiveness of its mining efforts.
Further strengthening its portfolio, the company announced the acquisition of two more Bitcoin mining sites near Clinton, Mississippi, on September 17. With a combined purchase price of $5.775 million, these sites will support 16.5 MW and are currently partially completed.
The deal includes funding for the final stages of site construction, with delivery expected by December 1, 2024. Upon completion, the Mississippi sites will house S21 pro miners, yielding an additional combined operating hashrate of approximately 1 EH/s, which will bring the company’s total capacity in the state to 60.5 MW.
With these strategic acquisitions, CleanSpark’s (NASDAQ:CLSK) operational capacity has significantly increased, totaling 211.5 MW of new capacity. This represents a nearly 38% jump and sets the company on track to meet its ambitious targets of 37 EH/s by the end of 2024 and 50 EH/s by 2025. The company is not only advancing its capabilities in the Bitcoin mining sector but is also setting a strong example in sustainable energy practices.
2. Permian Resources Corporation (NYSE:PR)
5-year Beta (monthly): 4.34
Average Volume: 11,224,979
Number of Hedge Fund Holders: 51
Permian Resources Corporation (NYSE:PR) is a known name in the oil and natural gas sector, primarily focused on maximizing returns for its stakeholders through careful management and development of valuable assets. It takes its place on our list of the best stocks for day trading.
According to the company, it ranks as the second-largest independent exploration and production entity in the Permian Basin. With over 400,000 net leasehold acres and around 68,000 net royalty acres, it is well-positioned to capitalize on the region’s rich oil and liquids-rich natural gas reserves.
Recently, on September 3, the company announced a significant increase in its quarterly base dividend, raising it from $0.06 to $0.15 per share, which translates to an annual yield of $0.60 per share. The 150% boost is evidence of the company’s commitment to returning value to shareholders, placing it among the top in dividend yields within the U.S. independent exploration and production sector as per the company.
To further improve shareholder value, Permian Resources’ (NYSE:PR) Board of Directors has approved a new share repurchase program amounting to $1 billion and replaced the previous $500 million initiative. The approach to buybacks aligns with the company’s historical practices of opportunistic repurchases, which allow it to adjust to market conditions.
Management’s confidence in the sustainability of the new base dividend is noteworthy, especially considering the company’s resilience during potential downturns. Co-CEO Will Hickey emphasized that the dividend can be comfortably maintained for over two years even if oil prices dip below $50 per barrel. The assurance is supported by the company’s advantageous cost structure in the Delaware Basin, a wealth of low-breakeven drilling locations, and a strong balance sheet.
Additionally, on September 17, Permian Resources (NYSE:PR) announced the successful completion of its acquisition of leasehold and royalty interests, along with significant midstream infrastructure from Occidental Petroleum Corporation.
The acquisition adds approximately 29,500 net acres and 9,900 net royalty acres, primarily situated adjacent to the company’s existing assets in Reeves County, Texas. The expansion not only improves the company’s resource base but also strengthens its operational capabilities in a prime area of the Permian Basin.
In the second quarter, 51 hedge funds had stakes in Permian Resources (NYSE:PR), with total positions worth $1.4 billion.
1. MARA Holdings, Inc. (NASDAQ:MARA)
5-year Beta (monthly): 5.53
Average Volume: 39,062,979
Number of Hedge Fund Holders: 16
MARA Holdings, Inc. (NASDAQ:MARA), formerly known as Marathon Digital Holdings, Inc., is a budding name in the digital asset technology space, particularly within the Bitcoin ecosystem in the United States. The company has made significant strides by optimizing energy usage and focusing on sustainability.
By converting underutilized energy into economic value, it is not just improving its mining operations but is also aligning with the growing demand for environmentally friendly practices in the cryptocurrency industry. It tops our list of the best stocks for day trading.
The company’s approach to mining involves operating large-scale data centers strategically located to access low-cost energy. Its development of proprietary cooling systems and energy harvesting techniques allows them to utilize stranded or wasted energy and then transform it into productive resources. It not only benefits the company’s bottom line but also supports broader environmental goals.
For the second quarter, MARA Holdings (NASDAQ:MARA) reported a remarkable 78% increase in revenues, reaching $145 million in the second quarter of 2024 compared to the same period last year. The company produced 2,058 BTC (1 BTC = $63,314.50 as of September 23), averaging about 23 BTC per day, which indicates strong mining activity.
By the end of the quarter, the company’s balance sheet held 18,488 BTC, and it further expanded its holdings by purchasing an additional $100 million worth of bitcoin. It brought its total holdings to over 20,000 BTC, a clear sign of management’s confidence in Bitcoin’s future as an asset.
Additionally, MARA Holdings (NASDAQ:MARA) recently revised its treasury policy to adopt a full HODL approach, which means it will retain all mined Bitcoin moving forward. The decision shows the company’s strong belief in Bitcoin’s long-term value as the optimal treasury reserve asset.
The company is also making substantial progress on its mining operations as it targets a hash rate of 50 EH/s by the end of 2024. Recently, it energized nearly 18 immersion containers at its Granbury, Texas site and converted a portion of this data center from traditional air cooling to its innovative immersion cooling systems. This transition, expected to be completed by year-end, will likely enhance MARA Holdings’ (NASDAQ:MARA) mining efficiency and capacity.
While we acknowledge the potential of MARA Holdings, Inc. (NASDAQ:MARA) to grow, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is promising and trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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