10 Penny Stocks With Huge Upside Potential According To Analysts

8. Bit Digital, Inc. (NASDAQ:BTBT)

Average Upside Potential as of March 20: 242.32%

Number of Hedge Fund Holders: 14

Bit Digital, Inc. (NASDAQ:BTBT) is a bitcoin mining company that also operates high-performance computing data centers, providing hosting, colocation, and cloud-based GPU services for AI and machine learning. The company is involved in digital asset mining, Ethereum staking, and investment management. It is one of the top stocks with the biggest upside to monitor.

On February 10, Bit Digital, Inc. (NASDAQ:BTBT) signed a five-year colocation contract with a leading AI hardware company through its newly rebranded HPC business, WhiteFiber. The deal, managed under Enovum Data Centers, will provide 5 MW of custom-built data center infrastructure, set to go live in mid-2025.

Bit Digital, Inc. (NASDAQ:BTBT)’s revenue soared to $108.1 million in 2024, more than doubling from the previous year, driven by its high-performance computing business. Bitcoin mining brought in $58.6 million, cloud services added $45.7 million, and ETH staking revenue rose 169% to $1.8 million. The company ended the year with $98.9 million in cash and $260.7 million in total liquidity. By year-end, BTBT held 741.9 BTC and 27,623.2 ETH, valued at  $69.3 million and $92.1 million, respectively.

Among the hedge funds tracked by Insider Monkey, 14 funds reported owning stakes in Bit Digital, Inc. (NASDAQ:BTBT) at the end of Q4 2024, compared to 6 funds in the last quarter. Ken Griffin’s Citadel Investment Group was the leading stakeholder of the company, with 2.21 million shares worth $6.5 million.