10 Stocks Insiders Are Buying This Year

5. Gryphon Digital Mining Inc (NASDAQ:GRYP)

Number of Insiders Buying: 8

Fifth among stocks with increased insider trading activity this year is a bitcoin mining company, Gryphon Digital Mining. It operates mining computers and ESG-led mining. It was founded in 2020.

On January 13, eight insiders, including CEO, and CFO purchased $264,329 worth of Gryphon shares at a price of $0.39 per share. These transactions were part of a signed non-brokered offering of the company’s total stock. The offering saw 100% participation from the management team and a majority of the board members, demonstrating strong confidence in the company’s future.

On January 31, Gryphon announced that it has authorized the establishment of a strategic Bitcoin reserve program as part of its capital strategy. The initiative followed up on Gryphon’s recent strategic moves with the goal of strengthening the balance sheet and obtaining major assets. These recent agreements include restructuring the $18.0 million Bitcoin debt and a definite agreement for an HPC/AI asset in Alberta scalable to 4GW.

One Wall Street analyst has a “Hold” rating on this stock.

For the third quarter ended September 30, 2024, Gryphon disclosed mining revenues of $3.7 million, compared to $5.2 million for the same quarter of 2023. Adjusted EBITDA was a loss of $2.5 million in the quarter, compared to a negative Adjusted EBITDA of $4.7 million in the same period of 2023. Net loss amounted to $5.95 million, compared to net loss of $8.09 million in the third quarter of 2023.

The stock is currently trading at $0.35 per share, having dropped 11.90% since the beginning of the year.