10 Unstoppable Stocks That Could Double Your Money

4. Hut 8 Corp. (NASDAQ:HUT)

1-Year Return: 26%

Upside Potential: 141%

Number of Hedge Fund Holders: 34

Hut 8 Corp. (NASDAQ:HUT) is a leading digital asset mining and high-performance computing (HPC) infrastructure company. The company operates large-scale data centers primarily focused on Bitcoin mining and offers cloud and colocation services.

Hut 8 Corp. (NASDAQ:HUT) holds a consensus Buy opinion with a price target of $30, indicating a substantial upside potential of 140%. In line with the rating and reflecting continued confidence in the company’s growth prospects, Canaccord Genuity analyst Joseph Vafi reaffirmed a Buy rating on Hut 8 Corp. (NASDAQ:HUT) in a report dated March 6. The analyst pointed out that Hut 8 has made meaningful progress in expanding its power development pipeline, especially with the recently announced 300MW River Bend data center project.

The analyst also added his view on the recently signed agreement with Bitmain Technologies (a manufacturer of mining servers), which includes an option to purchase ASIC miners. The analyst emphasized that this deal could benefit the company as it not only helps its financial position but will also help it expand its business. Additionally, Hut 8’s substantial Bitcoin holdings provide a strong balance sheet and position the company well to attract future key high-performance computing (HPC) hosting clients.