10 Worst Performing Crypto Stocks to Buy Now

6. Hut 8 Corp. (NASDAQ:HUT)

Year-to-Date Performance: -18.09%

Number of Hedge Fund Holders: 34

Hut 8 Corp. (NASDAQ:HUT) is an energy infrastructure operator and Bitcoin mining company with self-mining, hosting, managed services, and data center operations. The company has a portfolio of sites that includes Bitcoin mining, hosting, and managed services sites, high-performance computing (HPC) data centers, and power generation assets. Hut 8 Corp. (NASDAQ:HUT) ranks among the worst-performing crypto stocks to buy now.

The company is focused on high-impact projects in both AI and Bitcoin mining and continues to strategically strengthen its positioning in the market by upgrading and expanding its operations. In November 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 the first quarter of 2025. The company will acquire Antminer S21+ miners to improve the self-mining hashrate by 3.7 exahashes per second (EH/s) to 9.3 EH/s. This move will help Hut 8 Corp. (NASDAQ:HUT) reach its goal of 24 EH/s of self-mining hashrate by Q2 2025. Additionally, the company’s 205-megawatt Vega project is progressing rapidly and it is scheduled for energization in Q2 2025. At the Vega site, Hut 8 Corp. (NASDAQ:HUT) will use 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.