11 Best Bitcoin Stocks to Buy Now

Published on September 29, 2022 at 6:10 pm by Omer Farooq in Hedge Funds, News

In this article, we will look at the 11 best bitcoin stocks to buy now. If you want to explore similar stocks, you can also take a look at 5 Best Bitcoin Stocks to Buy Now.

The Bitcoin Industry

According to an industry analysis report by Research and Markets, the global Bitcoin market size is expected to be valued at $20.63 billion in 2022. The market is expected to grow to $132.91 billion by 2030, growing at a compound annual growth rate of 26.2% over the forecasted period. The drivers for this growth include the increasing adoption of cryptocurrencies by governments and businesses globally and the notion of decentralization of finance.

Bitcoin Miners Go Green

In the wake of soaring energy prices and rampant inflation, Bitcoin miners have changed their ways to maintain their profit margins and shifted to using clean energy to validate transactions on the network. On September 27, Bloomberg reported that according to recent data from the Cambridge Center for Alternative Finance greenhouse gas emissions from Bitcoin mining operations are on the pace to decline 14.1% year over year in 2022.

“It’s a 100x Better Than Gold”: Michael Saylor’s Thoughts on Bitcoin

Michael Saylor is an American entrepreneur and co-founder of business intelligence company MicroStrategy Incorporated (NASDAQ:MSTR). As of 2022, Forbes estimates Mr. Saylor’s net worth to be $1.6 billion. Michael Saylor has been a prominent backer of Bitcoin since the currency’s early days. On September 23, Michael Saylor appeared on MarketWatch’s Money Festival to discuss his outlook on Bitcoin and why he believes that “the next logical step for Bitcoin is to replace gold as a non-sovereign store of value asset” because “Bitcoin is digital gold” and “Bitcoin is 100x better than gold”. Mr. Saylor thinks that by 2030, Bitcoin will reach the value of gold, and is expected to reach a value of $500,000 per unit. Mr. Saylor also disclosed that he owns 17,732 Bitcoins as of September 23 and that he had acquired these over the past two years at roughly $9,500 per coin. Here is Michael Saylor’s long-term projection for Bitcoin:

“I think this is the decade where Bitcoin institutionalizes from 2020 to 2030… Over the long term, I think first it becomes the trillion-dollar asset in the crypto world, then it becomes the ten trillion dollar replacement for gold as a precious metal. And over time people start to see it as a superior property to real estate or physical property because I can’t move a billion-dollar building from New York to San Francisco, but I can move a billion-dollar block of Bitcoin from New York to San Francisco…”

For investors that are looking to avoid the pervasive volatility of crypto assets and Bitcoin, companies that are involved in the Bitcoin industry can offer them passive and low-risk exposure to the digital currency. In addition to MicroStrategy Incorporated (NASDAQ:MSTR), prominent backers of Bitcoin and blockchain technology include Microsoft Corporation (NASDAQ:MSFT), Paypal Holdings, Inc. (NASDAQ:PYPL), and AT&T Inc. (NYSE:T).

Our Methodology

We reviewed the cryptocurrency industry and identified major players in the space. We preferred pure-play Bitcoin companies and narrowed down our selection to stocks that had positive market sentiment. Along with each stock, we have mentioned the hedge fund sentiment, analyst ratings, and growth catalysts. We ranked our picks in increasing order of their popularity among elite hedge funds.

Best Bitcoin Stocks to Buy Now

11. HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE)

Number of Hedge Fund Holders: 1

HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) is a Canadian cryptocurrency mining company in that has mining operations in Canada, Sweden, and Iceland. The company is involved in both the mining and sale of digital currencies, including Ethereum, Ethereum Classic, and Bitcoin. On August 16, the company reported earnings for the fiscal first quarter of 2023. The company reported a revenue of $44.18 million, up 18.63% year over year. At the close of the second quarter of 2022, 1 hedge fund in our database held stakes in Hive Blockchain Technologies Ltd. (NASDAQ:HIVE). The stakes were valued at $0.40 million.

On August 5, Hive Blockchain Technologies Ltd. (NASDAQ:HIVE) announced the production results of its global Bitcoin and Ethereum mining operations for July. The company reported that it produced 279.9 Bitcoin in July, bringing its Bitcoin holdings to 3,091.

Wall Street sees upside to Hive Blockchain Technologies Ltd. (NASDAQ:HIVE). On August 18, H.C. Wainwright analyst Kevin Dede raised his price target on Hive Blockchain Technologies Ltd. (NASDAQ:HIVE) to $7 from $6 and maintained a Buy rating on the shares. On August 29, Canaccord analyst Joseph Vafi raised his price target on Hive Blockchain Technologies Ltd. (NASDAQ:HIVE) to $7 from $5.50 and reiterated a Buy rating on the shares.

Companies that are supporting Bitcoin and blockchain technology include MicroStrategy Incorporated (NASDAQ:MSTR), Microsoft Corporation (NASDAQ:MSFT), Paypal Holdings, Inc. (NASDAQ:PYPL), and AT&T Inc. (NYSE:T).

10. Argo Blockchain Plc (NASDAQ:ARBK)

Number of Hedge Fund Holders: 2

Argo Blockchain Plc (NASDAQ:ARBK) is a European cryptocurrency mining company that engages in the mining of Bitcoin and other cryptocurrencies around the world. On August 24, Argo Blockchain Plc (NASDAQ:ARBK) reported that for the first half of 2022, the company’s total number of Bitcoin and Bitcoin Equivalents mined increased 6% year over year to 939.

On September 9, Argo Blockchain Plc (NASDAQ:ARBK) announced that it had mined 235 Bitcoin and Bitcoin Equivalent in August, up from 219 in July. As of August 31, Argo Blockchain Plc (NASDAQ:ARBK) disclosed that it owns 1,098 Bitcoin, of which 244 are BTC Equivalents. The company also announced that it will be installing Bitmain machines in October 2022, which will increase the company’s hash rate to 3.2 EH/s.

On August 29, Canaccord analyst Joseph Vafi revised his price target on Argo Blockchain Plc (NASDAQ:ARBK) to $10 from $13 and reiterated a Buy rating on the shares. Over the past three months, the stock has received 4 Buy ratings from Wall Street analysts and has an average price target of $8.75, which implies a 129% upside from current levels.

At the end of Q2 2022, 2 hedge funds were bullish on Argo Blockchain Plc (NASDAQ:ARBK) and held stakes worth $0.27 million in the company. Renaissance Technologies is the top shareholder in the company as of June 30, and has stakes worth $0.24 million.

9. CleanSpark, Inc. (NASDAQ:CLSK)

Number of Hedge Fund Holders: 5

CleanSpark, Inc. (NASDAQ:CLSK) is a leading global provider of Bitcoin mining and energy technology solutions. The company operates through two segments: Digital Currency Mining and Energy. Insider Monkey found 5 hedge funds long CleanSpark, Inc. (NASDAQ:CLSK) at the end of Q2 2022. The total stakes of these hedge funds amounted to $3.44 million.

On August 9, CleanSpark, Inc. (NASDAQ:CLSK) announced earnings for the third quarter of fiscal 2023. The company grew its revenue by 160.4% year over year, and reported a revenue of $31 million. On September 2, CleanSpark, Inc. (NASDAQ:CLSK) announced that it mined 395 units of Bitcoin in August, up 109% year over year, and has mined 2,642 Bitcoin in 2022 as of September 2.

On September 7, CleanSpark, Inc. (NASDAQ:CLSK) announced that it has entered into a purchase agreement with Cryptech Solutions to purchase 10,000 new Bitmain Antminer S19j Pro units for $28 million. On September 9, CleanSpark, Inc. (NASDAQ:CLSK) announced its acquisition agreement with Mawson Infrastructure Group (NASDAQ:MIGI) to acquire the company’s turnkey bitcoin mining facility in Georgia for $42.5 million. With this acquisition, CleanSpark, Inc. (NASDAQ:CLSK) expects to increase its hash rate by 1.4 EH/s by the end of 2022, 2.4 EH/s by early 2023, and 7.0 EH/s by the end of 2023. The deal is expected to close in October 2022. On September 27, CleanSpark, Inc. (NASDAQ:CLSK) announced that its bitcoin mining hash rate has topped 4 EH/s, up 30% from its month-ago hash rate.

On August 10, H.C. Wainwright analyst Mike Colonnese raised his price target on CleanSpark, Inc. (NASDAQ:CLSK) to $12 from $6 and reiterated a Buy rating on the shares. The stock has received 3 Buy ratings from Wall Street analysts over the past three months and has an average price target of $10.3 which represents an upside of 213%.

As of June 30, Intrinsic Edge Capital is the leading shareholder in CleanSpark, Inc. (NASDAQ:CLSK) and has stakes worth $1.68 million in the company. The investment covers 0.13% of the fund’s 13F portfolio.

8. Bitfarms Ltd (NASDAQ:BITF)

Number of Hedge Fund Holders: 5

Bitfarms Ltd (NASDAQ:BITF) is involved in the mining of cryptocurrency tokens. The company operates server farms that validate transactions on the Bitcoin blockchain network. On September 19, Bitfarms Ltd (NASDAQ:BITF) reported that its hash rate topped 4 EH/s and that it has started building its first of two 50-megawatt warehouses in Argentina. The facility will add a capacity 10 megawatts and will bring the company’s corporate capacity to 176 megawatts.

On August 16, H.C. Wainwright analyst Kevin Dede revised his price target on Bitfarms Ltd (NASDAQ:BITF) to $5 from $7 and reiterated a Buy rating on the shares. The analyst’s price target implies a 370% upside from current levels. On September 1, Bitfarms Ltd (NASDAQ:BITF) reported that the company mined 534 Bitcoin in August, up 50% year over year, and up 6.8% from July 2022. As of August 31, the company’s Bitcoin holdings are valued at $2,128.

At the end of the second quarter of 2022, 5 hedge funds were long Bitfarms Ltd (NASDAQ:BITF) and held stakes worth $2.75 million in the company. As of June 30, Ken Griffin’s Citadel Investment Group is the largest shareholder in Bitfarms Ltd (NASDAQ:BITF) and has stakes worth $2.48 million in the company.

Some of the most notable companies that are adding support features to their platforms for the exchange of Bitcoin include Microsoft Corporation (NASDAQ:MSFT), Paypal Holdings, Inc. (NASDAQ:PYPL), and AT&T Inc. (NYSE:T).

7. Hut 8 Mining Corp (NASDAQ:HUT)

Number of Hedge Fund Holders: 6

Hut 8 Mining Corp (NASDAQ:HUT) is involved in industrial-scale Bitcoin mining and owns and operates roughly 90 Blockboxes in Canada. On August 23, Hut 8 Mining Corp (NASDAQ:HUT) announced a strategic collaboration with edge cloud services provider Zenlayer to allow Hut 8 Mining Corp’s (NASDAQ:HUT) customers to build and deploy their Web 3.0 and blockchain apps on Zenlayer’s edge cloud platform.

On August 11, Hut 8 Mining Corp (NASDAQ:HUT) announced that its revenue for the fiscal second quarter of 2022 amounted to $34.3 million, up 28% year over year. On September 6, Hut 8 Mining Corp (NASDAQ:HUT) announced that its Bitcoin holdings increased by 375 in August, and as of August 31, the company holds 8,111 self-mined Bitcoins.

Over the past three months, 2 Wall Street analysts have given their ratings on Hut 8 Mining Corp. The stock has received 2 Buy ratings and has an average price target of $5, which represents a 174.6% upside from current levels.

Hut 8 Mining Corp (NASDAQ:HUT) was a part of 6 hedge fund portfolios at the end of Q2 2022. The collective stakes of these hedge funds in the company amounted to $5.59 million. As of June 30, Jim Simons’ Renaissance Technologies is the leading shareholder in the company with stakes worth $3.69 million.

6. Iris Energy Ltd (NASDAQ:IREN)

Number of Hedge Fund Holders: 6

Iris Energy Ltd (NASDAQ:IREN) builds electrical infrastructure and operates bitcoin mining data centers in Canada, the United States, and the Asia-Pacific. The company is a sustainable Bitcoin miner and carries 98% of its mining operations using renewable energy. On September 13, Iris Energy Ltd (NASDAQ:IREN) announced fiscal 2022 earnings. The company reported annual revenue of $59 million and beat Wall Street consensus by $0.82 million. The company also reported that its cash and cash equivalents, as of June 30, amounted to $110.0 million and that it holds no corporate debt on its balance sheet.

On September 7, Iris Energy Ltd (NASDAQ:IREN) announced that it mined 301 Bitcoins in August, up 96% from 154 in July and that its average operating hash rate also grew 97% month over month from the prior month to 2,204 PH/s. On September 27, Iris Energy Ltd (NASDAQ:IREN) announced that its hash rate has exceeded 3.7 EH/s.

Wall Street is bullish on Iris Energy Ltd (NASDAQ:IREN). On August 30, H.C. Wainwright analyst Mike Colonnese started coverage of Iris Energy Ltd (NASDAQ:IREN) with a Buy rating and a $7 price target. On September 14, Compass Point analyst Chase White raised his price target on Iris Energy Ltd (NASDAQ:IREN) to $6.50 from $6 and upgraded the stock to Buy from Neutral, calling it a “best-in-class” miner. Over the past three months, Iris Energy Ltd (NASDAQ:IREN) has received 4 Buy ratings and 2 Hold ratings from Wall Street analysts. The stock has an average price target of $6.16 which implies an upside of 63% from current levels.

At the close of the second quarter of 2022, 6 hedge funds disclosed ownership of stakes in Iris Energy Ltd (NASDAQ:IREN). The total value of these stakes amounted to $10.38 million. As of June 30, VGI Partners is the most prominent investor in the company and owns over 3.77 million shares.

Click to continue reading and see 5 Best Bitcoin Stocks to Buy Now.

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