11 Best Fundamentally Strong Penny Stocks to Buy Now

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

Number of Hedge Fund Holders: 14

Bit Digital, Inc. (NASDAQ:BTBT) is a digital asset company primarily engaged in the mining of bitcoin and other cryptocurrencies. The company operates a fleet of specialized computing equipment, known as miners, hosted by third-party data centers in North America. BTBT focuses on environmentally conscious mining practices, incorporating sustainable energy sources such as hydroelectric, solar, and wind power into its operations. In addition to mining, the company is expanding into areas like digital asset staking and Web3 infrastructure.

The year 2024 was transformational for Bit Digital, Inc. (NASDAQ:BTBT), with revenues growing exponentially by 141% and adjusted EBITDA reaching $73 million. The company’s HPC business experienced significant growth, evolving from one customer at the start of 2024 to over 20 customers by early January 2025, contributing over 40% of full-year revenue and more than half of Q4 revenue. The acquisition of Enovum marked a strategic advancement, vertically integrating data center operations and bringing in an experienced team and strong customer base. The company launched WhiteFiber, their new HPC platform integrating GPU cloud services and data center operations, with cloud services becoming their largest revenue generator by the second half of 2024, producing $13 million in Q4 revenue.

Bit Digital, Inc. (NASDAQ:BTBT)’s development pipeline has expanded significantly, now totaling 510 megawatts including 156 megawatts under exclusive LOI, with sites in both Canada and the US. While maintaining Bitcoin mining operations, the company is prioritizing investments in HPC, with mining accounting for 54% of revenue in 2024, down from 98% in 2023. The company is shifting away from equity financing through ATM offerings at current stock levels, focusing instead on securing non-dilutive financing options, particularly for its data center and cloud operations. With 14 hedge funds owning the stock, BTBT is one of the best fundamental stocks to buy now.