12 Best Bitcoin Stocks To Buy According To Billionaires

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7. Canaan Inc. (NASDAQ:CAN)

Number of Billionaire Investors: 5

Placed 7th on our list of the best Bitcoin stocks, Canaan Inc. (NASDAQ:CAN) is a Chinese company involved in the research, design, and sale of integrated circuits for bitcoin mining, as well as the leasing of mining equipment in the country. On March 10, Canaan announced a securities purchase agreement with an institutional investor, securing up to $200 million through a series A-1 preferred shares financing. The first tranche closed the same day, with the company receiving an initial $100 million. The remaining $100 million is expected to follow upon the completion of the second tranche.

Despite a tough third quarter in 2024, Canaan Inc. (NASDAQ:CAN) outperformed expectations with $73.6 million in revenue. While Bitcoin prices remained low, the global network hash rate increased by over 10%. The company continued to strengthen its operations through strategic planning and effective execution. Despite market pressures, Canaan mined 147 bitcoins in Q3, a 5% increase from the previous quarter. Strong sales of A14, presales of the A15 series, and the completion of the third tranche of Series A preferred shares helped grow cash reserves to $72 million by quarter-end.

On January 22, Rosenblatt Securities maintained a Buy rating on Canaan Inc. (NASDAQ:CAN) and raised its price target for the shares to $8, from its previous target of $4. The firm cited Canaan’s strong performance in December 2024 and its financial outlook for the 2025 fiscal year as factors behind the adjustment.

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