12 Best Bitcoin Stocks To Buy According To Billionaires

Page 5 of 10

6. Hut 8 Corp. (NASDAQ:HUT)

Number of Billionaire Investors: 7

Hut 8 Corp. (NASDAQ:HUT) is a North American company involved in energy infrastructure and bitcoin mining. It operates across four segments – Power, Digital Infrastructure, Compute, and Other. On December 19, the company announced the acquisition of around 990 bitcoins for a cost of about $100 million, averaging $101,710 per bitcoin. With this addition, the company’s strategic bitcoin reserve grew to 10,096, valued at over $1 billion as of December 18, 2024.

Hut 8 Corp. (NASDAQ:HUT)’s revenue grew by 69% year-over-year, reaching $162.4 million in 2024. Net income for the year surged to $331.4 million after accounting for an income tax provision of $113.5 million, a sharp rise from $21.9 million the previous year. Revenue from the Power segment more than doubled to $56.6 million, driven by an $11.4 million increase in power generation revenue and a $22.4 million boost from managed services. The Digital Infrastructure segment also saw revenue more than double, reaching $17.5 million, mainly due to a $5.2 million rise in CPU colocation revenue. The Compute segment expanded by 24% to $80.7 million, fueled by a $7.3 million rise in bitcoin mining revenue, a $6.7 million increase in recurring data center cloud revenue, and a $1.8 million boost from the GPU as a service business.

In Q4 2024, 7 billionaires invested in Hut 8 Corp. (NASDAQ:HUT), making it one of the best bitcoin stocks to buy.

Page 5 of 10