12 Best Cryptocurrency Stocks to Buy According to Wall Street

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1. Bitfarms Ltd. (NASDAQ:BITF)

Average Upside Potential: 60.98%

Bitfarms Ltd. (NASDAQ:BITF) is a global Bitcoin self-mining company founded in 2017. The company runs vertically integrated mining operations with onsite technical repair, proprietary data analytics, and company-owned electrical engineering and installation services. The firm has 12 operating Bitcoin data centers and 2 under development, and hosting agreements with 2 data centers, in four countries including Canada, the US, Paraguay, and Argentina.

Bitfarms serves as the only publicly traded crypto mining company audited by a Big Four accounting firm. The firm serves as an early mover in the Bitcoin mining industry with its vertically integrated business spanning the globe. It manages one of the largest internationally diversified portfolios of energy contracts in the Bitcoin data center business. It drives industry-leading yield-per-exahash and margin performance through strong financial positioning, efficient hardware, and low-cost power.

The company earned 236 BTC in the month of October 2024 and increased Bitcoin treasury to 1,188 BTC. It also entered into a second hosting agreement with Stronghold Digital Mining under which Bitfarms will be deploying an additional 10,000 miners, originally expected to be used for its Yguazu, Paraguay site, to Stronghold’s Scrubgrass site. Previously in September, the firm announced that it would be accelerating the deployment of 10,000 Bitmain T21 miners to Stronghold’s Panther Creek site.

In conclusion, Bitfarms serves as a global leader in vertically integrated Bitcoin data center operations. The stock ranks among some of the best cryptocurrency stocks according to Wall Street, with its average upside potential of 60.98%.

While we acknowledge the potential of BITF as an investment, our conviction lies in the belief that some deeply undervalued AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for a deeply undervalued AI stock that is more promising than BITF but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 8 Best Wide Moat Stocks to Buy Now and 30 Most Important AI Stocks According to BlackRock.

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