12 Best Cryptocurrency Stocks to Buy According to Wall Street

6. BitFuFu Inc. (NASDAQ:FUFU)

Average Upside Potential: 34.95%

BitFuFu Inc. (NASDAQ:FUFU) is a fast-growing digital asset mining service and world-leading cloud-mining service provider, with a hosting capacity of 556MW. The firm remains dedicated to fostering a secure, compliant, and transparent blockchain infrastructure. It has 17 worldwide mining facilities.

The firm received early investment from the world-leading cryptocurrency mining hardware manufacturer, Bitmain. It is Bitmain’s sole strategic partner in the cloud mining space to date. Therefore, it enables institutional customers and digital asset enthusiasts to mine digital assets efficiently by leveraging its strategic partnership with Bitmain and a growing global mining facility network.

The firm is transitioning from an asset-light strategy to one that manages a diverse and robust portfolio of BTC mining infrastructure. In October, it entered into a definitive agreement to acquire a 51.25% stake in an 80-MW Bitcoin mining facility in Ethiopia. The acquisition tends to strengthen the firm’s competitive advantages in the global market by expanding its footprint since the majority of the firm’s mining infrastructure is currently in the US.

For the quarter ended September 30, BitFuFu Inc. (NASDAQ:FUFU) recorded total revenue of $90.3 million, up 47.5% year-over-year. Revenue from Bitcoin self-mining operations was $20.5 million, up 40.4% year-over-year. Whereas, revenue from cloud-mining solutions was $68.9 million, an increase of 51.4% from the prior-year period. The quarter marked the eleventh consecutive quarter for BitFuFu in which it has achieved positive adjusted EBITDA.

The resilient and well-performing business model despite the price of Bitcoin being in a bear or bull market, the expanding geographic footprint, and the strategic transition towards building a robust portfolio of BTC mining infrastructure, BitFuFu Inc. (NASDAQ:FUFU) is a promising crypto stock.