In this article, we will take a look at the US crypto market post-election while going through the 12 best cryptocurrency stocks to buy according to Wall Street.
How’s the US Crypto Market Unfolding Post-Election?
Post Donald Trump’s victory in the US presidential elections, the price of bitcoin rose above $80,000 for the first time ever. Other cryptocurrencies such as dogecoin which is the favorite coin of Elon Musk, a strong Trump supporter, are also posting gains, as reported by BBC. On November 12, Bitcoin neared a record $90,000.
While Trump has revealed his plans to make America the crypto capital of the world, he has stated that he would be sacking the current chair of the Securities and Exchange Commission, Gary Gensler, who has led the SEC’s crackdown on the crypto market. Gensler tried to regulate the market which he believed, was at least partially made up of securities trading illegally. Market analyst at StoneX Financial, Matt Simpson, emphasized that bitcoin prices could go as high as $100,000 in case the Trump administration deregulates crypto.
Although Trump was once railing against cryptocurrencies, he later embraced crypto as he started a new crypto business called World Liberty Financial in September. While commenting on the crypto industry, he said “It’s very young and very growing” and that he believes in it. He has also expressed support for domestic Bitcoin miners saying that if crypto is going to define the future, he wants it to be mined, minted, and made in the US.
Market Anticipation: Is Crypto in a Golden Era?
Bitcoin has surged more than 26% since election day on November 5. As reported by CNBC, Mike Colonnese, an analyst at H.C. Wainwright, stated:
“Bitcoin is now in price discovery mode after breaking through all-time highs early last Wednesday morning when it was officially declared that Trump won the election. Strong positive sentiment is likely to persist through the balance of 2024 and [we] see bitcoin prices potentially reaching the six-figure mark by the end of this year.”
As the crypto market anticipates a positive and bright regulatory climate under the Trump administration, crypto-focused stocks also surged post-election. Vice President and General Manager of Robinhood, Johann Kerbrat, appeared on CNBC and referred to the post-election scenario as a big moment for the firm on the crypto side considering bitcoin was not even a fraction of its current price two years ago. The firm saw a lot of activity on the crypto volume. While the company has faced scrutiny from the SEC under the Biden administration, Kerbrat is hopeful to see more crypto-friendly policymaking.
Bitwise’s Matt Hougan seconded this stance when he appeared on CNBC Crypto World on November 12. In his opinion, Trump’s economic policies should be positive for crypto. He referred to the prevailing market as a golden age of crypto and that it’s right to be bullish. While he thinks that crypto has been fighting with one hand tied behind its back during the past four years and has faced a lot of regulatory unclarity, the scenario has shifted 180 degrees with a positive regulatory environment to look forward to. Finally, Hougan calls the market a win-win post-election. Regarding the future outlook for Bitcoin, he states that there is a clear path right up to $100,000 by 2024’s end while $200,000 is completely reasonable for 2025, considering that the trend is up and is going to stay intact for a while.
Now that we have reviewed the recent developments in the crypto world, let’s move to the 12 best cryptocurrency stocks to buy according to Wall Street.
12 Best Cryptocurrency Stocks to Buy According to Wall Street
Our Methodology:
In order to compile a list of the 12 best cryptocurrency stocks to buy according to Wall Street, we first utilized stock screeners, ETFs, and online rankings to make an extended list of the major crypto companies. Moving on, we shortlisted the top 12 stocks from our list which had the highest upside potential, as of November 12. The 12 best cryptocurrency stocks to buy according to Wall Street have been arranged in ascending order of their average upside potential.
At Insider Monkey we are obsessed with the stocks that hedge funds pile into. The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
12 Best Cryptocurrency Stocks to Buy According to Wall Street
12. Riot Platforms, Inc. (NASDAQ:RIOT)
Average Upside Potential: 8.06%
Riot Platforms, Inc. (NASDAQ:RIOT) is a leading vertically integrated Bitcoin mining and digital infrastructure company. The company’s Bitcoin mining data center operations are based in central Texas and Kentucky while Denver and Colorado host the electrical switchgear engineering and fabrication operations. Riot operates through two primary business segments including Bitcoin Mining and Engineering after the termination of the Data Center Hosting business.
Riot serves as an industry leader in vertically integrated Bitcoin mining. The firm’s core Bitcoin mining segment remained robust and resilient despite the Bitcoin halving. For the third quarter, Riot Platforms, Inc. (NASDAQ:RIOT) recorded $84.8 million in revenue, representing a 65% rise year-over-year. This was driven by a 159% year-over-year rise in deployed hashrate to 28 exahashes per second at the end of the quarter. The firm produced 1,104 Bitcoin during the quarter.
The growth prospects for the Bitcoin miner remain bright in terms of its hashrate growth. The firm anticipates to achieve a total self-mining hashrate capacity of 34.9 exashashes per second by 2024’s end. Furthermore, Riot expects to complete the full development of the Corsicana Facility in 2026 and, with expansion plans in the Kentucky Facilities, to accomplish a hashrate capacity of 65.7 exahashes by 2026’s end.
With the company’s ongoing investment to raise its hashrate, scaled-up Bitcoin mining business, a growth trajectory well set up, and a consensus Buy rating, Riot ranks among the best cryptocurrency stocks to buy according to Wall Street.
11. Block, Inc. (NYSE:SQ)
Average Upside Potential: 8.25%
Block, Inc. (NYSE:SQ) is a technology company that focuses on financial services and helps expand access to the economy. Block comprises Square, Cash App, Spiral, TIDAL, and TBD. Square offers an integrated ecosystem of commerce solutions, business software, and banking services for sellers to grow their business while Cash App allows sending, spending, or investing money in stocks or bitcoin. Spiral advances the use of Bitcoin by building and funding free, open-source projects whereas TIDAL is a platform for musicians and their fans. TBD eases access to Bitcoin and other blockchain technologies.
Block, Inc.’s (NYSE:SQ) growth remains at scale with rising profitability. The core businesses are robust with adjusted operating income margins growing significantly for both Square and Cash App. The firm has also expanded its addressable market over time. With Square representing a nearly $130 billion gross profit opportunity and Cash App representing a nearly $75 billion gross profit opportunity in the US, the market potential is strong. The strong profitable growth across Block depicts that its ecosystems are efficiently delivering differentiated value to its customers. The firm has also shifted to a functional organizational structure to improve collaboration across ecosystems.
In the third quarter, the firm’s gross profit rose 19% year-over-year to $2.25 billion. Square generated a gross profit of $932 million, up 16% year-over-year, due to strength in its software and integrated payments and banking products. Cash App generated a gross profit of $1.31 billion, up 21% year-over-year, driven by strong performance across Cash App Card, Cash App Borrow, and BNPL platform. Overall, the firm delivered year-over-year improvement across all profitability measures including adjusted EBITDA.
The company’s potential for continued growth and profitability across its key businesses, its ability to generate substantial free cash flow, and its strategic shift to a functional organizational structure make it attractive to investors.
10. Iris Energy Limited (NASDAQ:IREN)
Average Upside Potential: 8.70%
Iris Energy Limited (NASDAQ:IREN) owns, builds, and operates data centers and electrical infrastructure to mine Bitcoin. The company’s business model has been built on sustainably-mined Bitcoin. The founders Dan and Will saw a chance to capitalize on excess renewable energy and support energy networks while having an early conviction on Bitcoin. As a sustainable Bitcoin miner, the company’s sites are powered by 100% renewable energy. The company’s facilities are optimized for Bitcoin mining, AI cloud services, and other power-dense compute.
Iris Energy Limited holds a unique position in an emerging market by using low-cost excess renewable energy to keep costs low, support communities, and solve the energy market challenges. It has a solid portfolio comprising 260MW of operating data centers, expanding to 510MW in 2024. Among its peers, Iris qualifies as a large-scale miner with its strong Bitcoin mining hashrate.
For October, the firm’s monthly revenue increased by 32% to $28.2 million, driven by a ramp-up in operating hashrate to 21 exahashes per second and higher Bitcoin prices. IREN’s AI Cloud Services division is commissioning an additional 1,080 NVIDIA H200 GPUs, more than doubling its existing AI capacity. The division is expected to generate approximately $32 million in annualized hardware profit by the end of December 2024. Another update from the company is that the target energization date for the firm’s 1.4GW substation at its West Texas data center project has been brought forward to April 2026.
As a leading next-generation data center business powering the future of Bitcoin and AI with a strong market position and the potential for continuous growth, Iris Energy Limited (NASDAQ:IREN) is one of the largest publicly listed Bitcoin miners.
9. Bit Digital, Inc. (NASDAQ:BTBT)
Average Upside Potential: 10.70%
Bit Digital, Inc. (NASDAQ:BTBT) is a large-scale publicly-listed Bitcoin miner and AI infrastructure provider. The firm has two revenue streams including bitcoin mining and high-performance computing (HPC) services. Bit Digital’s bitcoin mining operations are situated in the United States, Canada, and Iceland. The firm operates Bit Digital AI as an established business line that provides infrastructure services for artificial intelligence applications. It strives to achieve its mission of building the premier digital asset mining and HPC services platform while being highly sustainable.
Bit Digital’s diversified revenue streams are complementary and reduce its exposure to digital asset price volatility. With a fleet of over 50,000 specialized computers diversified across hosting locations, the firm has an institutional scale bitcoin mining business. At the same time, the company offers specialized HPC services to bolster the growing demands of generative AI workstreams with more than 2,000 GPUs.
In October 2024, Bit Digital, Inc. (NASDAQ:BTBT) produced 52.2 BTC, a 1.4% increase compared to the prior month. The firm’s active hashrate was approximately 2.43 exahashes per second, as of October 31. Simultaneously, Bit Digital had 256 servers actively generating revenue from its initial Bit Digital AI contract while it earned $4.3 million of unaudited revenue from this contract in October 2024.
Analysts hold a consensus Buy rating on the stock and their 1-year median price target points to a 10.70% upside from the current stock price. Therefore, Bit Digital, Inc. (NASDAQ:BTBT) is another attractive crypto stock to invest in.
8. HIVE Digital Technologies Ltd. (NASDAQ:HIVE)
Average Upside Potential: 12.99%
HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is a leader in sustainable data center infrastructure for the Bitcoin ecosystem. It operates green-energy-powered data centers in Canada, Sweden, and Iceland. The firm currently holds over 2,600 Bitcoin on its balance sheet. By combining its expertise in data center operations with Bitcoin mining, the firm is enabling the advancement of Web3, AI, and HPC by actively participating in the decentralized digital economy.
HIVE made history in 2017 as the first cryptocurrency mining company to go public in Canada. It is truly ahead by being one of the first to develop its own ASIC mining rig, to buy data centers, to be green energy focused, to balance the electric grid, and to have an AI strategy. Among peers, HIVE topped the BTC mined per average active hashrate, as of June 2024. The hashrate growth profile for the firm remains strong as it has begun construction of its new 100 MW facility in Paraguay, an expansion aligning with its strategic goal to capture 2% of global Bitcoin mining capacity.
HIVE Digital Technologies Ltd. (NASDAQ:HIVE) has industry-leading expertise in building, maintaining, and operating efficient digital infrastructure alongside operations positioned in cool and politically stable jurisdictions such as Canada, Sweden, and Iceland. At the same time, the firm remains well-positioned to support the fast-growing AI and HPC markets considering its fleet of thousands of high-end industrial GPUs.
Thus, HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is pioneering the digital transformation through bitcoin mining and AI solutions. As of November 12, the average upside potential for the stock stands at 12.99%.
7. Bitdeer Technologies Group (NASDAQ:BTDR)
Average Upside Potential: 23.46%
Bitdeer Technologies Group (NASDAQ:BTDR) serves as the global leader in blockchain and high-performance computing. The firm has been servicing the cryptocurrency mining industry. It is headquartered in Singapore and has deployed datacenters in the United States, Norway, and Bhutan.
Bitdeer is a differentiated Bitcoin Mining and Data Center Technology Company. The diversified revenue streams facilitate growth while catering to volatility. The firm’s globally distributed data centers ensure a stable power supply. Bitdeer boasts 895 MW of existing power capacity across three continents. Additionally, the firm is positioned to capitalize on AI / HPC demand as it explores new capacity and evaluates existing infrastructure portfolio for AI / HPC applications. At the same time, Bitdeer is developing in-house, proprietary SEALMINER rigs which gives it a significant opportunity to capture a large market.
During the month of October, the firm recorded 174 self-mined Bitcoins. Simultaneously, the firm commenced mass production of its SEALMINER A1 and A2 machines. SEALMINER A1 production plan is expected to produce approximately 3.7 EH/s of units and delivery has already started with expected phased energization between December and the end of Q1 2025. SEALMINER A2 will be an achievement for the firm as it starts to offer these machines to customers starting in 2025. Thus, the firm is working towards a successful market entry into the multi-billion dollar ASIC market in 2025.
Hence, Bitdeer Technologies Group (NASDAQ:BTDR) is a leading tech company for the blockchain and accelerated compute communities and has a strong diversified business model and a global footprint. As of November 12, the stock has an average upside potential of 23.46%.
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.
5. CleanSpark, Inc. (NASDAQ:CLSK)
Average Upside Potential: 35.92%
CleanSpark, Inc. (NASDAQ:CLSK) develops infrastructure for Bitcoin. The Bitcoin miner owns and operates multiple data centers that primarily run on low-carbon power. The firm uses a sustainable energy mix comprising nuclear, hydroelectric, solar, and wind to mine Bitcoin in a responsible manner.
CleanSpark is one of the most efficient operators in the industry boasting efficiency of fleet as it mines more bitcoin with less power, efficiency of operations as it operates its own facilities, and efficiency in capital with a faster ROI for shareholders. While the company remains focused solely on bitcoin mining, it believes this focus positions it well for delivering long-term value with its megawatt capacity resulting in current success. It also has one of the highest realized hashrates among other Bitcoin mining companies, as of July 31.
CleanSpark recorded FY2024 third-quarter revenue of $104.1 million, up 129% year-over-year. The firm witnessed a 24% rise in hashrate during the quarter and a 21% rise in efficiency year-to-date. It is also pursuing expansions into the states of Tennessee and Wyoming. The firm also partnered with Coinbase on a $50 million line of credit during the quarter.
As a key player in Bitcoin mining with a clean energy base, CleanSpark, Inc. (NASDAQ:CLSK) has an impressive growth and efficiency record and ranks on our list of the best crypto stocks. The stock has an average upside potential of 35.92%, as of November 12.
4. Canaan Inc. (NASDAQ:CAN)
Average Upside Potential: 41.64%
Canaan Inc. (NASDAQ:CAN) is the world’s leading manufacturer of Bitcoin miners. The firm created the world’s first ASIC Bitcoin miner and is also the first mining machine manufacturer to be listed on the Nasdaq. The firm remains dedicated to developing and selling Bitcoin mining machines and related services. While Canaan has headquarters in Singapore, it operates offices in China, North America, and Central Asia.
Canaan is a global company with its machines sold in 21 countries and regions around the world. The firm supports Bitcoin mining for major public companies including Cipher Mining, Marathon, Digital Holdings, and Stronghold Digital Mining. These firms have deemed Canaan machines as the top-performing rigs in their fleet as well as one of the miners (A1346) offering an attractive value proposition with remarkable hash rate, energy efficiency, and competitive pricing.
For 2024’s second quarter, Canaan Inc. (NASDAQ:CAN) posted revenues of $71.9 million, exceeding the previous guidance of $70 million, and rose 104.8% sequentially. The top-line performance was despite the Bitcoin halving event, primarily driven by the concentrated delivery of A14 products accounting for the largest share of the firm’s revenue. The new A1566 product has also gotten active customer orders since its launch. The firm saw itself on a trajectory of renewed growth as it remained confident in opportunities presented by Bitcoin and the beginning of a bull market, as it closed the quarter.
With an average upside potential of 41.64%, Canaan Inc. (NASDAQ:CAN) ranks as a top cryptocurrency stock. The firm is a leading provider of Bitcoin miners with a solid global presence.
3. Applied Digital Corporation (NASDAQ:APLD)
Average Upside Potential: 51.10%
Applied Digital Corporation (NASDAQ:APLD) operates data centers to provide energized space to crypto mining customers. As of August 31, the company’s 106 MW facility in Jamestown, North Dakota, and its 180 MW facility in Ellendale, North Dakota are operating at full capacity. Other businesses include its Cloud Services business and its HPC Data Center Hosting business.
APLD operates blockchain data centers with a combined capacity of 286 MW. The data centers are dedicated to third-party hosting as the firm focuses on the infrastructure and the supporting services while not owning any equipment. While the facility in Jamestown operated at full capacity throughout the year ended May 31, 2024, the facility in Ellendale faced a power outage starting in January. However, the firm was efficient in procuring new transformers and related components from leading North American manufacturers that have performed to its needs without any further power loss or issues.
For the fiscal first quarter, which ended August 31, Applied Digital Corporation (NASDAQ:APLD) reported revenues of $60.7 million, representing a 67% increase from the prior year’s period. In the Data Center Hosting business, the firm has formerly finalized the sale of its Garden City, Texas hosting facility to Marathon.
Thus, Applied Digital Corporation (NASDAQ:APLD) is another top crypto stock. Analysts hold a consensus Buy rating on the stock and their 1-year median price target points to an upside of 51.10% from the current stock price.
2. Greenidge Generation Holdings Inc. (NASDAQ:GREE)
Average Upside Potential: 52.67%
Greenidge Generation Holdings Inc. (NASDAQ:GREE) is a vertically integrated cryptocurrency datacenter and power generation company. The company builds, maintains, and operates data centers focused on bitcoin mining, along with related power and electric infrastructure. It ensures the security, stability, and decentralization of the bitcoin blockchain thereby enabling cheaper, faster, and more efficient payments globally. Major revenue sources include hosting, self-mining, and wholesale power.
GREE serves as the first vertically integrated power generator and Bitcoin miner of scale in the US. The firm remains robust in Bitcoin mining, with operational excellence, institutional backing, and strategic industry partnerships. While GREE boasts a huge knowledge base related to mining hardware repair, 24/7 continuous operation, thermal/noise management, and miner optimization, it has experience in sourcing the latest generation highly efficient miners from key OEMs. Furthermore, the global footprint is vast, with the firm’s controlling shareholder owning and operating over 350 industrial facilities globally with access to low-cost power sources.
For the third quarter of 2024, Greenidge Generation Holdings Inc. (NASDAQ:GREE) reported a total revenue of $12.4 million and a net loss from continuing operations of $6.3 million. The firm posted a total bitcoin production of 793 BTC. GREE also provided an update on fleet upgrade. The firm’s miner fleet efficiency will potentially improve in the 4th quarter compared to 27.1 J/TH reported as of September 30 and 28.7 J/TH reported as of June 30, through the receipt of 1,000 upgraded miners. Almost all of the miners have been deployed as of November 7.
As one of the robust cryptocurrency datacenter and power generation firms with a diversified, attractive revenue mix with significant upside potential, Greenidge Generation Holdings Inc. (NASDAQ:GREE) ranks among the best cryptocurrency stocks to invest in.
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.
Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.
