12 Crypto Stocks with the Biggest Upside Potential

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8. IREN Limited (NASDAQ:IREN)

Analyst Upside: 22.21%

Formerly known as Iris Energy Limited, IREN Limited (NASDAQ:IREN) is an Australia-based company that owns and operates renewable energy-powered data centers. Its facilities are specially optimized for AI cloud services, Bitcoin mining, and other power-dense computing.

The company is positioned as a low-cost commodity producer in the industry, producing Bitcoin at a low cash cost of around $29,000 per Bitcoin. According to its fiscal Q1 2025 earnings, IREN Limited (NASDAQ:IREN)  is accelerating its expansion to 50 exahashes in the first half of next year ahead of schedule. This positions it as one of the largest listed miners in the industry.

It also has a strong balance sheet with significant cash reserves and no debt, allowing for future growth. The company is exploring alternative funding instruments for its operations, such as convertibles, to support its growth plans and potentially reduce reliance on equity financing. However, the increasing institutional interest and competition in the Bitcoin mining sector may impact IREN Limited’s (NASDAQ:IREN) profitability. The company also faces risks associated with procuring long lead items and supply chain disruptions, which may delay its expansion projects. It ranks eighth on our list of the top crypto stocks with the biggest upside potential.

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