In this article, we will look at the 12 Crypto Stocks with the Biggest Upside Potential.
Bitcoin Continues Its All-Time Highs
On December 16, Bitcoin reached another all-time high, soaring above $107,000 as investors anticipate an interest rate cut by the Federal Reserve later in the week. The two-day policy meeting will conclude on December 18, and investors are anticipating the Fed to lower interest rates. According to the CME FedWatch Tool forecast, there is a 96% chance of a 25-basis-point cut. This is expected to materialize as a positive trend for Bitcoin. Since Bitcoin often trades like a tech stock, it has the ground to seek benefit from lower interest rates.
In addition, lower interest rates imply a growing money supply and a weakening dollar. Both of these happenings have exhibited long-term correlations with Bitcoin. According to CNBC, Bitcoin has rallied 52% since the US presidential election and 149% for 2024. Trump’s upcoming administration is expected to have a friendly regulatory environment and potentially establish a national strategic Bitcoin reserve. This has been a powerful catalyst for Bitcoin and cryptocurrencies at large.
Bitcoin ETFs Surpass Satoshi Nakamoto’s Holdings
One of the biggest volume drivers among institutions this year has been the Bitcoin ETFs that launched in January 2024, closing out the year with a collective market cap of more than $100 billion. On December 17, Todd Ruoff of Autonomys appeared on CNBC to discuss the performance of these Bitcoin ETFs in 2024 and their potential outlook in 2025. Ruoff was of the view that the adoption trends the industry saw on the institutional level were remarkable. These trends were amplified by the supply side being reduced with Bitcoin’s halving. This, by far, exceeded expectations. Analogies are being made to gold, which it has by far surpassed. The expectation is that the acceleration is expected to continue into 2025.
The collective Bitcoin holdings for ETF issuers in the States recently surpassed Satoshi Nakamoto’s supposed holdings. US spot Bitcoin ETFs are now collectively the largest holders of Bitcoin, reflecting the idea that institutions are taking over Bitcoin. According to CNBC, the 12 spot Bitcoin ETFs in existence drove one of the most successful ETF launches in history after their January launch, collectively passing $100 billion in assets under management. These funds now hold slightly more than 1.1 million Bitcoin, which translates to nearly 5% of all the Bitcoin in existence. This number exceeds the supposed holdings of the legendary pseudonymous founder Satoshi Nakamoto, who is believed to hold as much as 1.1 million Bitcoin.
Ruoff said that Satoshi Nakamoto’s wallets have always been considered the Fort Knox of the Bitcoin industry. To see the ETFs collectively surpassing this level has been an astounding trend in the industry. Ruoff was of the view that the industry has so far benefitted from some big-name recognition, with key industry players bringing trust and credibility to the crypto world. However, with the anticipated seat change in the SEC and the expected regulatory softening, Ruoff does not believe that the regulators are ready to lay down and let anything happen in crypto. There is still considerable work that needs to be undertaken in the industry.
What is 2025 Going to Look Like for Crypto?
Looking at the 2025 outlook, Ruoff said that the large players in the crypto industry bring a great reputation to the space, giving people a perception of legitimacy and competent management for investors. In his opinion, this is going to attract the majority of investment. Smaller players are going to have difficulty competing due to various factors, such as not being able to compete with the inflows. As the market becomes overcrowded and saturated, the circumstances could lead to a consolidation. Some of the smaller underperforming ETFs will likely continue struggling to gain market share, eventually being left with no other option but to merge with another institution.
Ruoff also believed that Bitcoin had nothing to worry about in 2025. He said that while regulation might be the biggest roadblock to crypto as a currency in 2025, the industry is on the way to overcoming it with a crypto-friendly administration coming in.
With these trends in view, let’s look at the 12 crypto stocks with the biggest upside potential.
Photo by bitcoin executium on Unsplash
Our Methodology
We first utilized stock screeners, ETFs, and online rankings to make an extended list of 30 crypto companies. We then shortlisted the top 12 stocks from our list with the highest analyst upside potential, as of December 17. The 12 crypto stocks with the biggest upside potential are arranged in ascending order of their 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 Crypto Stocks with the Biggest Upside Potential
12. Robinhood Markets, Inc. (NASDAQ:HOOD)
Analyst Upside: 13.43%
Robinhood Markets, Inc. (NASDAQ:HOOD) offers an inclusive financial services platform for everyone. Its platform allows users to invest in and trade stocks, ETFs, options, and cryptocurrencies among other financial instruments. Its Robinhood Crypto, LLC segment allows commission-free cryptocurrency trading. Customers can automatically buy commission-free cryptocurrency through the platform on a schedule of their choosing. It provides crypto recurring investments, and also keeps custody of cryptocurrencies on behalf on its customers in two types of wallets: cold wallets and hot wallets. Hot wallets are managed online, whereas cold wallets operate entirely offline.
The company has three primary areas of focus: winning the active trader market, expanding internationally, and increasing wallet share with its customers. It made substantial progress in all of these areas of focus in fiscal Q3 2024. Robinhood Markets, Inc. (NASDAQ:HOOD) has strong financials in place. Fiscal Q3 2024 proved to be another profitable quarter for the company, marking its second highest revenues ever. Total revenue grew by 36% year-over-year, and adjusted EBITDA increased substantially by 96% from a year ago.
Robinhood Markets, Inc. (NASDAQ:HOOD) is continuing to increase its wallet share. Its net deposits for fiscal Q3 2024 were $10 billion or more for the third consecutive quarter. This brings the company to $34 billion year-to-date, going above its record of $31 billion in 2020. Its customer assets under custody also grew to a record high of $152 billion, reflecting its increasing market growth. The company ranks 12th on our list of the 12 crypto stocks with the biggest upside potential.
11. Core Scientific, Inc. (NASDAQ:CORZ)
Analyst Upside: 14.73%
Core Scientific, Inc. (NASDAQ:CORZ) operates digital infrastructure for Bitcoin mining and high-performance computing. It operates specialized, purpose-built facilities for digital asset mining. The company leverages its own fleet of computers, called miners, to earn Bitcoin for its own account, and also provides hosting services for Bitcoin mining and high-performance computing customers at eight US-based operational data centers.
Core Scientific, Inc. (NASDAQ:CORZ) is strengthening its Bitcoin mining business by completing a 100-megawatt expansion at its Pecos, Texas Bitcoin mining data center to house its miners. It also made significant miner migrations, and started the partial demolition of two of its data centers tapped for HPC hosting during fiscal Q3 2024. The company earned 1,115 Bitcoin in fiscal Q3 2024, and generated a total revenue of $95 million. Its diversification into HPC hosting is segment is also running smoothly and bringing positive momentum for the company. The HPC segment yielded $10.3 million in revenue in fiscal Q3 2024.
The company allocated an additional 100 megawatts of its infrastructure previously designated for Bitcoin mining to HPC. This increased its total capacity for HPC hosting to around 570 megawatts of critical IT load. Core Scientific, Inc. (NASDAQ:CORZ) is also acquiring new sites. It leased with an option to buy an existing data center in Alabama with a critical IT load of 11 megawatts. This deal holds the potential to support an additional 55 megawatts of critical IT load for the company.
10. Riot Platforms, Inc. (NASDAQ:RIOT)
Analyst Upside: 21.17%
Riot Platforms, Inc. (NASDAQ:RIOT) is a digital infrastructure and Bitcoin mining company operating in Central Texas, Kentucky, and Colorado. The company’s primary strategic focus is on building itself as a leading vertically integrated Bitcoin mining company, standing on three pillars of strength: being a low-cost Bitcoin producer, developing and owning operations of significant scale, and building a strong balance sheet. In its fiscal Q3 2024 earnings, the company demonstrated advancement and success across all these three pillars.
Riot Platforms, Inc. (NASDAQ:RIOT) increased its total deployed hash rate by 27% quarter-over-quarter in fiscal Q3 2024. It went from 22 exahash to 28 exahash, meeting its quarter-end target. The company is on track to reach 35 exahash by the end of fiscal 2024.
Although Bitcoin’s halving and the growth in global hash rate by 4% quarter-over-quarter created some bearish headwinds for Bitcoin miners, Riot Platforms Inc. (NASDAQ:RIOT) was supported by its unique power strategy and position as one of the lowest-cost Bitcoin miners in the industry. Its cost to mine in fiscal Q3 2024 was thus significantly below the average price per Bitcoin. Riot Platforms, Inc. (NASDAQ:RIOT) ranks 10th on our list of the 12 crypto stocks with the biggest upside potential.
9. TeraWulf Inc. (NASDAQ:WULF)
Analyst Upside: 21.36%
TeraWulf Inc. (NASDAQ:WULF) operates and owns data center infrastructure specifically designed for high-performance computing and Bitcoin mining. It primarily leverages environmentally sustainable and zero-carbon energy sources, such as hydroelectric and nuclear power, to power its Bitcoin mining and other operations.
The company’s unique focus on cost-effective and clean energy is significant, as the Bitcoin mining industry is increasingly aligning with its core strengths of commitment to sustainable energy and operational excellence. Tera Wulf Inc. (NASDAQ:WULF) undertook a major strategic transaction in October by selling its 25% stake in the Nautilus Cryptomine joint venture to Talen Energy. The transaction was valued at $92 million and delivered a 3.4-times return on the company’s investment. It also streamlined its operations, allowing it to focus on expanding its high-performance computing capabilities at Lake Mariner.
The company secured a new long-term ground lease at Lake Mariner, which increased its total acreage by nearly 50%, from 107 to 157 acres without additional cost per acre. In addition, Tera Wulf Inc. (NASDAQ:WULF) now holds exclusive rights to up to 750 megawatts of infrastructure capacity and power, positioning it as a leader in the industry.
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.
7. BitFuFu Inc. (NASDAQ:FUFU)
Analyst Upside: 23.89%
BitFuFu Inc. (NASDAQ:FUFU) provides digital asset mining and cloud mining services. It functions through an array of stable and intelligent digital asset mining solutions, including one-stop cloud mining services and miner hosting services to individual digital asset enthusiasts and institutional customers. The company also offers a compliant, secure, and transparent blockchain infrastructure.
BitFuFu Inc. (NASDAQ:FUFU) has access to a fleet of advanced Bitcoin miners for efficient self-mining and cloud-mining services for its customers. This allows it to reduce risk exposure and seamlessly adjust business strategies. It received early investment from Bitmain, the world-leading cryptocurrency mining hardware manufacturer. BitFuFu Inc. (NASDAQ:FUFU) is Bitmain’s sole strategic partner in the cloud mining space to date. Therefore, the former allows digital asset enthusiasts and institutional customers to efficiently mine digital assets by leveraging this strategic partnership and an expanding global mining facility network.
The company recorded total revenue of $90.3 million in the quarter that ended on September 30, undergoing a 47.5% year-over-year increase. It is transitioning from an asset-light strategy to operating a robust and diverse portfolio of Bitcoin mining infrastructure. It entered into a definitive agreement to acquire a 51.25% stake in an 80-MW Bitcoin mining facility in Ethiopia. This agreement is expected to strengthen the company’s standing in the industry by expanding its footprint outside the US. BitFuFu Inc. (NASDAQ:FUFU) ranks seventh on our list of the crypto stocks with the biggest upside potential.
6. MicroStrategy Incorporated (NASDAQ:MSTR)
Analyst Upside: 34.64%
MicroStrategy Incorporated (NASDAQ:MSTR) engages in the development of the Bitcoin network through its operations in technology, financial markets, and advocacy. It is the world’s largest corporate holder of Bitcoin. By December 15, 2024, the company and its subsidiaries held approximately 439,000 bitcoins, acquired for a total of $27.1 billion at an average cost of $61,725 per bitcoin, including expenses. On December 16, 2024, the company reported purchasing around 15,350 bitcoins between December 9 and December 15, 2024, for approximately $1.5 billion, averaging $100,386 per bitcoin, including fees.
As a result, the company now calls itself the world’s first and largest Bitcoin treasury company. It has adopted Bitcoin as its primary treasury reserve asset and is continuing to strategically accumulate Bitcoin and advocate for its role as digital capital by using proceeds from its equity and debt financings and cash flows from its operations. On December 14, Nasdaq announced that MicroStrategy Incorporated (NASDAQ:MSTR) along with two other companies will be added to the Nasdaq-100 Index, effective before the market opens on December 23, 2024.
In its fiscal Q3 2024 earnings, the company announced an ambitious capital market strategic plan for the next three years, 2025-2027. It aims to raise $42 billion in capital, consisting of $21 billion in fixed-income capital and $21 billion in equity capital, primarily to acquire Bitcoin. MicroStrategy Incorporated (NASDAQ:MSTR) thus ranks first among the 10 companies hoarding Bitcoin like there’s no tomorrow.
5. Bit Digital, Inc. (NASDAQ:BTBT)
Analyst Upside: 39.21%
Headquartered in New York City, Bit Digital (NASDAQ:BTBT) is a holding company that provides a platform for digital assets and AI infrastructure. Its Bitcoin mining operations are spread through the US, Canada, and Iceland.
In October, Bit Digital, Inc. (NASDAQ:BTBT) announced the acquisition of Enovum, a company that owns, operates, and develops high-performance computing data centers. The deal was valued at around $46 million and marked a significant improvement for Bit Digital, Inc. (NASDAQ:BTBT). The transaction vertically integrated the company’s HPC operations with a fully operational and fully leased Tier 3 data center in a significant city.
Bit Digital, Inc. (NASDAQ:BTBT) also added colocation as a new business and revenue line, added a substantial number of existing and prospective customers, and gained a strong pipeline of expansion site opportunities. In addition, the company announced a term sheet with Boosteroid. Its initial order of around 300 GPUs was in the process of being delivered to data centers in the US and was expected to begin revenue generation by the end of November.
This number does not include the GPUs to be delivered to European data centers. Overall, Bit Digital, Inc. (NASDAQ:BTBT) expects its deployment with Boosteroid to reach around 10,000 GPUs throughout 2025.
4. Greenidge Generation Holdings Inc. (NASDAQ:GREE)
Analyst Upside: 83.49%
Greenidge Generation Holdings Inc. (NASDAQ:GREE) is a vertically integrated cryptocurrency data center and power generation company. Its cryptocurrency data center operations earn Bitcoins as transaction fees or rewards for supporting the global Bitcoin network via application-specific integrated circuit computers leased or owned by the company.
The company reported a total revenue of $12.4 million for fiscal Q3 2024. Its cryptocurrency mining revenue was $15.0 million for the quarter, and data center hosting revenue was $22.2 million. In addition, its power and capacity revenue reached $7.1 million.
Greenidge Generation Holdings Inc. (NASDAQ:GREE) posted a total Bitcoin production of 793 BTC year to date in 2024 and a Bitcoin production of 166 BTC for fiscal Q3 2024. It is on the path to gradually upgrading its miner fleet with newer generation miners, compared to 27.1 J/TH reported as of September 30, 2024, and 28.7 J/TH reported as of June 30, 2024. It is also securing additional sites for future development and potentially monetizing certain assets. Almost all its miners have been deployed since November 7, 2024. Greenidge Generation Holdings Inc. (NASDAQ:GREE) ranks fourth on our list of the 12 crypto stocks with the biggest upside potential.
3. HIVE Digital Technologies Ltd. (NASDAQ:HIVE)
Analyst Upside: 91.33%
Based in Canada, HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is a cryptocurrency mining company focused on sustainable green energy. It operates green energy-powered data center facilities in Iceland, Sweden, and Canada. In addition to its hard assets, such as advanced multi-use servers and data centers, the company also operates a fleet of around 38,000 commercial-grade NVIDIA graphic processing units (GPUs).
Hive Digital Technologies Ltd. (NASDAQ:HIVE) is seeing a positive momentum after Trump’s win in the US presidential election. Total revenue for its fiscal Q2 2025 came to $22.6 million, of which $20.8 million came from its Bitcoin mining business unit. Its HPC business unit generated a total revenue of $1.9 million, where AI computing is run on its fleet of NVIDIA GPUs.
The company mined more than 2,600 Bitcoin in fiscal Q2 2025 using clean and green energy. It reached 5.6 exahash in October and plans to expand to 12.5 exahash by the summer of 2025. The company’s disciplined capital allocation strategy supports these plans. Hive Digital Technologies Ltd.’s (NASDAQ:HIVE) plans focus on attaining the best performance in the industry, having the best ROI, and the leanest operations. It ranks third on our list.
2. CleanSpark, Inc. (NASDAQ:CLSK)
Analyst Upside: 100.32%
CleanSpark, Inc. (NASDAQ:CLSK) is a Bitcoin mining company that independently owns and operates data centers in Mississippi, Georgia, Tennessee, New York, and Wyoming. The company is benefiting from a sustained growth trajectory, as reflected by its financial performance for fiscal 2024. It generated more than $378.9 million in revenue, up from $164.8 million reported in fiscal 2023. This translates to a 125% year-over-year growth.
Since last year, the company has added more than 425 megawatts to its operational power capacity, bringing its total portfolio to over 726 megawatts as of fiscal Q4 2024. CleanSpark, Inc. (NASDAQ:CLSK) also attained a three-fold increase in its total hash rate, which now stands at more than 33 exahash per second. It is on the path to attaining its goal of 37 exahash per second.
This growth is attributed to the company’s track record of execution and focus on delivering its commitments. CleanSpark, Inc. (NASDAQ:CLSK) plans to exceed 1 gigawatt of contracted capacity across its portfolio and is equipped to continue delivering its commitments in 2025 as well.
1. Bitfarms Ltd. (NASDAQ:BITF)
Analyst Upside: 114.29%
Based in Canada, Bitfarms Ltd. (NASDAQ:BITF) is a vertically integrated Bitcoin mining company. It owns 11 farms in the US, Canada, Argentina, and Paraguay. The company operates server farms that comprise computers (Miners) specifically designed to validate transactions on the Bitcoin Blockchain. It operates Miners about 24 hours a day to produce computational power sold to Mining Pools under a formula-driven rate known as Full Pay Per Share (FPPS).
Bitfarms Ltd. (NASDAQ:BITF) ranks among the largest internationally diversified energy contracts portfolios in the Bitcoin data center business. It has managed to grow its portfolio organically, which lends it a competitive market edge. The company’s portfolio is also not susceptible to market risks because of its exposure to various energy sources and providers, climates, government authorities, and geographies.
2024 was a transformational year for the company, as it upgraded 10 data centers and added 3 new ones to its portfolio. It unracked more than 50,000 older generation miners and racked over 46,000 new miners, increasing its hash rate by 83% to 11.9 exahash in fiscal Q3 2024. The company is improving its organizational structure to match its future goals and scale of operations.
In addition, Bitfarms Ltd. (NASDAQ:BITF) announced the acquisition of Stronghold Digital Mining, marking the largest acquisition between two public companies in the Bitcoin mining sector.
Overall, BITF ranks first among the 12 crypto stocks with the biggest upside potential. While we acknowledge the potential of crypto stocks, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an 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.
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