13 Best Cryptocurrency Stocks to Buy Now

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8. Bitdeer Technologies Group (NASDAQ:BTDR)

Average Upside Potential as of March 11: 142.08%

Number of Hedge Fund Holders: 31

Bitdeer Technologies Group (NASDAQ:BTDR) operates as a technology company for blockchain and computing. It offers hash rate sharing solutions, including Cloud hash rate and a one-stop mining machine hosting solutions for efficient cryptocurrency mining. The company has set out to become the largest vertically integrated Bitcoin miner.

Consequently, it’s been expanding access to power to ramp up mining operations. It has already acquired a 101-megawatt power project in Alberta, Canada, to scale its mining operations. Nevertheless, Bitdeer delivered a steep net loss of $531.9 million in the fourth quarter of 2024 compared to a net loss of $5 million in the same period a year earlier.

The wider-than-expected net loss came on Bitdeer Technologies Group (NASDAQ:BTDR) moving to develop its application-specific integrated circuits (ASICs), which are specialized chips designed for Bitcoin mining. The company is currently finishing up the design of its second and third-generation mining chips after starting mass production of its SEALMINER A1 Bitcoin mining hardware in the fourth quarter.

Even as the company continues to ramp up Bitcoin mining operations, it’s also taking advantage of a steep decline in BTC prices. The company leveraged a decrease in Bitcoin to purchase 50 BTC at a cost of about $81,475. The company’s total holding has since surged to 640 BTC. Bitdeer has also announced plans to return value to shareholders through a $20 million share repurchase program.

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