13 Best Cryptocurrency Stocks to Buy Now

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7. Hut 8 Corp (NASDAQ:HUT)

Average Upside Potential as of March 11: 174.79%

Number of Hedge Fund Holders: 34

Hut 8 Corp (NASDAQ:HUT) operates as a vertically integrated operator of energy infrastructure and Bitcoin miners. It also offers high-performance computing services and managed services for energy infrastructure development. The company focuses on growing its Bitcoin mining business and creating AI data centers.

Hut 8 Corp (NASDAQ:HUT) exited 2024 with $331 million in net income, up from $21.9 million the previous year, benefiting from a significant spike in Bitcoin prices. Revenue in the quarter was also up by 69% year over year to $162.4 million. The better-than-expected net income came from the company experiencing a sharp reduction in energy costs, down by 30%. The company also ended the year with 10,171 Bitcoin holdings valued at more than $900 million.

In addition, Hut 8 Corp (NASDAQ:HUT) has strengthened its ties with Bitmain, one of the biggest bitcoin mining companies globally. In addition to working with Bitmain to create a next-generation ASIC miner, Hut 8 has landed a colocation agreement with the company that is anticipated to bring in $125 million annually.

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