13 Best Cryptocurrency Stocks to Buy Now

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6. Riot Platforms Inc (NASDAQ:RIOT)

Average Upside Potential as of March 11: 145.37%

Number of Hedge Fund Holders: 37

Riot Platforms Inc (NASDAQ:RIOT) is a Bitcoin mining and digital infrastructure company that designs, manufactures, and installs electrical products and services. The company also designs and manufactures power distribution equipment and custom-engineered electrical products.

Riot Platforms Inc (NASDAQ:RIOT) experienced an extraordinary year in 2024, achieving a record revenue of $376.7 million along with a net income of $109.4 million. Additionally, the company recorded an unprecedented adjusted EBITDA of $463.2 million for 2024, highlighting the effectiveness of the Bitcoin treasury strategy, which focuses on retaining Bitcoin production instead of selling. The year 2024 was characterized by significant growth initiatives coming to fruition, such as the activation of the Corsicana Facility.

Riot Platforms Inc (NASDAQ:RIOT) also acquired Block Mining and E4A Solutions, a prominent electrical engineering services company, to complement its engineering division and Bitcoin mining activities. These growth strategies and greatly improved operational performance led to Riot mining 4,828 Bitcoins at an average direct cost of $32,216 per coin. In 2025, Riot Platforms plans to broaden its AI and HPC division, focusing on its Corsicana facility as it looks to diversify and strengthen its revenue base beyond cryptocurrencies.

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