20 Best Cryptocurrency Stocks to Buy According to Hedge Funds

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16. CleanSpark, Inc. (NASDAQ:CLSK)

Number of Hedge Fund Holders: 20

CleanSpark, Inc. (NASDAQ:CLSK) develops infrastructure for Bitcoin. The Bitcoin miner owns and operates multiple data centers that primarily run on low-carbon power. The company uses a sustainable energy mix comprising nuclear, hydroelectric, solar, and wind to mine Bitcoin in a responsible manner.

CleanSpark, Inc. (NASDAQ:CLSK) has one of the highest current hashrates of 22.3 exahashes per second among other Bitcoin miners. The firm has a proven track record of strategic growth as evident by its 129% year-over-year revenue growth and 204% year-over-year hashrate growth from 3Q FY2023 to 3Q FY2024. It closed the fiscal third quarter of 2024 with a 24% increase in hashrate during the quarter.

In July, the firm officially expanded into new states such as Tennessee and Wyoming while it remains committed to replacing a substantial portion of its fleet before the miners approach the end of their originally expected life cycle thereby positioning itself as the most efficient large-scale publicly traded Bitcoin miner. The firm secured power agreements totaling 75 MW in Wyoming other than closing its first Bitcoin mining state site. It also began hashing in Tennessee per the terms of the company’s acquisition agreements with GRIID with 1 exahash per second of additional hashrate added in the month of July.

Currently, CleanSpark is trading at 23 times its forward earnings, a discount of 3.28% to the sector. As a key player in Bitcoin mining with a clean energy base, the firm has an impressive growth and efficiency record and ranks on our list. According to Insider Monkey’s Q2 data, the stock is held by 20 hedge funds. Citadel Investment Group is the dominant shareholder in the company with a position worth $61 million.

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