20 Best Cryptocurrency Stocks to Buy According to Hedge Funds

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14. TeraWulf Inc. (NASDAQ:WULF)

Number of Hedge Fund Holders: 37

TeraWulf Inc. (NASDAQ:WULF) is an infrastructure-focused Bitcoin mining company that generates domestically produced Bitcoin powered primarily by nuclear and hydro energy. The company develops, owns, and operates fully integrated Bitcoin mining facilities across the United States. As of now, TeraWulf operates two bitcoin mining facilities including the Nautilus Cryptomine Facility in Pennsylvania which is directly powered by nuclear energy, and the Lake Mariner Facility in New York which utilizes more than 91% zero-carbon energy sourced from the grid.

TeraWulf’s extensive 600 megawatts of owned and scalable infrastructure serve as its competitive edge. The firm is one of the efficient public Bitcoin miners and digital infrastructure owners with a fleet efficiency of 23.7 joules per terrahash. TeraWulf Inc. (NASDAQ:WULF) has solidified its existing market position by utilizing its successful bitcoin mining as the foundation for strategically moving into alternative compute hosting. Financed by an industry-leading OEM, the Bitcoin miner committed to purchasing a 128 GPU cluster from NVIDIA in the recent quarter.

During July, the firm’s installed and operational self-mining capacity witnessed a 100% year-over-year increase and hit approximately 10 exahashes per second. For the overall second quarter, TeraWulf Inc. (NASDAQ:WULF) saw a 130.2% year-over-year revenue growth despite the April halving and successfully mined 699 bitcoins across its facilities. The revenue rise was due to the higher average bitcoin price growth relative to 2023 and growth in operating self-mining hashrate. Additionally, the completion of Building 4 at the wholly-owned facility Lake Mariner has increased the firm’s bitcoin mining infrastructure capacity to 245 MW while beginning the construction on Building 5 will contribute an additional 50 MW of infrastructure capacity by 2025’s first quarter.

The above strategic positioning and large-scale facilities have equipped TeraWulf to cater to the rising demand of the data center market. The firm’s focus on scalable zero-carbon energy infrastructure is a differentiating factor. The stock was held by 37 hedge funds at the end of Q2 which ranks it among the top cryptocurrency stocks to buy according to hedge funds.

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