20 Best Cryptocurrency Stocks to Buy According to Hedge Funds

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12. Iris Energy Limited (NASDAQ:IREN)

Number of Hedge Fund Holders: 38

Iris Energy Limited (NASDAQ:IREN) owns, builds, and operates data centers and electrical infrastructure to mine Bitcoin. The company’s business model has been built on sustainably-mined Bitcoin. The founders Dan and Will saw a chance to capitalize on excess renewable energy and support energy networks while having an early conviction on Bitcoin. As a sustainable Bitcoin miner, the company’s sites are powered by 100% renewable energy. The company’s facilities are optimized for Bitcoin mining, AI cloud services, and other power-dense compute.

Iris Energy Limited (NASDAQ:IREN) holds a unique position in an emerging market by using low-cost excess renewable energy to keep costs low, support communities, and solve the energy market challenges. It has a solid portfolio comprising 260MW of operating data centers while it has plans to expand to 510MW in 2024. Recently in July, the company secured an additional 150MW of immediately available power capacity at its Childress site which raised its total secured grid-connected power capacity to 2,310MW. Among its peers, Iris qualifies as a large-scale miner with its strong Bitcoin mining hashrate.

For the full year ended June 30, Iris saw growth across its revenue, earnings, and cash flow. Driven by the growth in operating hashrate and higher Bitcoin prices, record Bitcoin mining revenue of $184.1 million was reported relative to the $75.5 million in 2023. As compared to 3,259 Bitcoin mined in fiscal year 2023, a record 4,191 Bitcoin were mined. Hence, Iris is on track to reach 30 exahashes per second by the last quarter of 2024 which demonstrates the future growth potential.

As a leading next-generation data center business powering the future of Bitcoin and AI with a strong market position and the potential for continuous growth, Iris Energy Limited is one of the largest publicly listed Bitcoin miners. As of Q2, the stock is held by 38 hedge funds. Castle Hook Partners is the dominant shareholder in the company with a position worth $77.5 million.

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