20 Best Cryptocurrency Stocks to Buy According to Hedge Funds

9. Core Scientific, Inc. (NASDAQ:CORZ)

Number of Hedge Fund Holders: 53

Core Scientific, Inc. (NASDAQ:CORZ) is a leader in digital infrastructure for bitcoin mining and high-performance computing. The firm was founded in 2017 and has scaled its operations over the years to be the first digital asset miner in North America to achieve 100, 250, and 500 megawatts of operating capacity. Other than engaging in Bitcoin mining, Core Scientific offers hosting services for Bitcoin mining by housing its customers’ miners in the same data centers in which it self-mines. The firm’s eight operational data centers include 2 in Georgia, 1 in Kentucky, 1 in North Carolina, 1 in North Dakota, and 3 in Texas.

Being one of the largest bitcoin miners in North America, Core Scientific, Inc. (NASDAQ:CORZ) is in a good market position. The firm receives the majority of its revenue from earning bitcoin for its own account also known as self-mining. The Bitcoin miner recently secured long-term HPC hosting contracts totaling 382 megawatts, an opportunity with anticipated potential revenue of approximately $6.7 billion over 12 years. Hence, Core Scientific is well-positioned for market leadership and growth.

Quarter 2 highlights of the firm include securing total revenue of $141 million, earning 1,680 bitcoins, operating 19.4 exahashes per second self-mining hash rate, and adding 72 megawatts of infrastructure at the Denton, Texas data center. The firm has also reported HPC hosting as a separate segment which reflects its growth driving ability for the business. The status of successfully earning more bitcoin since 2021 than any other public company in North America and its strong industry position ranks Core Scientific, Inc. (NASDAQ:CORZ) among some of the best cryptocurrency stocks. Core Scientific has 59 hedge fund holders, as of Q2 2024.