In this article, we will take a look at the 5 best bitcoin stocks to buy now. For a detailed analysis of the cryptocurrency industry, go directly to the 10 Best Bitcoin Stocks to Buy Now.
5. Marathon Digital Holdings, Inc. (NASDAQ: MARA)
Number of Hedge Fund Holders: 11
Digital asset tech firm Marathon Digital Holdings, Inc. (NASDAQ: MARA) ranks 5th on the list of best bitcoin stocks to buy now. Formerly known as Marathon Patent Group, Inc., the company was founded in 2010 and is based in Las Vegas, Nevada. The company owns a data center where they concentrate on the blockchain ecosystem and digital assets.
The company has a market cap of $3.6 billion. In 2020, Marathon Digital Holdings, Inc.’s revenue increased 268% to $4.4 million from $1.2 million in 2019. HC Wainwright & Co. retains its buy rating on Marathon Digital Holdings, Inc and raises its price target to $30 on February 8. Shares of MARA surged 8,278.13% over the past twelve months.
There were 8 hedge funds that reported owning stakes in Marathon Digital Holdings, Inc. at the end of the fourth quarter, up from 3 funds a quarter earlier. Out of the hedge funds being tracked by Insider Monkey, Chicago-based investment firm Citadel Investment Group is a leading shareholder in the firm with 740,100 shares worth more than $7.7 million.
4. MicroStrategy Incorporated (NASDAQ: MSTR)
Number of Hedge Fund Holders: 15
Software company MicroStrategy Incorporated (NASDAQ: MSTR) ranks 4th in our list of 10 best bitcoin stocks to buy now. Virginia-based MicroStrategy Incorporated’s cloud-based enterprise applications and services are used in various sectors, including banking, insurance, retail, manufacturing, healthcare, and government.
The company has a market cap of $6.4 billion and total revenue of $122.9 million in the first quarter of 2021. The company also bought 20,857 Bitcoins for $1.086 billion, or $52,087 per Bitcoin, for a total of 91,326 Bitcoins at an average price of $24,214 end of the period. On April 9, Canadian financial firm Canaccord Genuity initiated a Buy recommendation for MicroStrategy (NASDAQ: MSTR) with a $920 price goal. Shares of MSTR increased 436% over the past twelve months.
There were 15 hedge funds that reported owning stakes in MicroStrategy Incorporated at the end of the fourth quarter. The total value of these stakes at the end of Q4 is $134.7 million.
Alger Mid Cap Focus Fund, in their Q1 2021 investor letter, mentioned MicroStrategy Incorporated (NASDAQ: MSTR). Here is what Alger Mid Cap Focus Fund has to say about MicroStrategy Incorporated in their Q1 2021 investor letter:
“MicroStrategy Incorporated was among the top contributors to performance. MicroStrategy is a global leader in enterprise analytics software and services. MicroStrategy’s core software platform provides customers with visualization and reporting capabilities, mobility features and custom applications to help with complex business questions. Today, MicroStrategy has over 4,000 customers worldwide. In August 2020, MicroStrategy decided to make bitcoin its preferred reserve currency. To date, MicroStrategy has purchased over 90,000 bitcoins at an aggregate purchase price of $2.17 bi11 ion and an average price of over $23,985 per bitcoin. Going forward, MicroStrategy plans to use excess cash generated by its core business to purchase additional bitcoin.
Shares of MicroStrategy outperformed in the first quarter due to the appreciation of the company’s bitcoin asset, as the price of
bitcoin relative to the U.S. dollar rose materially in the quarter. This bitcoin appreciation was driven by concerns about U.S. dollar inflation as well as other public companies deciding to acquire bitcoin to diversify reserve assets. MicroStrategy is establishing itself as a thought leader in the bitcoin space, and the company hosted an event at its February user conference to help other organizations understand the benefits of bitcoin as a reserve asset. MicroStrategy’s core software business is also benefitting from its status as a leader in the bitcoin space, with the increased public attention aiding MicroStrategy’s recruitment and marketing efforts as the software business continues to transition to a cloud-based subscription model.”
3. CME Group Inc. (NASDAQ: CME)
Number of Hedge Fund Holders: 58
Ranking 3rd on the list of the best bitcoin stocks to buy now is CME Group Inc. (NASDAQ: CME). Chicago-based CME Group Inc. is one of the most significant future exchange operators in the US. CME Group Inc. offers one of the products is Micro Bitcoin futures (MBT), a modern, convenient, and cost-effective way to fine-tune bitcoin exposure.
The company has a market cap of $72.5 billion and total revenue of $1.3 billion in the first quarter of 2021. Citigroup keeps its buy rating on CME Group but lowers its price target to $235 on April 29. Shares of CME jumped 16.32% over the past twelve months.
There were 58 hedge funds that reported owning stakes in CME Group Inc. at the end of the fourth quarter. The total value of these stakes at the end of Q4 is $2.27 billion.
Cooper Investors Global Equities Fund (Hedged), in their Q1 2021 investor letter, mentioned CME Group Inc. (NASDAQ: CME). Here is what Cooper Investors Global Equities Fund (Hedged) has to say about CME Group Inc. in their Q1 2021 investor letter:
“CME has been owned by the portfolio for five years. CME’s strategic positioning as a monopolistic global financial exchange operator will continue to afford the business a highly attractive margin profile. CME is well managed however we can no longer identify clear value latency opportunities for the management team to execute against and so decided to exit our position.”
2. Advanced Micro Devices, Inc. (NASDAQ: AMD)
Number of Hedge Fund Holders: 74
GPU giant Advanced Micro Devices, Inc. (NASDAQ: AMD) ranks 2th in our list of 10 best bitcoin stocks to buy now. Founded in 1969, the California-based tech firm became one of the largest manufacturers of semiconductors and integrated graphic processing units globally. The company’s best mix of CPU and GPU technologies accelerate and secure blockchain transactions such as Bitcoin.
The company has a market cap of $99.2 billion. AMD’s revenue in the first quarter of 2021 came in at $3.4 billion, up 93% from $1.8 billion in the same period in 2020. As high-end Radeon graphics devices are widely used in cryptocurrency mining, AMD’s GPU average selling price increased year over year and quarter over quarter. Mizuho keeps its buy rating on Advanced Micro Devices and raises its price target to $107 in April. Shares of AMD jumped 64% over the past twelve months.
There were 74 hedge funds that reported owning stakes in Advanced Micro Devices, Inc. at the end of the fourth quarter, up from 71 funds a quarter earlier. The total value of these stakes at the end of Q4 is $6.68 billion. Out of the hedge funds being tracked by Insider Monkey, Washington-based money management firm Fisher Asset Management is the leading shareholder in the company with 9,526,397 shares worth more than $747.8 million.
Artisan Mid Cap Fund, in their Q4 2020 investor letter, mentioned Advanced Micro Devices, Inc. (NASDAQ: AMD). Here is what Artisan Mid Cap Fund has to say about Advanced Micro Devices, Inc. in their Q4 2020 investor letter:
“We also exited our positions in Advanced Micro Devices. Our investment campaign in Advanced Micro Devices (AMD) began in the second half of 2018, and we have seen a new management team reinvigorate the company’s product portfolio of microprocessors for PCs and servers, graphics processors, and video game consoles. These new, higher-margin products have helped the company partially close its margin gap with peers and capture share from market leader Intel. While we believe there is meaningful runway for further share gains and margin expansion, AMD has appreciated far beyond our mid-cap market cap mandate, and we exited our position.”
1. NVIDIA Corporation (NASDAQ: NVDA)
Number of Hedge Fund Holders: 88
Topping the list of 10 best bitcoin stocks to buy now is graphic processor manufacturer NVIDIA Corporation (NASDAQ: NVDA). California-based tech hardware firm produces programmable GPUs used in supercomputing, playing graphics-heavy video games, and cryptocurrency mining.
The company has a market cap of $373.7 billion and total revenue of $16.7 billion in the fiscal year 2021. Revenue from the graphics segment grew by 29% to $9.8 billion in the fiscal year 2021 compared to the fiscal year 2020, owing to increased sales of GeForce GPUs and game console single chips. On April 15, NVIDIA Corporation was upgraded by Raymond James analyst Chris Caso from Outperform to Strong Buy, with a price target of $750 from $700.
There were 88 hedge funds that reported owning stakes in NVIDIA Corporation at the end of the fourth quarter, up from 82 funds a quarter earlier. The total value of these stakes at the end of Q4 is $8.7 billion. Out of the hedge funds being tracked by Insider Monkey, Washington-based money management firm Fisher Asset Management is the leading shareholder in the company with 1,188,722 shares worth more than $634.7 million.
You can also take a peek at 10 Best Hardware Stocks to Buy Now and 10 Best Virtual Reality Stocks to Buy Now.
