5 Best Bitcoin Stocks to Invest in According to Hedge Funds

4. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 106

NVIDIA Corporation (NASDAQ:NVDA) is a technology company and its product range includes GPUs, CPUs, SoCs, and more. The company is one of the best Bitcoin stocks to invest in according to hedge funds as its GPUs are extensively utilized to mine various types of cryptocurrencies.

On April 19, BofA increased the price target of NVIDIA Corporation (NASDAQ:NVDA)’s shares to $340 from $310 while keeping the Buy rating on the stock. According to the firm, the company’s earnings power estimate for the year 2027 will be elevated because of increased value being placed on GPUs, owing to the penetration of AI. 

NVIDIA Corporation (NASDAQ:NVDA)’s GPUs are often targeted toward high-end buyers as many of them sell for around $40,000. However, on April 12, the company rolled out GeForce RTX 4070. The GPU will use AI and will be priced at around $599.

Aristotle Atlantic Partners, LLC highlighted NVIDIA Corporation (NASDAQ:NVDA) in its first-quarter 2023. Here is what it said:

“NVIDIA Corporation (NASDAQ:NVDA) contributed to outperformance, as the company announced better-than-expected fourth quarter earnings driven by a strong rebound in Gaming and an improving outlook for the Datacenter business due to the acceleration of Graphics Processing Unit (GPU) driven Artifical Intelligence (AI) deployment. The company also hosted its Global Technology Conference (GTC) in March where it further highlighted its leading technology being used to develop AI Large Language Models (LLM). The company announced new partnerships with hyperscalers for its AI cloud-based service while also releasing new software and hardware offerings that will support GPU-driven AI growth. Nvidia continues to see a growing addressable market for its products and services as AI uses become more prevalent.”