5 Best Cryptocurrency Stocks To Buy According To Hedge Funds

In this piece, we will take a look at the five best cryptocurrency stocks to buy according to hedge funds. If you want to learn more about recent trends in the cryptocurrency industry, check out 12 Best Cryptocurrency Stocks To Buy According To Hedge Funds.

5. Cipher Mining Inc. (NASDAQ:CIFR)

Number of Hedge Fund Investors In Q3 2023: 9

Cipher Mining Inc. (NASDAQ:CIFR) is an American Bitcoin mining company that operates large scale mining centers. It is the third consecutive cryptocurrency mining stock on our list that is rated Strong Buy on average. Analysts have set an average share price target of $5.21.

As Q3 2023 came to an end, nine out of the 910 hedge funds polled by Insider Monkey had held a stake in Cipher Mining Inc. (NASDAQ:CIFR).

4. CleanSpark, Inc. (NASDAQ:CLSK)

Number of Hedge Fund Investors In Q3 2023: 9

CleanSpark, Inc. (NASDAQ:CLSK) is a Nevada based Bitcoin mining company based in Henderson, Canada. It keeps up the trend of being highly rated, as analysts have rated the shares as Strong Buy on average. Cantor Fitzgerald, Bernstein, and JP Morgan have all rated the shares as either Overweight or Outperform.

During this year’s third quarter, nine out of the 910 hedge funds part of Insider Monkey’s database were the firm’s investors. Out of these, the biggest CleanSpark, Inc. (NASDAQ:CLSK) investor was Jim Simons’ Renaissance Technologies due to its $7.3 million investment.

3. Marathon Digital Holdings, Inc. (NASDAQ:MARA)

Number of Hedge Fund Investors In Q3 2023: 13

Marathon Digital Holdings, Inc. (NASDAQ:MARA) is a diversified cryptocurrency firm that owns and operates a blockchain ecosystem. The firm has beaten analyst EPS estimates in two out of its four latest quarters, and its average share price target of $14.74 prices in a hefty $5 upside.

Insider Monkey’s September quarter of 2023 survey covering 910 hedge funds revealed that 13 had held a stake in Marathon Digital Holdings, Inc. (NASDAQ:MARA).

2. Riot Platforms, Inc. (NASDAQ:RIOT)

Number of Hedge Fund Investors In Q3 2023: 17

Riot Platforms, Inc. (NASDAQ:RIOT) is another diversified cryptocurrency mining company that focuses on providing mining infrastructure hosting for Bitcoin miners. Like other miners, it is also busy loading up on Bitcoin miners and added $290.5 million worth of products to its portfolio in December 2023.

By the end of 2023’s third quarter, 17 out of the 910o hedge funds polled by Insider Monkey were Riot Platforms, Inc. (NASDAQ:RIOT)’s shareholders. Israel Englander’s Millennium Management was the largest investor as it owned 2 million shares that are worth $18.7 million.

1. Argo Blockchain plc (NASDAQ:ARBK)

Number of Hedge Fund Investors In Q3 2023: 18

Argo Blockchain plc (NASDAQ:ARBK) is a British cryptocurrency mining company that operates large scale Bitcoin mining platforms. Soaring Bitcoin prices this year have proven to be a boon for the firm in November 2023 as its revenue jumped by 25%.

18 out of the 910 hedge funds part of Insider Monkey’s Q3 2023 database had bought and owned a stake in Argo Blockchain plc (NASDAQ:ARBK).

Disclosure: None. You can also take a look at 15 Stocks Billionaire Seth Klarman Likes the Most Now and 13 Best Growth Stocks To Buy According To George Soros.

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