In this article, we discuss 5 bitcoin mining stocks to buy now. If you want to read about some more stocks in this collection, go see 10 Bitcoin Mining Stocks to Buy Now.
5. Galaxy Digital Holdings Ltd. (OTC:BRPHF)
Number of Hedge Fund Holders: N/A
Galaxy Digital Holdings Ltd. (OTC:BRPHF) is a New York-based asset management firm that operates in the digital asset, cryptocurrency, and blockchain industries. The company’s Mining segment offers financial tools to North American crypto miners, and it partners with third-party data center providers, hosting proprietary mining equipment to secure the Bitcoin network. Billionaire Michael Novogratz is the founder and CEO of Galaxy Digital Holdings Ltd. (OTC:BRPHF).
On February 22, BMO Capital analyst Deepak Kaushal reiterated an Outperform rating on Galaxy Digital Holdings Ltd. (OTC:BRPHF) but lowered the firm’s price target on the shares to C$32 from C$44.
Galaxy Digital Holdings Ltd. (OTC:BRPHF) on April 6 reported preliminary assets under management of $2.72 billion as of March end, up 12% from February 28, when the assets equaled $2.41 billion.
4. Core Scientific, Inc. (NASDAQ:CORZ)
Number of Hedge Fund Holders: N/A
Core Scientific, Inc. (NASDAQ:CORZ) is headquartered in Austin, Texas. The company specializes in net carbon-neutral blockchain infrastructure and digital asset mining operations in North America. It uses advanced cryptographic algorithms to validate transactions on specific digital asset network blockchains.
On April 5, Core Scientific, Inc. (NASDAQ:CORZ) announced its March production update. The company’s self-mining operations produced 1,143 bitcoins in March, averaging 36.9 bitcoins daily, compared to the daily February average of 35 BTC. Core Scientific, Inc. (NASDAQ:CORZ) operated its own fleet of more than 80,000 bitcoin miners, producing 8.3 EH/s. The company expects a 2022 hashrate ranging from 40 EH/s to 42 EH/s, with total power between 1,200 MW and 1,300 MW.
Riley analyst Lucas Pipes on March 17 maintained a Buy recommendation on Core Scientific, Inc. (NASDAQ:CORZ) and raised the firm’s price target on the shares to $16 from $15. With many miners yet to transition to notable EBITDA generation, Core Scientific, Inc. (NASDAQ:CORZ)’s operational performance and growth execution over the last year stands out, the analyst told investors in a research note.
According to Insider Monkey’s Q4 data, David Rosen’s Rubric Capital Management is the biggest stakeholder of Core Scientific, Inc. (NASDAQ:CORZ), with 2.20 million shares worth over $24 million. The hedge fund boosted its stake in the company by 49% in the fourth quarter of 2021.
3. Iris Energy Limited (NASDAQ:IREN)
Number of Hedge Fund Holders: 11
Iris Energy Limited (NASDAQ:IREN) was incorporated in 2018 and is based in Sydney, Australia, operating as a bitcoin mining company. The company operates data center infrastructure, focusing on renewable energy to power its operations. According to the fourth quarter database of Insider Monkey, 11 hedge funds were bullish on Iris Energy Limited (NASDAQ:IREN), collectively holding stakes worth $64.2 million.
Iris Energy Limited (NASDAQ:IREN) plans to decarbonize energy markets and sustainably grow the global Bitcoin network. An installed mining capacity of 2.4 EH/s is expected in 2023 and in March 2022, Iris Energy Limited (NASDAQ:IREN) reported mining 121 Bitcoins.
Cantor Fitzgerald analyst Mike Colonnese on March 9 reiterated an Overweight rating on Iris Energy Limited (NASDAQ:IREN) but lowered the firm’s price target on the stock to $22 from $25 after the company released its monthly bitcoin mining production update for February.
2. Marathon Digital Holdings, Inc. (NASDAQ:MARA)
Number of Hedge Fund Holders: 15
Marathon Digital Holdings, Inc. (NASDAQ:MARA) is a digital asset technology company, focused on mining cryptocurrencies, developing the blockchain ecosystem, and the creation of digital assets in the United States. Marathon Digital Holdings, Inc. (NASDAQ:MARA) was incorporated in 2010 and is headquartered in Las Vegas, Nevada.
On April 5, B. Riley analyst Lucas Pipes reiterated a Buy recommendation on Marathon Digital Holdings, Inc. (NASDAQ:MARA) but slashed the firm’s price target on the stock to $57 from $59 after the company published its March operations update. The results were lower than expected because of delays in miner deployment, the analyst told investors in a research note. However, Marathon Digital Holdings, Inc. (NASDAQ:MARA)’s growth objective of 23.3 EH/s by early 2023 remains intact, and new containers are continuously being installed at Compute North’s new facilities in Texas, added the analyst.
The fourth quarter database of Insider Monkey suggests that 15 hedge funds were bullish on Marathon Digital Holdings, Inc. (NASDAQ:MARA), up from 12 funds in the preceding quarter. The total stakes held in Q4 2021 amounted to $78.15 million.
1. Riot Blockchain, Inc. (NASDAQ:RIOT)
Number of Hedge Fund Holders: 18
Riot Blockchain, Inc. (NASDAQ:RIOT) specializes in bitcoin mining operations in North America. The company is based in Colorado, and runs via three main segments – Bitcoin Mining, Data Center Hosting, and Electrical Products and Engineering. Riot Blockchain, Inc. (NASDAQ:RIOT)’s fourth quarter revenue of $90.85 million jumped 1617% year-over-year and outperformed market consensus by $1.46 million.
On April 12, B. Riley analyst Lucas Pipes maintained a Buy rating on Riot Blockchain, Inc. (NASDAQ:RIOT) but lowered the firm’s price target on the shares to $47 from $49. The company’s production came in below Riley’s estimate of 1,704 bitcoins in Q1, with Riot Blockchain, Inc. (NASDAQ:RIOT) producing approximately 1,405 coins, the analyst noted. However, Riot Blockchain, Inc. (NASDAQ:RIOT)’s production capacity of 511 bitcoins in March shows significant improvement, reflecting a 17% increase from February, the analyst added.
According to Insider Monkey’s Q4 database, 18 hedge funds were long Riot Blockchain, Inc. (NASDAQ:RIOT), compared to 11 funds in the earlier quarter. The total stakes owned by elite hedge funds amounted to more than $37 million. Ken Griffin’s Citadel Investment Group is a significant position holder in Riot Blockchain, Inc. (NASDAQ:RIOT), with 317,551 shares worth $7 million.
You can also take a look at 10 Best Stocks To Buy For Beginners Right Now and 10 Best Value ETFs to Invest in Now.
