5 Crypto Stocks with Biggest Upside

In this article, we discuss the 5 crypto stocks with the biggest upside. To read the detailed analysis and latest updates around cryptocurrencies, go directly to the 11 Crypto Stocks with Biggest Upside.

5. Bitdeer Technologies Group (NASDAQ:BTDR)

Average Price Target as of March 22: $14.20

Average Upside Potential as of March 22: 98.32%

Number of Hedge Fund Holders: 3

Bitdeer Technologies Group (NASDAQ:BTDR) mines cryptocurrencies and offers cryptocurrency mining solutions to its clients. The company has six mining data centers globally and has a total hash rate of 22 exa hashes per second under management. According to our database, 3 hedge funds held stakes in Bitdeer Technologies Group (NASDAQ:BTDR), with positions worth $2.048 million in the fourth quarter of 2023.

Based on 5 Wall Street analysts’ ratings in the last three months, Bitdeer Technologies Group (NASDAQ:BTDR) has a consensus rating of Strong Buy. The average price target of $14.20 represents an upside of 98.32% from the current levels, as of March 22, and makes it one of the crypto stocks with the biggest upside.

On March 14, Benchmark initiated coverage of Bitdeer Technologies Group (NASDAQ:BTDR) with a Buy rating and a $13 price target. The analyst mentioned that the company has few distinguishing prospects from its peers, like various revenue streams, expansion into AI, and growth potential in its infrastructure with low mining costs.

4. HIVE Digital Technologies Ltd. (NASDAQ:HIVE)

Average Price Target as of March 22: $6.17

Average Upside Potential as of March 22: 106.01%

Number of Hedge Fund Holders: 6

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is involved in mining and selling various cryptocurrencies, including Ethereum Classic, Bitcoin, and other coins. It boasts of operating a green energy-powered blockchain infrastructure as it has operations in cooler regions, namely Iceland and Sweden. 

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) was part of 6 hedge funds’ portfolios in the fourth quarter of 2023 with a total stake value of $7.760 million. This is compared to 6 funds with positions worth $3.031 million in the preceding quarter.

On March 6, HIVE Digital Technologies Ltd. (NASDAQ:HIVE) reported its unaudited production figures for February 2024. In the month, the company mined 200 Bitcoin and increased its HODL position by 10% to 2,131 BTC.

In the past three months, HIVE Digital Technologies Ltd. (NASDAQ:HIVE) has received Buy ratings from 2 Wall Street analysts. As of March 22, the average price target of $6.17 has an upside of 106.01% from current levels.

3. Iris Energy Limited (NASDAQ:IREN)

Average Price Target as of March 22: $10.83

Average Upside Potential as of March 22: 110.70%

Number of Hedge Fund Holders: 13

Iris Energy Limited (NASDAQ:IREN) is involved in sustainable cryptocurrency mining by operating Bitcoin mining data centers that are powered by renewable energy. On March 15, B. Riley lowered the price target on Iris Energy Limited’s (NASDAQ:IREN) stock to $9.50 from $10 and maintained a Buy rating on the shares.

In the fourth quarter of 2023, 13 hedge funds held positions in Iris Energy Limited (NASDAQ:IREN) worth $51.732 million. This is compared to 8 funds’ positions in the preceding quarter worth $21.008 million. As of Q4 of 2023, Kerr Neilson’s Platinum Asset Management is the top shareholder in the company and has a position worth $18.07 million.

In the past three months, Iris Energy Limited (NASDAQ:IREN) has received Buy ratings from 6 Wall Street analysts. As of March 22, the average price target of $10.83 has an upside of 110.70% from current levels.

2.  Bit Digital, Inc. (NASDAQ:BTBT)

Average Price Target as of March 22: $5.25

Average Upside Potential as of March 22: 122.46%

Number of Hedge Fund Holders: 7

Bit Digital, Inc. (NASDAQ:BTBT) is involved in the bitcoin mining business and has mining operations in Canada, Iceland, and the US. Over the past 3 months, Bit Digital, Inc. (NASDAQ:BTBT) has received Buy ratings from 2 Wall Street analysts. The average price target of $5.25 has an upside of 122.46% from the last price of $2.36 as of March 22.

On March 18, Bit Digital, Inc. (NASDAQ:BTBT) reported earnings for the fiscal year 2023. The company reported a non-GAAP EPS of $0.12. In the quarter, the revenue surged 39.0% year-over-year to $44.9 million, which beat the analysts’ estimates by $4 million.

In the fourth quarter of 2023, hedge fund sentiment was positive toward Bit Digital, Inc. (NASDAQ:BTBT). In the quarter, 7 hedge funds held positions in the company, and their stakes amounted to $12.044 million. This is compared to 4 funds in the third quarter, with positions worth $217,541. As of December 31, 2023, Israel Englander’s Millennium Management is the largest shareholder in the company and has a position worth $5.166 million.

1. Bakkt Holdings, Inc. (NYSE:BKKT)

Average Price Target as of March 22: $1.38

Average Upside Potential as of March 22: 150.9%

Number of Hedge Fund Holders: 10

Bakkt Holdings, Inc. (NYSE:BKKT) is a tech company that offers its customers services in the digital economy sphere, like selling, buying, and storing crypto, as well as converting portions of their investments into crypto. The company’s solutions include Crypto Connect, Crypto Rewards, Crypto Payouts, and more.

Bakkt Holdings, Inc. (NYSE:BKKT) tops our list of crypto stocks with the biggest upside. In Q4 of 2023, 10 hedge funds held positions in Bakkt Holdings, Inc. (NYSE:BKKT), and their total stakes amounted to $7.846 million. 

Bakkt Holdings, Inc. (NYSE:BKKT) was covered by 2 Wall Street analysts over the past three months. The average price target of $1.38 implies an upside of 150.9% from the present levels, as of March 22.

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