In this piece, we will take a look at the five most profitable cryptocurrency stocks. If you want to catch up on all the updates about the cryptocurrency industry and how 2024 might shape up to be a strong year for the sector, then read 11 Most Profitable Cryptocurrency Stocks.
5. Stronghold Digital Mining, Inc. (NASDAQ:SDIG)
Latest TTM Net Income: -$81 million
Stronghold Digital Mining, Inc. (NASDAQ:SDIG) is an American company headquartered in New York, New York. While its primary line of business is Bitcoin mining, like other mining companies it has also diversified itself. For Stronghold Digital Mining, Inc. (NASDAQ:SDIG), this has also seen the firm operate power generation facilities. It also aims to increase its mining rate by 20% this quarter, and interestingly, the firm is also developing carbon capture resources.
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4. Bit Digital, Inc. (NASDAQ:BTBT)
Latest TTM Net Income: -$80 million
Bit Digital, Inc. (NASDAQ:BTBT) is a diversified cryptocurrency company that engages in mining operations and staking services. The firm has beaten analyst EPS estimates in two out of its four latest quarters and the shares are rated Buy on average.
For their Q3 2023 shareholdings, four out of the 910 hedge funds profiled by Insider Monkey had invested in Bit Digital, Inc. (NASDAQ:BTBT). Out of these, the biggest investor in our database is John Overdeck and David Siegel’s Two Sigma Advisors as it owns 68,300 shares that are worth $146,162.
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3. Canaan Inc. (NASDAQ:CAN)
Latest TTM Net Income: -$78 million
Canaan Inc. (NASDAQ:CAN) is a Singaporean backend cryptocurrency company that provides mining computers used to make Bitcoin. Its third quarter operating results reflected a recovery in the cryptocurrency sector as its computing power sales grew by 8.7% annually.
During this year’s third quarter, three out of the 910 hedge funds part of Insider Monkey’s database had bought and owned the firm’s shares. Canaan Inc. (NASDAQ:CAN)’s biggest investor among these is Douglas Harold Hart Polunin’s Polunin Capital due to its $2.5 million stake.
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2. Bitdeer Technologies Group (NASDAQ:BTDR)
Latest TTM Net Income: -$64 million
Bitdeer Technologies Group (NASDAQ:BTDR) is a diversified cryptocurrency mining firm that mines its own currencies and provides a platform to others as well. The firm made a big announcement in November 2023 when it revealed a partnership with A.I. darling NVIDIA Corporation (NASDAQ:NVDA) to provide an A.I. computing cloud.
As of September 2023 end, two out of the 910 hedge funds surveyed by Insider Monkey had held a stake in Bitdeer Technologies Group (NASDAQ:BTDR).
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1. Bitfarms Ltd. (NASDAQ:BITF)
Latest TTM Net Income: -$63 million
Bitfarms Ltd. (NASDAQ:BITF) is a global cryptocurrency miner with operations in the U.S., Canada, and other countries. The firm significantly beefed up its mining portfolio in November 2023 when it ordered nearly 36,000 new miners.
By the end of Q3 2023, five out of the 910 hedge funds tracked by Insider Monkey had invested in Bitfarms Ltd. (NASDAQ:BITF). Out of these, the largest shareholder was Israel Englander’s Millennium Management as it owned 1.9 million shares that are worth $2 million.
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Disclosure: None. You can also take a look at 10 Best Blockchain and Bitcoin ETFs and 13 Best Growth Stocks To Buy According To George Soros.
