5 Most Promising Blockchain Stocks According to Analysts

In this article, we will discuss the 5 most promising blockchain stocks to buy now according to analysts. If you want to explore similar stocks, you can go to 10 Most Promising Blockchain Stocks According to Analysts.

5. Galaxy Digital Holdings Ltd. (OTC:BRPHF)

Number of Hedge Fund Holders: N/A

Average Upside Potential as of February 15: 58.11%

Galaxy Digital Holdings Ltd. (OTC:BRPHF) is a leading global blockchain technology and digital asset management company that provides a range of services related to digital asset investing, trading, and financial services.  The company has managed to position itself as a leader in the blockchain industry through its comprehensive suite of services. Galaxy Digital Holdings Ltd. (OTC:BRPHF) offers asset management, over-the-counter trading, and prime brokerage among others. The stock is one of analysts’ top blockchain stock picks with the most promising upside potential.

On January 10, BTIG analyst Mark Palmer updated his price target on Galaxy Digital Holdings Ltd. (OTC:BRPHF) to C$8 from C$10 and maintained a Buy rating on the shares. Galaxy Digital Holdings Ltd. (OTC:BRPHF) has a consensus Buy rating and an average price target of $5.36. The stock’s average price target represents an upside of 58.11% from current levels.

4. Hut 8 Mining Corp. (NASDAQ:HUT)

Number of Hedge Fund Holders: 2

Average Upside Potential as of February 15: 67.49%

Hut 8 Mining Corp. (NASDAQ:HUT) is one of the top players in the blockchain industry. It is one of the leading Bitcoin miners in North America and has a competitive advantage in terms of its low-cost structure and efficient and industrial-scale crypto mining operations. On February 13, the company announced that it mined 188 Bitcoin in the month of January and disclosed that its Bitcoin reserves as of January 31 sit at 9,274.

As of December 9, H.C. Wainwright analyst Mike Colonnese has a $1.50 price target and Neutral rating on Hut 8 Mining Corp. (NASDAQ:HUT). The stock has a consensus Buy rating among Wall Street analysts and has an average price target of $3.41, which represents an upside of 67.49% from current levels. Hut 8 Mining Corp. (NASDAQ:HUT) is one of analysts’ most promising blockchain stock picks.

As of December 31, Citadel Investment Group is the top shareholder in Hut 8 Mining Corp. (NASDAQ:HUT) and has disclosed a position worth $256,000 in the company.

3. HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE)

Number of Hedge Fund Holders: 1

Average Upside Potential as of February 15: 69.97%

HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) is a North American cryptocurrency mining company. The company has operations in Canada, Sweden, and Iceland. HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) provides investors with exposure to the high growth potential of the blockchain industry, giving them an opportunity to capitalize on the potential of its innovative blockchain solutions.

Over the past 3 months, HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) has received 2 Buy ratings from Wall Street analysts and has a high price target of $7. The stock has an average price target of $6, which represents an upside of 69.97% from its closing price on February 15. HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) is one of the most promising blockchain stocks to invest in according to analysts.

On January 31, H.C. Wainwright analyst Mike Colonnese started coverage of Hive Blockchain Technologies Ltd. (NASDAQ:HIVE) with a Buy rating and a $5 price target.

2. Applied Digital Corporation (NASDAQ:APLD)

Number of Hedge Fund Holders: 13

Average Upside Potential as of February 15: 97.37%

Applied Digital Corporation (NASDAQ:APLD) is a leading North American developer and operator of high-performance data centers. The company’s data centers are being leveraged for high-performance computing applications, blockchain infrastructure, and Bitcoin mining. At the close of Q3 2022, 13 hedge funds held stakes in Applied Digital Corporation (NASDAQ:APLD). The total value of these stakes amounted to $21.7 million.

On January 10, B. Riley analyst Lucas Pipes updated his price target on Applied Digital Corporation (NASDAQ:APLD) to $7 from $8 and reiterated a Buy rating on the shares. Applied Digital Corporation (NASDAQ:APLD) has received 7 Buy ratings from analysts and has an average price target of $6. The stock’s average price target represents an upside of 97.37% from its closing price on February 15. Applied Digital Corporation (NASDAQ:APLD) is one of analysts’ most promising blockchain stock picks.

1. Canaan Inc. (NASDAQ:CAN)

Number of Hedge Fund Holders: 9

Average Upside Potential as of February 15: 166.27%

Canaan Inc. (NASDAQ:CAN) is one of the leading players in the blockchain industry. The company designs and produces application-specific integrated circuit (ASIC) chips and systems for blockchain-related applications. Canaan Inc. (NASDAQ:CAN) is one of the world’s largest manufacturers of Bitcoin mining rigs and has a strong presence in the cryptocurrency mining and blockchain industry.

Canaan Inc. (NASDAQ:CAN) has received 4 Buy ratings from Wall Street analysts and has a consensus Buy rating. The stock has an average price target of $7.70, which represents an upside of 166.27% from current levels. The stock is ranked among the most promising blockchain stocks to buy according to analysts.

At the end of Q3 2022, 9 hedge funds were bullish on Canaan Inc. (NASDAQ:CAN) and held stakes worth $8.3 million in the company. As of December 31, Sculptor Capital is the largest shareholder in Canaan Inc. (NASDAQ:CAN) and has a position worth $618,000 in the company.

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