In this piece, we will take a look at the five most promising blockchain stocks according to analysts. If you want to learn more about the latest developments in the blockchain industry, then read 11 Most Promising Blockchain Stocks According to Analysts.
5. Iris Energy Limited (NASDAQ:IREN)
Latest Analyst Share Price Upside: 60.39%
Iris Energy Limited (NASDAQ:IREN) is an Australian data center company that focuses on Bitcoin mining. Like other Bitcoin miners, it is also expanding its Bitcoin mining capacity on the back of rising prices. To this effect, Iris Energy Limited (NASDAQ:IREN) announced in December 2023 that it bought new Bitcoin miners to increase its mining capacity as part of a purchase that will see it add more than eight thousand miners to its portfolio.
During Q3 2023, eight out of the 910 hedge funds part of Insider Monkey’s database had bought and owned Iris Energy Limited (NASDAQ:IREN)’s shares. Kerr Neilson’s Platinum Asset Management was the largest investor through its $9.6 million stake.
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4. TeraWulf Inc. (NASDAQ:WULF)
Latest Analyst Share Price Upside: 85.4%
TeraWulf Inc. (NASDAQ:WULF) is an American company headquartered in Easton, Maryland. The firm operates Bitcoin mining centers. It has missed analyst EPS estimates in all four of its latest quarters, but analysts have rated the stock as Strong Buy on average and set an average share price target of $3.30.
Insider Monkey took a look at 910 hedge funds for their third quarter of 2023 shareholdings to find seven TeraWulf Inc. (NASDAQ:WULF) investors.
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3. Cipher Mining Inc. (NASDAQ:CIFR)
Latest Analyst Share Price Upside: 100.4%
Cipher Mining Inc. (NASDAQ:CIFR) is a Bitcoin mining data center operator headquartered in New York City. December was a fruitful month for the firm as it bought a 300 megawatt Bitcoin mining site in Texas. Cipher Mining Inc. (NASDAQ:CIFR) expects operations to commence at the site in 2024 after deploying mining rigs.
During 2023’s September quarter, nine out of the 910 hedge funds surveyed by Insider Monkey had invested in Cipher Mining Inc. (NASDAQ:CIFR).
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2. Applied Digital Corporation (NASDAQ:APLD)
Latest Analyst Share Price Upside: 133.6%
Applied Digital Corporation (NASDAQ:APLD) is a diversified data center company that also provides data center hosting for cryptocurrency related use. The firm successfully leveraged its data center strengths to the growing artificial intelligence industry in 2023 after it inked a $460 million deal to host A.I. operations on its infrastructure.
As this year’s September quarter ended, 19 out of the 910 hedge funds covered by Insider Monkey’s research were Applied Digital Corporation (NASDAQ:APLD)’s shareholders.
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1. Canaan Inc. (NASDAQ:CAN)
Latest Analyst Share Price Upside: 138.5%
Canaan Inc. (NASDAQ:CAN) is a hardware company that makes and sells products that are used to mine Bitcoin. Insider Monkey took a look at the most profitable cryptocurrency stocks as of December 2023 and found that Canaan Inc. (NASDAQ:CAN)’s TTM net income made it rank third.
Insider Monkey’s third quarter of 2023 survey covering 910 hedge funds outlined that three had invested in the company. Douglas Harold Hart Polunin’s Polunin Capital was Canaan Inc. (NASDAQ:CAN)’s largest shareholder courtesy of its $2.5 million stake.
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Disclosure: None. You can also take a look at 15 Undervalued S&P 500 Stocks Billionaires Are Loading Up On and 11 Best Fundamentally Strong Penny Stocks To Invest In.
