7 Best Bitcoin Stocks To Buy Right Now

5. CleanSpark, Inc. (NASDAQ:CLSK)

Number of Hedge Fund Holders: 20

CleanSpark, Inc. (NASDAQ:CLSK) develops infrastructure for Bitcoin. The Bitcoin miner owns and operates multiple data centers that primarily run on low-carbon power. The firm uses a sustainable energy mix comprising nuclear, hydroelectric, solar, and wind to mine Bitcoin in a responsible manner.

CleanSpark has one of the highest current hashrates of 22.3 exahashes per second among other Bitcoin miners. The firm has a proven track record of strategic growth as evidenced by its 129% year-over-year revenue growth and 204% year-over-year hashrate growth from the third quarter of 2023 to the third quarter of 2024. It closed the fiscal third quarter of 2024 with a 24% increase in hashrate during the quarter.

CleanSpark has positioned itself as the most efficient large-scale publicly traded Bitcoin miner which continues to grow its business. In July, it officially expanded into Tennessee and Wyoming. In August, the firm mined 478 bitcoin and improved its total operating hashrate by 1.4 exahashes per second. At the same time, it expects  65 MW of data center capacity to be energized during the coming month of September.

Currently, CleanSpark is trading at 23 times its forward earnings, with a discount of 3.28% to the sector which deems the stock a cheap investment. As a key player in Bitcoin mining with a clean energy base, the firm has an impressive growth and efficiency record and ranks on our list. According to Insider Monkey’s Q2 data, the stock is held by 20 hedge funds. Citadel Investment Group is the dominant shareholder in the company with a position worth $61 million.