7 Best Bitcoin Stocks To Buy Right Now

3. Iris Energy Limited (NASDAQ:IREN)

Number of Hedge Fund Holders: 38

Iris Energy Limited (NASDAQ:IREN) owns, builds, and operates data centers and electrical infrastructure to mine Bitcoin. The company’s business model has been built on sustainably-mined Bitcoin. As a sustainable Bitcoin miner, the company’s sites are powered by 100% renewable energy. The company’s facilities are optimized for Bitcoin mining, AI cloud services, and other power-dense compute.

The firm is unique since it uses low-cost excess renewable energy to keep costs low, support communities, and solve the energy market challenges. Iris has a solid portfolio comprising 260MW of operating data centers while it has plans to expand to 510MW in 2024. Recently in July, the company secured an additional 150MW of immediately available power capacity at its Childress site which raised its total secured grid-connected power capacity to 2,310MW. Among its peers, Iris qualifies as a large-scale miner with its strong Bitcoin mining hashrate.

A comparison between FY 2024 and FY 2023 reveals a 66% rise in operating hashrate, a 29% rise in BTC mined, and an overall increase in Bitcoin mining revenue from $75.5 million to $184.1 million. For the full year ended June 30, Iris saw growth across its revenue, earnings, and cash flow. In Bitcoin mining, the firm remains set to achieve 30 exahashes per second by the end of this year. Simultaneously, the revenue for AI cloud services continues to scale.

Iris Energy Limited (NASDAQ:IREN) is one of the largest publicly listed Bitcoin miners which has a robust portfolio and strong growth potential thereby ranking on our list. As of Q2, the stock is held by 38 hedge funds. Castle Hook Partners is the dominant shareholder in the company with a position worth $77.5 million.