7 Most Profitable Cryptocurrency Stocks To Invest In

5. Riot Platforms, Inc. (NASDAQ:RIOT)

Number of Hedge Fund Holders: 12

TTM Net Income: $86.73 Million

Riot Platforms, Inc. (NASDAQ:RIOT) is a vertically integrated Bitcoin mining and digital infrastructure company. The company’s Bitcoin mining data center operations are based in central Texas and Kentucky while Denver and Colorado host the electrical switchgear engineering and fabrication operations. Riot company operates through two primary business segments including Bitcoin Mining and Engineering. The firm has a strong vision of becoming the world’s leading Bitcoin-driven infrastructure platform.

Riot Platforms, Inc. (NASDAQ:RIOT) serves as an industry leader in vertically integrated Bitcoin mining with a significant scale of operations and a strong financial and liquidity position. The firm ended the fiscal second quarter of 2024 with the self-mining hashrate deployed up 106% year-over-year. The firm’s core Bitcoin mining segment remained robust after recording strong gross margins despite the Bitcoin halving. Simultaneously, the Engineering segment returned to gross profit in the quarter and accounted for 14% of the total revenue. Riot also bolstered its growth profile by acquiring the Kentucky Bitcoin miner Block Mining.

According to the September highlights, the firm mined 412 Bitcoin thereby recording a 28% rise over August production. This rise was motivated by an increase in the average operating hash rate across all the firm’s facilities. Riot also accomplished a total deployed hash rate capacity of 28.2 exahashes per second following the completion of its third 100 MW building, Building B1, at its Corsicana Facility. Further increases in hash rate growth are expected after the completion of the fourth 100 MW building at the Corsicana Facility.

With a growing hashrate and operational improvements, a leading position in Bitcoin mining, and a consensus buy rating, Riot Platforms, Inc. (NASDAQ:RIOT) is another attractive cryptocurrency stock.