7 Most Profitable Cryptocurrency Stocks To Invest In

4. Hut 8 Mining Corp (NASDAQ:HUT)

Number of Hedge Fund Holders: 13

TTM Net Income: $185.15 Million

Hut 8 Mining Corp (NASDAQ:HUT) is a Bitcoin mining company headquartered in Miami, Florida. The company has self-mining, hosting, managed services, and traditional data center operations across North America. It has a portfolio comprising 20 sites including 10 Bitcoin mining, hosting, and managed services sites in Alberta, New York, and Texas, 4 power generation assets in Ontario, 5 high-performance computing data centers in British Columbia and Ontario, and one newly announced site in the Texas Panhandle.

Hut 8 Mining Corp (NASDAQ:HUT) serves as one of North America’s largest Bitcoin miners and a leading vertically integrated operator of large-scale energy infrastructure. Its unique business model revolves around profitable digital asset mining, high-performance computing, and yield programs that complement its self-mined Bitcoin reserves’ value. The firm has years of experience mining digital assets with the most efficient mining servers which makes its operations one of the strongest in the mining industry. It has a proven track record of successfully navigating Bitcoin market cycles.

Hut 8 is currently making efforts to scale its compute layer across Bitcoin mining and AI. In September, the company announced a partnership with BITMAIN to host a next-generation ASIC miner with a purchase option to reach 20 exahashes of self-mining. This partnership is expected to generate approximately $135 million in annualized hosting revenue on a fully ramped basis. Additionally, the firm’s GPU-as-a-service vertical is fully generating revenue now and is fully operational.

The firm’s strategy of building a portfolio that drives long-term market leadership, diversified business lines, and a strong and liquid balance sheet makes it attractive. As of Q2 2024, Hut 8 Mining Corp (NASDAQ:HUT) is held by 13 hedge funds.