7 Most Profitable Cryptocurrency Stocks To Invest In

3. Marathon Digital Holdings, Inc. (NASDAQ:MARA)

Number of Hedge Fund Holders: 16

TTM Net Income: $288.95 Million

Marathon Digital Holdings, Inc. (NASDAQ:MARA) is a global leader in digital asset compute. The company mines digital assets with a focus on the Bitcoin ecosystem in the United States. Marathon leverages digital asset compute to support the energy transformation by the conversion of clean, stranded, or underutilized energy into economic value.

Marathon is one of the largest and most liquid miners which continues to efficiently scale and expand its operations thereby setting the pace for the Bitcoin mining industry. The firm has a diversified portfolio of Bitcoin mining operations to diversify risks. All of this has translated into strong financial results. From Q4 2022 to Q4 2023, the company witnessed its hashrate, BTC production, efficiency, and market share rise. To better align its internal structure with the pursuit of growth opportunities, the company was organized into three strategic business teams including Utility Scale Mining, Energy Harvesting, and Technology. It also diversified its portfolio of digital asset compute by the launch of Kaspa mining operations.

The firm demonstrated the strength of its globally diversified operations during the month of September. Marathon successfully increased its energized hash rate to 36.9 exahashes per second, a 5% growth from the month of August. BTC production also grew 5% to 705 BTC while the number of Blocks won during September increased 6% from August. Therefore, the firm remains on track to hit 50 exahashes per second by the end of 2024.

Marathon Digital Holdings, Inc. (NASDAQ:MARA) is one of the largest Bitcoin miners globally with a diversified approach to Bitcoin mining which has material results to offer. The firm ranks among the most profitable cryptocurrency stocks to invest in.