8 Best Crypto and Blockchain Stocks To Buy According to Analysts

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

Analyst Upside: 36.48%

Number of Hedge Fund Holders: 19

Riot Platforms, Inc. (NASDAQ:RIOT) is a Bitcoin mining and digital infrastructure company with two segments: Bitcoin Mining and Engineering. It operates Bitcoin mining operations in Kentucky and Central Texas. It also manages electrical switchgear engineering and fabrication operations in Colorado. The company operates a Bitcoin-driven infrastructure platform, with its Bitcoin mining segment encompassing Bitcoin mining activities. It supports the Bitcoin blockchain through large-scale mining operations in the United States. It also has electrical switchgear engineering and fabrication operations in Colorado.

The company’s strategic focus lies in developing a leading vertically integrated Bitcoin mining company that stands on three key pillars. These include being a low-cost producer of Bitcoin, developing and owning operations of significant scale, and building a balance sheet of strength. Its fiscal Q3 2024 earnings demonstrated success across all three of these pillars.

Riot Platforms, Inc. (NASDAQ:RIOT) ended fiscal Q3 2024 with 10,427 Bitcoin, with a 42% increase compared to the 7,327 Bitcoin it held at the end of fiscal Q3 2023. It retained 100% of all the Bitcoin produced in fiscal Q3 2024, and reported a total revenue of $84.8 million as compared to $51.9 million for fiscal Q3 2023. This translates to a 65% year-over-year increase, which was primarily attributed to higher Bitcoin prices.

The company holds a competitive advantage due to its unique power strategy that ranks it among the lowest cost miners in the country. It generated $12.4 million in power credits during fiscal Q3 2024, lowering its all-in cost of power to $3.1 cents per kilowatt hour while supporting the Texas grid. Riot Platforms, Inc. (NASDAQ:RIOT) also addressed challenges related to its operational hash rate during fiscal Q3 2024, focusing on continued growth and reaching a standard of operational excellence. The company takes sixth place on our list of the 8 best crypto and blockchain stocks to buy according to analysts.