In this article, we will look at the 8 Best Crypto and Blockchain Stocks To Buy According to Analysts.
The Global Blockchain Technology Market
The global blockchain technology market is expected to undergo significant growth in the coming years. According to Fortune Business Insights, the global blockchain technology market was valued at $17.5 billion in 2023 and is expected to experience a compound annual growth rate (CAGR) of 59.9% between 2023 and 2030. This growth is anticipated to take the market to a valuation of $469.49 billion by the end of the forecast period.
The increasing adoption of blockchain technology in the financial and retail sectors is one of the primary drivers behind this growth trajectory, with another being the expanding acceptance of cryptocurrencies across the globe. Additional propellers such as Blockchain as a Service (BaaS) services are further buoying the sector. BaaS services allow small and medium sized enterprises (SMEs) to explore blockchain applications without bringing in the complexity of in-house development.
Cryptocurrencies have played a pivotal role in the trends in the blockchain industry, incentivizing blockchain infrastructure development and boosting innovation in privacy and scalability. Diverse blockchain applications are emerging in the market, including supply chain management, trade finance, cross-border payments, lot lineage/provenance, and identity management.
Blockchain and Crypto: the Golden Post-Election Scenario
Blockchain technology enables the existence of cryptocurrency, among other things. Like a digital ledger, it records and confirms cryptocurrency trades. Behind the most popular cryptocurrency, Bitcoin, is a blockchain called the Bitcoin blockchain. Bitcoin has been regularly hitting fresh records post-election. Other cryptocurrencies like Dogecoin, the favorite coin of strong Trump supporter Elon Musk, are also posting gains, as reported by BBC.
According to analysts, much of these recent gains are due to an anticipated crypto-friendly nature of the upcoming Trump administration, which may translate into more regulatory clarity but also some leeway. This may include a potential national strategic bitcoin reserve or stockpile, and supportive regulations for the industry.
On November 11, MacKenzie Sigalos appeared on CNBC’s ‘Squawk Box’ to talk about Bitcoin’s post-election rally. She said that most Bitcoin miners are seeing double-digital percentage gains, painting a positive picture for Bitcoin and blockchain stocks. The wider crypto market is also seeing outsized gains.
Sigalos reminded that Donald Trump promised the mining of all future Bitcoin in the US, pledging to rapidly build out the country’s energy production and transmission infrastructure, which she claims is a great thing for power-hungry miners. This is one of the multiple commitments made by the President to the crypto industry on the campaign trail, along with firing SEC Chair Gary Gensler and launching a national crypto stockpile. Overall, the administration is anticipated to be crypto-friendly, painting a favorable picture for investors.
With these positive trends in mind, let’s examine the 8 best blockchain stocks to buy according to analysts.
8 Best Blockchain Stocks To Buy According to Analysts
Our Methodology
We sifted through online rankings and ETFs to list the top crypto and blockchain stocks. We then selected 8 stocks with the highest upside potentials that were also the most popular among elite hedge funds. The stocks are ranked in ascending order of their analysts’ upside potential as of November 23, 2024. We also included the number of hedge fund holders for each company as of fiscal Q3 2024, sourced from Insider Monkey’s database.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 275% since May 2014, beating its benchmark by 150 percentage points (see more details here).
8 Best Crypto and Blockchain Stocks To Buy According to Analysts
8. Cipher Mining Inc. (NASDAQ:CIFR)
Analyst Upside: 9.49%
Number of Hedge Fund Holders: 13
Cipher Mining Inc. (NASDAQ:CIFR) takes the eighth spot on our list of the 8 best crypto and blockchain stocks to buy according to analysts and is a prominent player in the blockchain space. It specializes in industrial-scale Bitcoin mining, and is dedicated to enhancing and fortifying the critical infrastructure of the Bitcoin network in the US.
The company has significant experience in the blockchain technology and cryptocurrency industries, and leverages extensive expertise from various fields, including technology, fintech, energy, and finance. It is rapidly evolving its business model to become a developer of HPC data centers with a natural built-in offtake through Bitcoin mining for prospective sites. According to the company’s fiscal Q3 2024 earnings, it is opportunistically investing in greenfield development sites, with its primary intent being their development as HPC data centers.
Since these sites are located in Texas, they will prove to be excellent sites for Bitcoin mining due to the company’s proven ability to manage power curtailment. The company is continuing to innovate in both the HPC and Bitcoin mining space. It is in the middle of a significant expansion of its Bitcoin mining business, and is expecting major growth in the near future with its new sites. It expects its self-mining capacity to grow to 13.5 exahash per second, with a fleet-wide efficiency of 18.9 joules per terahash.
Cipher Mining Inc. (NASDAQ:CIFR) is managing a significant Bitcoin inventory, holding 1,508 at the end of fiscal Q3 of 2024. It holds a competitive edge in the Bitcoin mining industry for its competitive all-in weighted average power price of $0.027 per kilowatt hour.
7. Canaan Inc. (NASDAQ:CAN)
Analyst Upside: 28.87%
Number of Hedge Fund Holders: 6
Canaan Inc. (NASDAQ:CAN) has a strong presence in the blockchain and cryptocurrency mining industry. It designs and produces application-specific integrated circuit (ASIC) chips and systems for blockchain-related applications. The company also engages in the design, research, and sale of Integrated circuits (IC) and leases mining equipment by integrating IC products for Bitcoin mining and related components in China.
The company delivered a solid total revenue of $73.6 million, while the global network hash rate increased over 10%. Effective execution and strategic planning further allowed the company to make strides in its operations. Despite unfavorable Bitcoin prices, the company mined 147 Bitcoins in fiscal Q3 2024, undergoing a 5% sequential increase. It also recorded 7.3 million Thash/s of computing power sold, primarily driven by the A14 mining unit series’ continued large-scale deliveries proceeding according to schedule. This marked the company’s highest sales volume in the past 11 quarters.
Building on the success of the company’s A14 series, its new A15 series began small-scale deliveries in fiscal Q3 2024, supported by outstanding performance parameters. On November 20, Canaan Inc. (NASDAQ:CAN) announced a strategic joint mining agreement between its wholly owned subsidiary, Beet Digital LLC., and Luna Squares Texas LLC, a West Texas Bitcoin mining firm. This collaboration will facilitate mining activities at the LS Texas’ mining site, and is part of the company’s plans to reach 10 exahash per second (EH/s) capacity in North America by mid-2025. The recent expansion of the company’s self-mining activities across Pennsylvania and Texas reflects its commitment to strengthen its mining presence in North America.
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.
5. Iris Energy Ltd. (NASDAQ:IREN)
Analyst Upside: 39.28%
Number of Hedge Fund Holders: 28
Iris Energy Ltd. (NASDAQ:IREN) is a prominent name in the crypto and blockchain industry. It owns and operates data centers purposely built for high-performance computing to support application-specific integrated circuits (ASICs) for Bitcoin mining. These data centers are powered by 100% renewable energy. The company operates a data center infrastructure for Bitcoin mining. Its facilities are optimized for Bitcoin mining, AI cloud services, and other power-dense compute.
The company has a solid portfolio of 26oMW of operating data centers, expanding to 510MW in 2024. Its monthly revenue for October fiscal 2024 grew by 32% to $28.2 million. This growth was driven by an increase in the company’s operating hashrate to 21 exahashes per second and rising Bitcoin prices.
Iris Energy Ltd. (NASDAQ:IREN) boasts AI Cloud Services commissioning an additional 1,080 NVIDIA H200 GPUs, more than doubling its existing AI capacity. This is anticipated to generate approximately $32 million in annualized hardware profit by the end of December 2024.
Since the company utilizes 100% renewable energy for its operations, it aligns with global trends promoting greener energy. It holds a strategic advantage as a leader in sustainable practices within the industry. Iris Energy Ltd. (NASDAQ:IREN) takes the fifth spot on our list of the 8 best crypto and blockchain stocks to buy according to analysts.
4. Bit Digital, Inc. (NASDAQ:BTBT)
Analyst Upside: 40.85%
Number of Hedge Fund Holders: 6
Bit Digital, Inc. (NASDAQ:BTBT) is a holding company that provides a platform for digital assets and artificial intelligence infrastructure. Headquartered in New York City, the company’s Bitcoin mining operations are located in the United States, Iceland, and Canada. Its business line, Bit Digital AI, offers infrastructure services for AI applications. The primary intent of its mining platform and facilities is to accumulate Bitcoin. The company also introduced ETH staking to power the Ethereum blockchain.
In October, the company announced the acquisition of Enovum, an owner, operator, and developer of high performance computing data centers, for around $46 million. The deal proved transformational for Bit Digital, Inc. (NASDAQ:BTBT) as it vertically integrated the company’s HPC operations with a fully operational and fully leased Tier 3 data center. The company added colocation as a new revenue line and business, along with a solid mix of prospective and existing customers. The acquisition also allowed it a strong pipeline of expansion site opportunities and an experienced team to lead the development process.
Bit Digital, Inc. (NASDAQ:BTBT) is pushing forward with its development pipeline and anticipates to add 8 megawatts by fiscal Q2 2025 and reach a total of 32 megawatts by the end of the year. The company is likely to dedicate a portion of the near-term megawatts to Bit Digital GPUs. It ranks fourth on our list of the 8 best crypto and blockchain stocks to buy according to analysts.
3. HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE)
Analyst Upside: 83.82%
Number of Hedge Fund Holders: 7
HIVE Blockchain Technologies Ltd (NASDAQ:HIVE) is a North American cryptocurrency mining company and claims to be the first publicly listed blockchain infrastructure company. It has operations in Canada, Sweden, and Iceland. HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) provides investors with exposure to the high growth potential of the blockchain industry, giving them an opportunity to capitalize on the potential of its innovative blockchain solutions.
With Bitcoin climbing record highs after Trump’s win, the company is seeing a very positive outlook as it not only mines Bitcoin using green energy but also holds as much Bitcoin as possible. It ended fiscal second quarter of 2025 with $22.6 million in total revenue, of which $20.8 million came from the company’s Bitcoin mining business unit. In addition, $1.9 million came from its HPC business unit, where AI compute is run on its fleet of NVIDIA GPUs.
HIVE Blockchain Technologies Ltd. (NASDAQ:HIVE) ended fiscal Q2 2025 with more than 2,600 Bitcoin mined with clean and green energy on its balance sheet. It is a pioneer in using green energy for Bitcoin mining, leading the sector with the best-in-class efficiency and uptime. The company reached 5.6 exahash in October, and has plans to expand to 12.5 exahash by summer of 2025.
These plans are in place with the company’s disciplined capital allocation strategy. It holds a competitive edge in the market due to its efficiency and clear goals, striving to have the best ROI, the best performance, and the leanest operation. It takes the third spot on our list of the 8 best crypto and blockchain stocks to buy according to analysts.
2. Bitfarms Ltd. (NASDAQ:BITF)
Analyst Upside: 102.38%
Number of Hedge Fund Holders: 14
Bitfarms Ltd. (NASDAQ:BITF) is a leading industry in the cryptocurrency and blockchain industry and is a vertically integrated Bitcoin mining company based in Canada. It owns, develops, and operates vertically integrated mining farms with in-house management, Company-owned electrical engineering, on-site technical repair centers, and installation services. It operates in the cryptocurrency mining segment and owns 11 farms located in the United States, Canada, Paraguay, and Argentina. The firm also operates server farms that deal with blockchain transactions.
The company holds a competitive advantage in the industry due to its strategic approach and energy portfolio. It boasts the largest, internationally diversified energy contracts portfolio in the Bitcoin data center business, which it has managed to grow organically. Its exposure to different sources of energy and providers, geographies, climates, and government authorities significantly de-risks its portfolio, leading nearly every market it operates in at scale.
Bitfarms Ltd. (NASDAQ:BITF) is revamping its organizational structure to better match its scale of operations and future goals. 2024 proved to be a transformational year for the company, as it upgraded 10 data centers and added 3 new data centers to its portfolio. It unracked more than 50,000 older gen miners and racked over 46,000 new miners, increasing its hashrate by 83% to 11.9 exahash in fiscal Q3 2024. It also reached its year-end efficiency goal three months ahead of schedule, improving its efficiency by 40% from 35 watts per terahash to 21 watts per terahash and highlighting its strong operational model.
Apart from these quantitative improvements, Bitfarms Ltd. (NASDAQ:BITF) announced the acquisition of Stronghold Digital Mining, marking the largest acquisition between two public companies in the Bitcoin mining sector yet. It also significantly enhanced its Leadership team and Board of Directors, and is on the path to improving the overall functioning of the company.
1. Ryvyl Inc. (NASDAQ:RVYL)
Analyst Upside: 326.26%
Number of Hedge Fund Holders: 1
Ryvyl Inc. (NASDAQ:RVYL) is a financial technology company engaged in developing, marketing, and selling blockchain-based payment solutions. The company’s core focus lies in developing and monetizing disruptive blockchain-based applications. Its blockchain-based systems facilitate, record, and store a virtually limitless volume of tokenized assets on a secured, immutable ledger. Its product portfolio includes QuickCard Payment System, Coyni Platform, and ChargeSavvy. It leverages its proprietary blockchain ledger and electronic token technology to ensure enhanced security, rapid settlement, and data privacy in financial transactions.
The company has a strong operational model in place. It delivered sequential revenue growth in fiscal Q3 of 2024, driven primarily by its strong international performance. International revenue grew by 96% year over year in fiscal Q3 2024. In addition, international transaction volumes also rose from $781 million in fiscal Q2 2024 to $952 million in fiscal Q3 2024. These trends project a top-line growth trajectory for the company exiting 2024 and entering 2025, setting the stage for increasing momentum and expanding opportunities.
Ryvyl Inc. (NASDAQ:RVYL) has a strategic focus on growth. It focuses on high-margin market segments, delivering speed, transparency, and specialized processing capabilities for verticals. In addition, its competitive edge lies in the company’s ability to leverage the blockchain ledger, reducing error and overhead and making it scalable and efficient.
Overall, RVYL ranks first among the 8 best crypto and blockchain stocks to buy according to analysts. While we acknowledge the potential of blockchain stocks, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than RVYL but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
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