We recently compiled a list of the 10 Best Blockchain Stocks to Buy According to Analysts. In this article, we are going to take a look at where HIVE Digital Technologies Ltd. (NASDAQ:HIVE) stands against the other best blockchain stocks.
The blockchain market is experiencing various trends that continue to shape its future and expand the technology’s use cases across a range of sectors. The blockchain technology offers significant benefits, such as transparency and efficiency. According to a report by The Business Research Company, the global blockchain market was valued at $28.93 billion in 2024. The market is expected to grow significantly at a compound annual growth rate (CAGR) of 44.9% during 2025-2029 to reach a value of $216.82 billion by the end of the forecast period.
Crypto mining is also becoming very attractive and profitable, especially as the price of cryptocurrencies rises. Crypto mining companies verify and add transactions to the blockchain networks and earn crypto as rewards. Bitcoin reached a new high of $109,000 on January 20 and Bitcoin mining is becoming increasingly popular. As a result, there is an increase in demand for advanced infrastructure, such as data centers and mining equipment. This is driving investment in blockchain technology and services.
However, not all blockchain companies are focused on mining cryptocurrencies. Some of the companies involved in the blockchain space develop applications, provide services, or create new use cases by utilizing blockchain technology.
READ ALSO: 10 Best 5G Stocks to Invest in According to Analysts and 10 Best Stocks to Buy and Hold For 2025.
Blockchain stocks may benefit greatly from the anticipated changes in US regulations under Trump’s administration and experts believe this may lead to a surge in institutional interest and investment in blockchain and crypto stocks.
Trump recently launched the “Official Trump” meme coin, which had risen to over a $10 billion market cap by the morning of January 20, according to CoinGecko, as reported by CNBC. Additionally, returning First Lady Melania Trump has also launched her own “Melania” meme coin.
Gracy Chen, CEO of crypto exchange Bitget, told CNBC that rumors about cryptocurrency being declared a national interest by the US have positively influenced the price of Bitcoin. She noted that the rise in Bitcoin’s price is not because of the launch of new meme coins. Instead, Chen said that without the release of the Trump family meme coins, Bitcoin’s price would have increased more as capital would not have shifted to new coins to limit overall growth.
Joel Kruger, market strategist at LMAX, believes that the coin launches by the Trump family gave traders further conviction that the new administration will be positive for the industry.
Methodology
To compile our list of the 10 best blockchain stocks to buy according to analysts, we looked for blockchain companies. We reviewed our own rankings, financial media reports, ETFs, and various online resources to compile a list of the best blockchain stocks. Next, we focused on the top blockchain stocks that analysts believe have the most potential for growth. We ranked the 10 best blockchain stocks to buy based on their average price target upside potential according to analysts as of January 31, 2024.
Additionally, we mentioned the hedge fund sentiment surrounding each stock, which was taken from Insider Monkey’s Q3 2024 database of 900 elite hedge funds.
Why do we care about what hedge funds do? 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).
A close-up of hands typing code to facilitate the exchange of Ethereum and Ethereum Classic.
HIVE Digital Technologies Ltd. (NASDAQ:HIVE)
Average Price Target Upside Potential According to Analysts: 155.97%
Number of Hedge Fund Holders: 7
HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is a Canadian company that specializes in blockchain and AI infrastructure solutions. The company provides high-performance computing (HPC) hosting services and operates data centers to compute and mine digital currencies like Bitcoin. According to analysts, HIVE is one of the best blockchain stocks to invest in.
The company has strategically moved into the high-performance computing (HPC) market. In its second-quarter results for FY2025, ending September 30, 2024, HIVE Digital Technologies Ltd. (NASDAQ:HIVE) reported that its HPC business achieved an annualized revenue run rate of $9 million. In December 2024, HIVE Digital Technologies Ltd. (NASDAQ:HIVE) announced a $30 million investment in advanced NVIDIA H100 and H200 GPUs for its operations in Quebec, Canada. This investment will allow the company to tap into the growing AI and HPC markets. The company expects that the HPC services annualized run-rate revenue will be above $20 million by calendar Q2 2025 when these clusters are deployed.
Additionally, the company is focused on enhancing its Bitcoin mining operations and improving efficiency. During its Q2 for FY2025, HIVE Digital Technologies Ltd. (NASDAQ:HIVE) successfully mined 340 BTC. HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is also constructing a 100 MW project in Paraguay that will double the company’s hashrate to 12.5 EH/s. Once operational, this facility is expected to enhance efficiency and lower breakeven costs.
Overall, HIVE ranks 2nd on our list of the best blockchain stocks to buy according to analysts. While we acknowledge the potential of HIVE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than HIVE but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.
Disclosure: None. This article is originally published at Insider Monkey.
