Top 5 Multibagger Penny Stocks to Buy in 2022

4. BIT Mining Limited (NYSE:BTCM)

Number of Hedge Fund Holders: 5

BIT Mining Limited (NYSE:BTCM) is a Hong Kong-based publicly listed cryptocurrency mining company that serves more than two million customers globally. The company operates a 150 megawatts cryptocurrency mining data center in Ohio. The domain name and cryptocurrency wallet of BTC.com also come under the ownership of BIT Mining Limited (NYSE:BTCM).

BIT Mining Limited’s (NYSE:BTCM) ability to achieve healthy revenue and profitability relies upon its ability to mine large volumes of cryptocurrencies and the strong price levels. BIT Mining is betting on Ethereum, and the current dip in the prices of cryptocurrencies provides an attractive opportunity for potential investors to take a position in the stock. A major benefit of getting involved in the Ethereum blockchain technology is that it not only performs the role of a cryptocurrency but also has an integral role in decentralized finance or DeFi. BIT Mining Limited (NYSE:BTCM) is working on enhancing its focus on the US. To direct its resources to the North American region, the company divested 51% of its stake in an unaffiliated third party for $9.98 million on July 12.

As of Q1 2022, 5 hedge funds held a cumulative stake worth over $2 million in BIT Mining Limited (NYSE:BTCM).