Top 23 Best Bitcoin Stock Choices to Buy Now for Explosive Growth

24 de noviembre de 2024

Author: Bitcoin Magazine Pro Team

Bitcoin's recent price surge has renewed interest in the asset and related stocks. As investors seek out passive income streams, Bitcoin stocks can provide exposure to the asset without the headaches of owning it directly. If you're like many folks, you might need help determining where to begin your search for the best Bitcoin stocks. This article will help you identify the most promising bitcoin-related stocks, considering factors like Bitcoin supply and demand, to maximize returns and confidently build a high-performing investment portfolio.

One of the best ways to find the right Bitcoin stocks for your portfolio is with Bitcoin Magazine Pro's Bitcoin analysis tool. This resource can help you achieve your objectives by offering insight into the most promising Bitcoin-related stocks so you can invest with confidence. 

Is It Too Late to Buy Bitcoin as It Threatens $100,000?

Bitcoin and USD - Best Bitcoin Stock

Bitcoin has been on a wild ride lately, and the future looks bright. Bitcoin enthusiasts are celebrating as it continues to set new all-time highs. Earlier this month, Bitcoin surpassed its long-held high of just under $74,000. 

Bitcoin's Rally

In a few short weeks, it's up over 25%. Priced at almost $100,000, a target once many investors could only dream about, Bitcoin is squarely within striking distance on November 23.

The timing of this run is hardly a coincidence. The US president-elect and his incoming administration are considered very friendly to the Bitcoin industry. Investors are hoping he delivers on his campaign promises. 

A Bullish Outlook

His actual policies remain to be seen. But he has indeed signaled a pro-BTC approach, going as far as to say he intends to make America the Bitcoin capital of the world.

So, with Bitcoin nearing the $100,000 mark and BTC euphoria in full swing, is now a good time to buy? 

Spot ETFs Were a Game Changer

In January, the Securities and Exchange Commission (SEC) approved Bitcoin spot ETFs, enabling asset management giants like BlackRock to start offering these products. This decision significantly broadened market access for investors large and small.

These ETFs are traded through traditional brokerages the same way you would buy and sell shares of Apple, removing the complexities involved in trading through Bitcoin exchanges. The ETFs are strictly regulated by the SEC, adding a layer of trust and legitimacy that has broadened the type of investor interested in Bitcoin. 

Institutional Adoption

ETFs have spurred a wave of investment from institutional investors. Aside from the regulatory stamp of approval and ease of access, ETFs provide enhanced liquidity and lead to an efficient market in which the price of Bitcoin more accurately reflects its true value. This is a critical component for most investors.

Institutions Are Necessary for Bitcoin's Long-Term Success

For Bitcoin to continue to grow, it needs to do so at a rate that justifies the perceived risk in the eyes of investors. Although the introduction of ETFs and the influx of institutional capital over the last few years has reduced that perception of risk, at least for now, it's still considered a more risky place to park your money than stocks.

That means it needs to offer growth that outpaces the stock market, and the only way it can grow at that pace is if a lot more capital is invested. 

A Tipping Point

Bitcoin has made great strides in broadening its base of investors, but it still remains a somewhat niche market. Less than 15% of adults own a digital asset, while nearly two-thirds of Americans own stocks. There is still a lot of fear; 63% of U.S. adults say they are not very or not at all confident that Bitcoin is safe.

Despite their comparatively late buy-in, a much higher share of institutional investors have exposure; about 60% have at least 1% of their assets invested. It seems that it will be an easier sell for those institutions to increase their exposure by 1 or 2 percentage points than for a significant portion of the retail market to change their views on Bitcoin. 1% to 2% represents a huge amount of capital, and it may bring the growth needed to push the more cautious retail investors into the market. 

The Question at Hand: Is It Time to Buy?

Warren Buffett famously said investors should aim "to be fearful when others are greedy and to be greedy only when others are fearful." With Bitcoin smashing records and nearing $100,000, it seems that greed has overtaken the market, and now might be a good time to hold off. That's a reasonable interpretation; it could be the right move if you are a more risk-averse investor.

Given that nearly two-thirds of Americans still fear Bitcoin, perhaps we are still in the when others are fearful paradigm. Buying in at the bottom will always be the best case. The problem is we are pretty bad at knowing when that is.

Timing the Market

It's entirely possible to wait for a crash that never comes. And here's the thing: over time, the penalty for buying in at the very top of bull runs is smaller than you might think. Over the last 70 years, if you bought in each time the S&P 500 hit an all-time high, you would only return about 1% less than if you spread that investment out over time. 

If you had bought at the last time Bitcoin hit a multi-year peak, in November of 2021, you would currently be up nearly 50%. That would be almost twice the return of the S&P 500 over the same period. 

Related Reading

23 Best Bitcoin Stock Picks to Buy in 2024

Bitcoin Chart - Best Bitcoin Stock

Interest in Bitcoin stocks, also known as Bitcoin-related stocks, has grown in recent months as Bitcoin has gained value. These stocks are shares of companies involved in Bitcoin in some capacity. Many Bitcoin stocks have more than doubled in value in 2023.

As such, they can be an appealing investment for those looking to profit from Bitcoin’s success without directly buying and holding Bitcoin. There are a few reasons why investors might prefer Bitcoin stocks over BTC itself. For one, they can be less volatile than Bitcoin. 

A Safer Bet

This is because they tend to move in relation to Bitcoin’s price but aren’t subjected to the same drastic price swings. Buying Bitcoin stocks can be more convenient than purchasing the digital currency. You can buy them through most brokerage accounts without worrying about setting up a Bitcoin wallet to hold your investment.

Certain Bitcoin stocks offer exposure to Bitcoin while also paying dividends. These passive income payments can help offset the risk of investing in such a volatile asset. Investing in Bitcoin stocks or funds offers a way to profit from Bitcoin’s success while avoiding some of the regulatory and tax issues that come with owning BTC.

Here’s a list of 23 Bitcoin-related stocks to consider in 2024.

1. Grayscale Bitcoin Mini Trust (BTC)

Grayscale Bitcoin Mini Trust (BTC) is predicted to be a worthwhile investment in 2024. It is well structured for non-accredited investors and offers Bitcoin exposure and a low minimum investment requirement.

Investing in this vehicle, managed by Grayscale, a prominent digital asset management company, allows for simple Bitcoin investment without the responsibilities of custodial wallets and private keys. The structure appeals to all levels of investors.

Features

  • Lower entry-level investment: These are designed for individual investors who are subject to lower minimum investment.
  • Regulated structure: Like any other well-regulated company structure, these investments are availed fairly, complying as a trust.
  • Simple and direct exposure to Bitcoin: Some entities own bitcoins, enabling investors to take advantage of price appreciation.
  • Managed by experts: By Grayscale, a professional company dealing with digital assets with expertise in the field.
  • Safe custody: The company uses high-security standards for Bitcoin assets.

2. Riot Platforms – The Best Bitcoin Mining Stock Overall

Riot Platforms (RIOT), formerly Riot Blockchain, is one of the largest Bitcoin mining companies in the U.S., with a fleet of over 100,000 ASIC miners.

The company has a strong track record of profitability and has been expanding its operations rapidly. Riot was well positioned to benefit from the Bitcoin halving, which reduced the supply of new Bitcoins and increased demand for mining power.

Strategic Acquisitions

In July 2024, Riot Platforms acquired Block Mining, a Kentucky-based mining company. The deal diversified Riot Platforms' power supply and increased its power capacity.

Earlier in 2024, Riot attempted to acquire Bitfarms, and the two companies ultimately entered a settlement agreement under which Amy Freedman (one of the nominees pushed by Riot) was added to the Bitfarms board of directors.  

Growing Powerhouse

As of Q3 2024, Riot Platforms had a hash rate capacity of 28.2 EH/s, with plans to increase it to 34.9 EH/s by the end of the year.

  • Stock Price (YoY Change): $11.79 (+10.5%)
  • Market Cap: $3.91 billion
  • Location: United States
  • Hash Rate Capacity: 28.2 EH/s
  • RIOT Stock Forecast (1-Year): $13.70 (+16.2%)

3. CleanSpark – A Bitcoin Mining Company Focused on Clean Energy

CleanSpark (CLSK) is another U.S.-based Bitcoin mining company that focuses on using renewable energy sources. It is committed to environmental sustainability. To this end, CleanSpark is expanding its operations to new jurisdictions, including Texas and Georgia, with access to abundant renewable energy resources at a relatively low cost.

In October 2023, the company announced it would deploy 4.4 EH/s of additional computing power by adding the latest Antminer S21 mining rig models.

Strategic Expansion

"Integrating the S21 into our mining operations is in line with our commitment to using the most efficient mining technology," noted Zach Bradford, CEO of CleanSpark, in an official statement.

In October 2024, CleanSpark announced an acquisition of GRIID Infrastructure Inc. to expand Bitcoin mining capacity in Tennessee.

  • Stock Price (YoY Change): $13.58 (+227%)
  • Market Cap: $3.51 billion
  • Location: United States
  • Hash Rate Capacity: 31.3 EH/s
  • CLSK Stock Forecast (1-Year): $14.51 (+6.8%)

4. Marathon Digital – A Leader in Operational Hash Rate

Marathon Digital (MARA) is one of the world's most efficient Bitcoin mining companies, with over 100,000 miners across nine mining farms with a hash rate capacity of 40.2 EH/s.

The company's focus on efficiency allows it to generate more BTC with less electricity, which gives it a competitive advantage. As of Q3 2024, Marathon had 26,747 BTC (worth nearly $2.4 billion at the current market rate) in its treasury, making it one of the biggest owners of Bitcoin.

Mining Powerhouse

The company mined 2,070 BTC in the same quarter, making it one of North America's most prominent public Bitcoin companies.

  • Stock Price (YoY Change): $20.51 (+100%)
  • Market Cap: $6.6 billion
  • Location: United States
  • Hash Rate Capacity: 40.2 EH/s
  • MARA Stock Forecast (1-Year): $21.01 (+2.4%)

5. TeraWulf – A Smaller BTC Mining Company With Strong Upside Potential

TeraWulf (WULF) is a vertically integrated Bitcoin mining company that owns and operates its data centers. It contains about 34,000 miners at the Lake Mariner facility in New York and about 16,000 miners at the Pennsylvania facility.

This gives the company more control over its operations and allows it to optimize its efficiency. TeraWulf is also investing in renewable energy projects, slated to reduce its environmental impact further. Currently, the company’s zero-carbon energy share represents an impressive 95%.

Rapid Growth

In its Q3 financial results report, TeraWulf disclosed that it saw 42.8% revenue growth year over year and grew its hash rate capacity to 10 EH/s, representing a 100% increase year over year. 

TeraWulf self-mined 555 BTC across its Lake Mariner and Nautilus Cryptomine facilities during the quarter.  

  • Stock Price (YoY Change): $6.98 (+540%)
  • Market Cap: $2.6 billion 
  • Location: United States
  • Hash Rate Capacity: 10 EH/s 
  • WULF Stock Forecast (1-Year): $7.27 (+4.1%)

6. Hut 8 Mining – A Canadian Bitcoin Miner Expanding in Electricity Generation

Hut 8 Mining (HUT) is a Canadian Bitcoin mining company with a fleet of over 115,000 ASIC miners. The company is well-positioned to benefit from the upcoming halving, as it has a strong financial position and a high gross margin. Hut 8 is also expanding its operations into new jurisdictions like the United States and Germany.

In 2024, Hut 8 is expected to acquire up to four Canadian power plants (powered by natural gas) with a total 310 megawatts (MW) capacity. The company also plans to acquire a new mining site from Validus Power Corp. The news follows a merger with US Bitcoin Corp., which closed in December 2023. 

A Strategic Move

CEO Jaime Leverton said these acquisitions align with the company’s “infrastructure-first strategy” and "afford [Hut 8] very compelling flexibility ahead of the halving.”  

In November 2024, Hut 8 announced plans to upgrade its ASIC mining fleet by purchasing 31,145 BITMAIN Antminer S21+ miners at a rate of $15.00 per terahash, with delivery expected in early Q1 2025. 

A Promising Future

This upgrade aims to enhance the company's self-mining capacity by approximately 3.7 EH/s.

  • Stock Price (YoY Change): $23.98 (+139%)
  • Market Cap: $2.2 billion
  • Location: Canada
  • Hash Rate Capacity: 20.1 EH/s
  • HUT Stock Forecast (1-Year): $23.15 (-3.4%)

7. Cipher Mining – A U.S. Bitcoin Miner and HPC Infrastructure Provider

Cipher Mining is a U.S.-based company that operates infrastructure for Bitcoin mining and HPC (high-performance computing). The company is listed on the NASDAQ stock exchange, trading under the ticker CIFR.

In June 2024, Cipher announced major updates to its Bitcoin mining fleet. The company reached an agreement with Canaan to purchase the company’s latest-gent A1566 Bitcoin miners, which are expected to be delivered in Q4 and will boost Cipher’s hashrate capability by roughly 1.25 EH/s.

Aggressive Expansion

Cipher is targeting a total hashrate of 13.5 EH/s by the end of 2024, and has plans to expand it to 35 EH/s in 2025. As of October 2024, the company had around 77,000 deployed Bitcoin mining rigs.

  • Stock Price (YoY Change): $6.55 (+127.4%)
  • Market Cap: $2.28 billion
  • Location: United States
  • Hash Rate Capacity: 10.7 EH/s
  • CIFR Stock Forecast (1-Year): $5.54 (-15.4%)

8. BitFarms (BITF) – Global Bitcoin Mining Firm

BitFarms (BITF), worth over $1 billion, is a good option for investors aiming to gain investment exposure to tech and Bitcoin. The company is widely regarded as one of the biggest mining firms in the world, with 10 mining sites across Canada, the U.S., Argentina, and Paraguay.

Sustainable Mining

Unlike most mining companies, BitFarms depends on renewable energy, covering about 75% of its electricity usage. The company has signed strategic contracts to ensure that all its mining centers remain afloat for an extended period.  

To further expand its operations in the United States, BitFarms recently acquired Stronghold Digital Mining. With this acquisition, BitFarms intends to increase its energy portfolio by more than 950 MW by the end of 2025.

Improving Efficiency

To enhance its mining operations and increase revenue, Bitfarms is working to upgrade its T21 miners provided by Bitmain. According to the mining company, the upgrade will help improve its energy efficiency and hash rate by 20%.

In the third quarter of 2024, the company reported revenue of $45 million, a significant 8% Q/Q increase for the BTC miner.

9. Franklin Templeton Digital Holdings Trust (EZBC)

The Franklin Templeton Digital Holdings Trust (EZBC) is a good investment trust in Bitcoin for 2024. It is a trust run by the Franklin Templeton house, which seeks to minimize risks while earning the huge rewards of the Bitcoin market.  

Its objective of capital appreciation at a professional management level attracts even beginners in investing. EZBC presents a safe route to exposure in a burgeoning class of assets for a novice or an aggressive investor.

Features  

  • Institutional backing: The step provides that the Fund will be managed and supervised by Franklin Templeton, a reputed financial institution that establishes client confidentiality. 
  • Regulatory compliance: The Trust follows certain measures that are implemented distinctly to ensure that its investors are safeguarded.
  • Research-driven strategy: They are active in the market and use appropriate research to know what investment to commit and to which asset.
  • Long-term growth focus: The commitment is towards giving such investors who wish to buy digital assets a constant return over the years.

10. Bitwise Bitcoin ETF (BITB)

In 2024, the best Bitcoin investment option remains the Bitwise Bitcoin ETF (BITB). This actively managed ETF invests in various Bitcoin investment strategies to maximize returns.

Bitwise has a broad understanding of the industry, which it utilizes to manage the volatile nature of the Bitcoin market to its advantage. Given its transparency and regulation compliance, BITB represents a safe vehicle for investors looking to partake in Bitcoin's future rise.

Features

  • Managed optimally: Uses this approach to obtain the best possible returns on investments made in Bitcoin.
  • The breadth of participation: Devotes funds to multiple products, not just the pure Bitcoin currency.
  • Easily understandable: Can provide appropriate reports on the problems without omitting the matters. 
  • Emphasis on advanced next-generation United States: Adopts the best current market conditions and solutions for investments.
  • Meets average institutional requirements: It caters to the different types of investors and maintains reliability.

11. VanEck Bitcoin Trust (HODL)

Investing in Bitcoin via The VanEck Bitcoin Trust (HODL) will certainly pay off in 2024. This ETF aims to replicate Bitcoin's price movements as closely as possible while enjoying the advantages offered by a legal company engaged in building a digital asset portfolio.

Given VanEck's strength in asset management and its positioning on Bitcoin, HODL is a viable option for retail and institutional investors who intend to benefit from Bitcoin's growth.

Features

  • Investment in Bitcoin: Investors can indirectly invest in Bitcoin through this Trust as it holds Bitcoin.
  • Fitting regulatory framework: Investment schemes designed fit within multiple regulatory schemes, including the U.S.
  • Not expensive: Provides the investors with a rational management fee.
  • Openness of the fund: The fund discloses monthly its assets and key performance indicators to the investors.
  • Balanced growth perspective: Seeks to meet the objectives of capital gains for those who want to make fundamental investments in Bitcoin.

12. Ark 21Shares Bitcoin ETF (ARKB)

The Ark 21Shares Bitcoin ETF (ARKB) is the perfect Bitcoin investment for 2024. The fund is managed by ARK Invest, which targets disruptive technologies.

ARKB endeavors to gain direct exposure to Bitcoin while taking advantage of developed frameworks. The ETF is well-timed and structured for investors seeking to grow their active Bitcoin market investments.

Features

  • Innovative management: Manage ARK Invest, known for investing in transformative technologies and new-age strategies.
  • Direct Bitcoin exposure: Such investors can invest in Bitcoin’s value movements without having to buy the virtual currency.
  • Transparent operations: Provides very comprehensive details with respect to its investment plan and the securities owned.
  • Liquidity: Listed on leading stock markets that allow easy buyers and sellers of shares.
  • Long-term opportunities: Takes advantage of the more extended appreciation in Bitcoin within a multi-asset allocation.

13. Shares Bitcoin Trust (IBIT)

Based on the thorough analysis performed, iShares Bitcoin Trust (IBIT) is the best Bitcoin investment vehicle for 2024. Supported by investment giant BlackRock, IBIT intends to offer simple Bitcoin investments while complying with regulations.

Its clear framework and considerable institutional support help to widen the horizons of investors who wish to enter the world of Bitcoin. IBIT holds a distinctive advantage as a technical solution that will enable the possibilities offered by Bitcoin in the next year.

Features

  • Being managed by BlackRock: Managed by BlackRock, a distinguished American firm, this is the trust management division of the most excellent investor club.
  • Legal envelope: There are no countries which can allow investment without an investor protection scheme. 
  • Indirect investment approach: This approach avoids naked investments in which investors do not have to install and log into hardware or software wallets to get their Bitcoin exposure. 
  • Targeting institutional investors relative to retail investors: Aimed at retail and institutional investors wanting to get a position on Bitcoin.
  • Real-time information on prices and performance: Investando shows the Day’s current trading prices and performance, which is fundamental to making proper investment decisions.

14. Fidelity Wise Origin Bitcoin Fund (FBTC)

The Fidelity Wise Origin Bitcoin Fund (FBTC) is deemed to be one of the most convincing investments in Bitcoin in 2024. As Fidelity's first Bitcoin product, it has a long-term focus and institutional management.

The regulation enables investors to invest in the intermediaries, offering them exposure to Bitcoin without locking them into risky trades. Investors who would like to consider this fund would be those who want to avoid taking chances in the growing Bitcoin markets.

Features  

  • Managed by Fidelity: A reputable financial institution specializing in asset management, backed by Fidelity Funds.
  • Institutional-grade security: Offers state-of-the-art security features to protect Bitcoin from investors seeking it.
  • Long-term growth focus: Seeks to generate capital growth by investing for a longer time frame in Bitcoin.
  • Access for retail investors: This was created to let private investors have access to Bitcoin investments under some rules.
  • Comprehensive research: Uses the market knowledge available in Fidelity to facilitate the company investment processes.

15. WisdomTree Bitcoin Fund (BTCW)

The WisdomTree Bitcoin Fund (BTCW) is the best option for Bitcoin investment in 2024. This ETF also allows its investors to invest directly in BTC through effective management of its price correlation with Bitcoin.

The representative asset management company has a well-established brand and is known for its transparency. Its structure can also be advantageous for investors. BTCW presents a simple opportunity for investors who wish to gain Bitcoin's growth prospects in a regulated environment.  

Features  

  • Direct Bitcoin exposure: Allows investors direct exposure to fluctuations of its value without the need for them to actually own any Bitcoin.
  • Public management: The fund is administered by a very reputable asset manager WisdomTree which is well-known for ETFs.
  • Designed for long-term investment: It is structured to take advantage of tax assessment and thus become appealing to long-term-oriented investors.
  • Cumulative client engagement: Periodic reporting of the funds and its performance so as always to keep current and potential investors active.
  • General investment objectives: Strategies may be developed to include other modalities to enhance the risk-return trade-off in the Bitcoin market.

16. Digihost Technology Stock

  • Market: TSXV
  • Ticker: DGHI.V 
  • Industry Niche: Bitcoin Mining And Blockchain Technology
  • Forward Dividend Yield: N/A
  • Market Cap: $52.78 Million
  • Forward P/E Ratio: 10.67

Digihost is headquartered in Canada and based in the U.S. It has one main production facility that hosts about 11,800 individual miners, and its capacity is significantly lower than Hut 8, HIVE, or Bitfarms.

Still, its mining capability must be considered. It holds about 776 Bitcoin coins, which were not mined but rather bought using the miner's Bitcoin inventory.

Undervalued Potential

Digihost is easily the most oppressed and overvalued Bitcoin miner on this list, and its recent growth has been quite paltry compared to others. But this also allows it to offer the kind of growth others might not since they are unlikely to fall near their all-time lows.

17. Cathedra Bitcoin Stock

  • Market: TSXV
  • Ticker: CBIT.V
  • Industry Niche: Bitcoin Infrastructure Development
  • Forward Dividend Yield: N/A
  • Market Cap: $19.55 Million

This micro-cap Bitcoin stock is all about Bitcoin mining infrastructure, i.e., mining rigs. But it’s also in the mining business and has significant power/mining capacity at its disposal thanks to its U.S.-based sites, especially for a company of its size, especially if we add the contracted hash rate.

Strong Fundamentals

Its hash rate (mining power) to enterprise value ratio is better than most mainstream publicly traded miners.  It follows a strict Hodling policy, which means it holds all the Bitcoin it mines (they are not invested back into the business).

Its two major growth phases in the last eight years pushed the valuation up about 1,980% and over 730%, respectively.

18. Bitcoin Well Stock

  • Market: TSXV
  • Ticker: BTCW.V
  • Industry Niche: Non-Custodial Financial Services
  • Forward Dividend Yield: N/A
  • Market Cap: $21.51 Million

Bitcoin Well offers non-custodial Bitcoin exchange services, which is ideal for people who which to retain complete control of their Bitcoin holdings.  It runs a network of Bitcoin ATMs and other locations where individuals can exchange their Bitcoin for cash.

Strategic Positioning

The network includes over 200 of the company’s own Bitcoin ATMs (the second largest in Canada), and it expects to grow its partner network as well.

It’s perfectly positioned to adapt to mainstream Bitcoin when more people need ATMs to convert BTC for physical cash.

19. Argo Blockchain (ARBK)

  • Country: UK
  • Stock Exchange: NASDAQ

Founded in 2017, Argo Blockchain is a UK-based BTC mining company with a global reach. Headquartered in London, Argo has quickly become one of the leading Bitcoin miners in the world.

Sustainable Mining

Peter Wall, the company’s CEO, emphasizes the importance of sustainable mining practices. Argo is making significant strides in using renewable energy sources to power its operations.

Argo Blockchain’s journey from 2023 to 2024 reflects strategic adjustments and operational achievements. In September 2023, Argo saw a 34% increase in Bitcoin mining production, benefiting from improved operations and power credits, marking a positive shift. 

Overcoming Challenges

The success was short-lived, as Argo had to confront new realities in 2024. 
The company sold its Quebec data center for $6.1 million to reduce debt, highlighting a strategy to maintain financial stability amid declining Bitcoin prices and production.

Despite these struggles, by mid-2024, the Argo blockchain received an upgraded status from Zacks Ranks, which reflects an upward trend in earnings estimates, a powerful force impacting stock prices.

20. Phoenix Group (PHX)

  • Country: UAE
  • Stock Exchange: ADX

Founded in 2017, Phoenix Group PLC is a leading Bitcoin mining and blockchain technology company headquartered in Abu Dhabi, UAE. Bijan Alizadehfard, Co-Founder and Group CEO, and Munaf Ali, Co-Founder and Group Managing Director, lead the company.

Strategic Partnerships

Phoenix is heavily involved in Bitcoin mining, recently securing a $187 million deal with Bitmain. To expand its operational reach, Phoenix has forged key partnerships with Whatsminer.

This substantial investment has amplified Phoenix's hash power and market share, making it one of the Middle East’s largest players in the digital mining space. Phoenix is also recognized for its commitment to eco-friendly practices, integrating advanced hydro cooling to support more sustainable mining.

Market Expansion

Recently the company completed a landmark IPO on the Abu Dhabi Securities Exchange (ADX), the first of its kind for a blockchain entity in the Middle East. This step has solidified its growing influence in both tech and finance.

21. Core Scientific (CORZ)

  • Country: United States
  • Stock Exchange: NASDAQ
  • Number of Hedge Fund Holders: 53

Core Scientific, Inc. (NASDAQ: CORZ) is a leader in digital infrastructure for Bitcoin mining and high-performance computing. Founded in 2017, the firm has scaled its operations to become the first digital asset miner in North America to achieve 100, 250, and 500 megawatts of operating capacity.  

Mining Operations

The firm mines Bitcoin and offers hosting services for Bitcoin mining and high-performance computing customers at its eight operational data centers, including two in Georgia, one in Kentucky, one in North Carolina, one in North Dakota, and three in Texas.

The market position of Core Scientific, Inc. (NASDAQ: CORZ) remains strong as one of the largest bitcoin minors in North America. The firm receives most of its revenue from earning Bitcoin for its account. 

Diversifying Revenue

While Core Scientific is strengthening its Bitcoin mining business, it also focuses on expanding its HPC hosting capacity. The Bitcoin miner contracted 382 megawatts of infrastructure to host high-performance computing, which could generate a potential revenue of almost $6.7 billion over 12 years.

The company’s high-power digital infrastructure portfolio based on Bitcoin mining and high-performance computing positions it well for market leadership and growth. Core Scientific successfully navigated the April halving event.

Financial Performance

During the second quarter, the firm reported a total revenue of $141 million, earned 1,680 bitcoins, operated 19.4 exahashes per second self-mining hash rate, and added 72 megawatts of infrastructure at the Denton, Texas data center.

The firm has also reported HPC hosting as a separate segment, which shows the business's growth-driving ability.

Investor Confidence

The strength of its respective businesses and the status of earning more Bitcoin than any other public company in North America since 2021 rank Core Scientific, Inc. (NASDAQ: CORZ) among the 7 best Bitcoin stocks to buy right now. As of Q2 2024, Core Scientific had 59 hedge fund holders.

22. Iris Energy Limited (NASDAQ: IREN)

Number of Hedge Fund Holders: 38

Iris Energy Limited (NASDAQ: IREN) owns, builds, and operates data centers and electrical infrastructure to mine Bitcoin. The company’s business model is based on sustainably mined Bitcoin.

As a sustainable Bitcoin miner, the company’s sites are powered by 100% renewable energy. The company’s facilities are optimized for Bitcoin mining, AI cloud services, and other power-dense computing.

Sustainable Mining

The firm is unique since:

  • It uses low-cost, excess renewable energy to keep costs low
  • Support communities
  • Solve the energy market challenges

Iris has a solid portfolio comprising 260MW of operating data centers and plans to expand to 510MW in 2024. In July, the company secured an additional 150MW of immediately available power capacity at its Childress site, raising its total secured grid-connected power capacity to 2,310MW.

Growing Momentum

Among its peers, Iris qualifies as a large-scale miner with its strong Bitcoin mining hashrate. A comparison between FY 2024 and FY 2023 reveals a 66% rise in operating hashrate, a 29% rise in BTC mined, and an overall increase in Bitcoin mining revenue from $75.5 million to $184.1 million.

For the full year ended June 30, Iris saw growth across its revenue, earnings, and cash flow. In Bitcoin mining, the firm remains set to achieve 30 exahashes per second by the end of this year. Simultaneously, the revenue for AI cloud services continues to scale.

Institutional Backing

Iris Energy Limited (NASDAQ: IREN) is one of the largest publicly listed Bitcoin miners, with a robust portfolio and strong growth potential. It ranks on our list. As of Q2, the stock is held by 38 hedge funds. Castle Hook Partners is the dominant shareholder in the company, with a position worth $77.5 million.

23. Coinbase Global, Inc. (NASDAQ: COIN)

  • Number of Hedge Fund Holders: 45

Coinbase Global, Inc. (NASDAQ: COIN) offers an online platform for:

  • Buying
  • Selling
  • Saving
  • Earning
  • Transferring
  • Using BTC

Expanding Ecosystem

The firm strives to improve economic freedom for more than 1 billion by allowing people and institutions to engage with Bitcoin assets. Coinbase Global also provides critical infrastructure for on-chain activity and support for builders.

In 2023, the firm was reported to hold 5% of the global Bitcoin supply, deeming it one of the largest Bitcoin holders globally. Comprising 245,000 ecosystem partners in over 100 countries, Coinbase offers a comprehensive platform that powers the BTC economy.

Platform Strengths & Financial Performance

The firm mentions five key strengths behind this platform, which include:

  • Trust
  • TC-first technology
  • Easy-to-use products, regardless of the complex underlying technology
  • Repeatable innovation
  • Significant scale as it securely stores over $90 billion in assets on the platform

The firm recorded the year’s second quarter as its sixth consecutive quarter of positive adjusted EBITDA. Due to stablecoin revenue and blockchain rewards revenue, growth across the board was witnessed.

Diversifying Revenue

The firm succeeded in diversifying revenue streams. Although transaction revenue was down 27% from last quarter, subscription and services revenue was at an all-time high, growing 17% quarter-over-quarter to $599 million.

The firm also reduced the base fees in the quarter, which resulted in 300% quarter-over-quarter growth in the number of Base transactions. With a market-leading share of assets, one of the most trusted platforms for managing Bitcoin globally, and continuous developments in product offerings to ease the use of Bitcoin, Coinbase has become a significant player in the Bitcoin industry. 

Institutional Backing

As of Q2 2024, 45 hedge funds held the stock, ranking it among some of the best Bitcoin stocks to buy. Citadel Investment Group was the most dominant shareholder.

Related Reading

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Strong leadership can accelerate the performance of your investment, especially in a volatile market like Bitcoin.

Understanding the Investment Strategy of the Best Bitcoin Stocks

Like any other stock, Bitcoin stocks have underlying businesses you want to understand before buying. This means digging into how they make money and the specific exposure to Bitcoin (if any).

Some Bitcoin stocks will give you direct exposure to Bitcoin, while others will focus on Bitcoin's underlying technology or other industries that may benefit from a Bitcoin boom. Ensure you understand the investment strategy and that it aligns with your goals before investing.

Expense Ratios Matter, Even for Stocks

While you won’t find expense ratios when buying individual stocks, they do exist for stocks as they relate to underlying funds. If buying Bitcoin stocks that are part of an ETF or mutual fund, consider the expense ratio before investing. Lower is better, as high fees eat into your returns.

Look at Historical Performance

As with any investment, look at the performance records of Bitcoin stocks before buying. Past performance is not an indicator of future performance. Still, consistent growth and stability in all financial conditions would be ideal.

Regulatory Compliance Is Key to Safe Investing   

You should do your best to ensure at least some compliance with laws concerning the stock or fund you’re buying.

This could provide peace of mind while reducing the likelihood of sudden catastrophes that would otherwise render your investment worthless.

Keep an Eye on Market Conditions

Develop the habit of always looking for what is happening in the markets, within technology, and regarding laws concerning Bitcoin. All these changes can affect the prices of Bitcoin and related investments.

Assess Your Risk Tolerance

Bitcoin investments are prone to market reaction. It is advisable to pick stocks according to one’s risk appetite and financial strategy.

Related Reading

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