11 Best Bitcoin Stocks to Buy Now


In this article, we discuss the 11 best Bitcoin stocks to buy right now. If you would like to skip our detailed analysis of the cryptocurrency industry and future growth prospects, please go directly to Top 5 Bitcoin Stocks to Buy Right Now.

In November 2021, the value of Bitcoin reached a its highest point, $68,990 before closing at $64,995. However, due to rising inflation and pressure from macroeconomic forces, Bitcoin fell to $46,164 in mid-December 2021. Between January and May 2022, the digital currency continued to fluctuate with closing prices only reaching $47. 445 in late March before falling. at $28,405 on May 11. On June 13, 2022, the price of Bitcoin collapsed below $23,000 for the first time since December 2021. Today bitcoin is trading around $18700 and it doesn’t look like its price is going to bottom until the Fed ends raising short-term interest rates.

According to global investment banking giant JP Morgan, the long-term price of Bitcoin may reach up to $150,000 which is almost six times higher than the current price of Bitcoin. The size of the global cryptocurrency mining market is currently $915.8 million and is predicted to reach $1125.8 million by 2028. However, all of these numbers are just estimates and guesswork. Nobody really knows the true intrinsic value of a Bitcoin because it does not generate any cash flow and its price is determined by the general sentiment of the investing public. One reason to be bullish on bitcoin and some of the other cryptocurrencies is that it is now almost certain that cryptocurrencies will be widely used in the future and the demand for cryptocurrencies will likely be much higher than it is today. Higher demand and utilization generally means higher prices.

The best Bitcoin and cryptocurrency stocks to buy

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Methodology

So how do we create our list of the best bitcoin stocks to buy? We pick the most popular Bitcoin stocks among the 900 elite hedge funds tracked by Insider Monkey at the end of Q1. This is before the start of significant declines in stock prices and helps us identify stocks before some fringe hedge funds are forced to close their speculative positions due to investor redemptions. We’ll publish an updated version of this list in a couple of weeks when hedge funds reveal their positions in late September. Here are the best bitcoin stocks to buy according to hedge funds:

11. Hut 8 Mining Corp (TSX:CABIN)

Number of hedge fund holders: 7

Hut 8 Mining Corp (TSX:HUT) is one of the oldest and largest digital asset miners in North America. The Toronto-based organization specializes in Bitcoin and Ethereum mining.

Investment banking firm Stifel recently resumed coverage of Hut 8 Mining Corp (TSX:HUT) with a ‘Buy’ rating and a price target of $11. Additionally, on May 13, Canaccord analyst Joseph Vafi maintained his ‘Buy’ rating on Hut 8 Mining Corp (TSX:HUT) shares and gave it a $6 price target.

According to the Insider Monkey database, hedge funds 7 held $7.9 billion worth of stakes in Hut 8 Mining Corp (TSX:HUT) as of the end of the first quarter of 2022.

10. Riot Blockchain, Inc. (NASDAQ:RIOT)

Number of hedge fund holders: 14

Riot Blockchain, Inc. (NASDAQ:RIOT) is a Bitcoin mining company that supports the Bitcoin blockchain through industrial-scale mining in the United States. The company’s facility in Rockdale, Texas is the largest Bitcoin mining and hosting facility in North America. According to the company’s Twitter handle, it produced 318 Bitcoins in July 2022.

After analyzing global hash rate forecasts and estimates for crypto miners on June 28, Compass Point analyst Chase White upgraded Riot Blockchain to ‘Buy’ from ‘Neutral’ with a price target of $14. Additionally, B. Riley analyst Lucas Pipes maintained a ‘Buy’ rating on Riot Blockchain, Inc. (NASDAQ:RIOT) with a price target of $16.

According to the Insider Monkey database, 14 hedge funds held $28.6 million worth of stakes in Riot Blockchain, Inc. (NASDAQ:RIOT) as of the end of the first quarter of 2022.

9. MicroStrategy Inc. (NASDAQ:MSTR)

Number of hedge fund holders: 14

MSTR ranks ninth on our list of the best bitcoin stocks to buy. MicroStrategy Inc. (NASDAQ:MSTR) is an analytics software company that provides business intelligence and cloud-based services. The organization started buying Bitcoins in 2020 and has since built up vast reserves of this valuable cryptocurrency. As of May 2022, MicroStrategy Inc. (NASDAQ:MSTR) owned approximately 129,218 Bitcoins.

On August 3, Canaccord analyst Joseph Vafi lowered the company’s price target on MicroStrategy to $372 from $453, but maintained a ‘Buy’ rating on MicroStrategy Inc. (NASDAQ:MSTR) stock, stating that The organization does not face any solvency risk. .

According to the Insider Monkey database, 14 hedge funds held $85.1 million worth of stakes in MicroStrategy Inc. (NASDAQ:MSTR) as of the end of the first quarter of 2022.

8. Silvergate Capital Corp (NYSE:YES)

Number of hedge fund holders: 35

Silvergate Capital Corp (NYSE:SI) provides banking and financial services to companies working in the cryptocurrency space. Among its offerings is a digital network that helps large clients, such as cryptocurrency exchanges, cryptocurrency miners, and institutional investors, including private equity firms, transact.

On July 20, Wells Fargo analyst Jared Shaw maintained an “Overweight” rating on shares of Silvergate Capital Corp (NYSE:SI) and raised his firm’s price target on Silvergate Capital Corp (NYSE:SI). to $115 from $100. Additionally, on August 4, investment banking firm BTIG initiated coverage of Silvergate Capital Corp (NYSE:SI) and gave it a ‘Buy’ rating.

According to Insider Monkey’s database, 35 hedge funds held $838.6 million worth of stakes in Silvergate Capital Corp (NYSE:SI) as of the end of the first quarter of 2022.

7. Marathon Digital Holdings, Inc. (NASDAQ:MARA)

Number of hedge fund owners: 43

Marathon Digital Holdings, Inc. (NASDAQ:MARA) is currently one of the leading digital asset technology companies in the United States. The Las Vegas-based company is dedicated to cryptocurrency mining, with a focus on the blockchain ecosystem and the generation of digital assets.

On July 18, Marathon Digital Holdings, Inc. (NASDAQ:MARA) announced that it has secured around 254 megawatts of new hosting deals for the company’s Bitcoin mining operations. As a result of this development, Marathon Digital Holdings, Inc. (NASDAQ:MARA) has now secured enough hosting deals to support its previously stated goal of roughly 23.3 crypto exahashes per second of Bitcoin mining computing power.

Marathon Digital Holdings, Inc. (NASDAQ:MARA) produced 707 self-mined bitcoins during the second quarter of 2022, an increase of 8% from the 654 bitcoins mined during the same period in 2021.

On March 8, Compass Point analyst Chase White raised his Marathon Digital Holdings, Inc. (NASDAQ:MARA) company’s price target to $66 from $48 and maintained a buy recommendation on its stock.

6. Coinbase Global, Inc. (NASDAQ:CURRENCY)

Number of hedge fund holders: 46

Coinbase Global, Inc (NASDAQ:COIN) is one of the leading cryptocurrency exchanges, with nearly 98 million verified users. The cryptocurrency trading platform allows users to buy and sell cryptocurrencies, including Bitcoin, Ethereum, Solana, Cardano, and more than 200 other coins. Additionally, the company offers blockchain analytics to governments, crypto businesses, and financial institutions. Coinbase Global, Inc (NASDAQ:COIN) posted an EPS surprise in all four quarters of 2021.

On July 14, DA Davidson analyst Christopher Brendler told investors that the “crypto winter” of 2022 will ultimately pay off for Coinbase Global, Inc (NASDAQ:COIN) and maintained a ‘Buy’ rating on shares of Coinbase Global, Inc. the organization. Similarly, on July 12, JMP Securities analyst Devin Ryan maintained a ‘Superior’ rating on shares of Coinbase Global, Inc (NASDAQ:COIN).

Similarly, several other Bitcoin stocks, including MicroStrategy Inc. (NASDAQ:MSTR), PayPal Holdings (NASDAQ:PYPL), Block, Inc. (NYSE:SQ) and Marathon Digital Holdings, Inc. (NASDAQ:MARA) all earned positive ratings from different analysts in recent weeks.

According to the Insider Monkey database, 46 hedge funds held $2.32 billion worth of stakes in Coinbase Global, Inc (NASDAQ:COIN) as of the end of Q1 2022.

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Disclosure: none. Best Bitcoin Stocks to Buy was originally published on Insider Monkey.