11 Best Bitcoin Stocks to Buy Now

In this article, we discuss the 11 best Bitcoin stocks to buy right now. If you want to skip our in-depth analysis of the crypto industry and future growth prospects, jump straight to the top 5 Bitcoin stocks to buy now.

In November 2021, the value of Bitcoin hit an all-time high of $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 prices closing price reaching only $47,445 at the end of March before falling. at $28,405 on May 11. On June 13, 2022, the price of bitcoin fell below $23,000 for the first time since December 2021. Today, bitcoin is trading around $18,700 and it doesn’t look like its price will go down as long as the Fed will not be finished. with rising short-term interest rates.

According to global investment banking giant JP Morgan, the long-term price of Bitcoin can reach up to $150,000, which is almost six times higher than the current Bitcoin price. The size of the global cryptocurrency mining market currently stands at $915.8 million and is expected to reach $1125.8 million by 2028. All of these figures however are only estimates and guesses. . Nobody really knows the true intrinsic value of a bitcoin because it generates no cash flow and its price is determined by the general sentiment of the investing public. One of the reasons to be optimistic about 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 crypto- currencies will probably be much higher than it is today. Higher demand and usage usually means higher prices.

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Best Bitcoin and Cryptocurrency Stocks to Buy

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Methodology

So how do we come up with our list of the best bitcoin stocks to buy? We’ve selected the most popular Bitcoin stocks from the 900 elite hedge funds tracked by Insider Monkey at the end of the first quarter. This is before major stock price declines begin and helps us identify stocks before some fringe hedge funds are forced to close their speculative positions due to investor redemptions. We’ll post an updated version of this list in a few weeks when the hedge funds reveal their holdings in late September. Here are the best bitcoin stocks to buy according to hedge funds:

11. Hut 8 Mining Corp (TSX:HUT)

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.

Recently, investment banking firm Stifel took over cover from 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 a “Buy” rating on shares of Hut 8 Mining Corp (TSX:HUT) and gave it a price target of $6.

According to the Insider Monkey 7 database, hedge funds held stakes worth $7.9 billion in Hut 8 Mining Corp (TSX:HUT) at 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 supporting 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 account, it produced 318 Bitcoins in July 2022.

After analyzing global hash rate predictions and estimates for crypto miners on June 28, Compass Point analyst Chase White upgraded Riot Blockchain to “Buy” from “Neutral” with a $14 price target. 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 stakes worth $28.6 million in Riot Blockchain, Inc. (NASDAQ: RIOT) at the end of the first quarter of 2022.

9. MicroStrategy Inc. (NASDAQ:MSTR)

Number of hedge fund holders: 14

MSTR ranks 9th 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 since then has 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 the “Buy” rating on MicroStrategy Inc. stock (NASDAQ: MSTR) and asserted that the organization faced no solvency risk. .

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

8. Silvergate Capital Corp (NYSE:IF)

Number of hedge fund holders: 35

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

On July 20, Wells Fargo analyst Jared Shaw maintained an “overweight” rating on shares of Silvergate Capital Corp (NYSE:SI) and raised his company’s price target on Silvergate Capital Corp (NYSE :SI) at $115 versus $100. Additionally, on August 4, investment bank BTIG began hedging Silvergate Capital Corp (NYSE:SI) and gave it a “Buy” rating.

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

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

Number of hedge fund holders: 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 engages in cryptocurrency mining, with a focus on the blockchain ecosystem and digital asset generation.

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

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 company’s price target on Marathon Digital Holdings, Inc. (NASDAQ:MARA) to $66 from $48 and maintained a buy rating on its shares.

6. Coinbase Global, Inc. (NASDAQ:PIECE OF MONEY)

Number of hedge fund holders: 46

Coinbase Global, Inc (NASDAQ:COIN) is a leading cryptocurrency exchange, with nearly 98 million verified users. The crypto trading platform allows users to buy and sell cryptocurrencies including Bitcoin, Ethereum, Solana, Cardano, and over 200 other coins. Additionally, the company offers blockchain analytics to governments, crypto firms, and financial institutions. Coinbase Global, Inc (NASDAQ:COIN) recorded 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 would ultimately prove beneficial for Coinbase Global, Inc (NASDAQ:COIN) and maintained a “Buy” rating. on the actions of the organization. Similarly, on July 12, JMP Securities analyst Devin Ryan maintained an “outperform” 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) gained positive ratings from various analysts over the past two weeks.

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

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Disclosure: None. Best Bitcoin Stocks to Buy is originally published on Insider Monkey.

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