7 Best Bitcoin Stocks to Buy Right Now

In this article, we will discuss the 7 best Bitcoin stocks to buy now.

7 Best Bitcoin Stocks To Buy Right Now

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

Number of Hedge Fund Holders: 16

Marathon mines digital assets, focusing on the Bitcoin ecosystem in the United States. The company uses digital asset compute to support the energy transformation by converting clean, stranded, or underutilized energy into economic value. Marathon develops new technologies to advance the Bitcoin mining network.

Marathon leads the Bitcoin mining industry as one of the largest and most liquid miners. The company saw increasing hashrate, BTC production, efficiency, and market share between the last quarter of 2022 and the last quarter of 2023. It takes a diversified approach to Bitcoin mining, with both self-hosting and third-party hosting, which reduces risks. Of the 1.1 gigawatts of power that the company owns and operates in its diversified portfolio of energy technology solutions, Marathon currently owns about 54%.

During August, Marathon Digital Holdings, Inc. (NASDAQ:MARA) increased its energized hash rate to 35.2 exahashes per second and mined its 4,000th block. It’s on track to reach 50 exahashes per second by year-end. In the second quarter, the company was organized into three strategic business teams: Utility Scale Mining, Energy Harvesting, and Technology. By becoming a streamlined organization with three specialized business teams, the company aims to better align with its growth opportunities.

With an all-time high installed current hash rate and a leading role in securing and supporting the Bitcoin ecosystem, Marathon is one of the best Bitcoin stocks to buy now. As of Q2 2024, the stock was held by 16 hedge funds, and Citadel Investment Group was the top shareholder.

6. Bitfarms Ltd. (NASDAQ:BITF)

Number of Hedge Fund Holders: 16

Bitfarms is a leading Bitcoin mining company. The company operates vertically integrated mining operations with on-site technical repair, proprietary data analytics, and company-owned electrical engineering and installation services. The Bitcoin miner has a diversified production platform and operates 11 operational farms across 4 countries: Canada, United States, Argentina, and Paraguay. The company’s data centers are powered by more than 75% renewable power.

Bitfarms serves as an early mover in the Bitcoin mining industry with its vertically integrated business that spans the globe. The company manages one of the largest portfolios of energy contracts in the Bitcoin data center business internationally. It achieves yield-per-exahash and margin performance through strong financial positioning, efficient hardware, and low-cost power. For the second quarter, Bitfarms had a hashrate of 11.1 exahashes per second, up from 6.5 exahashes per second in the first quarter.

The company’s recent developments are strategically designed to expand its operational footprint. The announced acquisition of Stronghold Digital Mining will increase Bitfarm’s energy portfolio to over 950 MW by the end of 2025. This solidifies the company’s position in both HPC/AI sectors and Bitcoin mining. With a total expansion capacity of up to 1.6 GW, Bifarms is well set for multi-year growth.

The company is on its way to hitting over 35 exahashes per second in 2025, a 67% growth from the 2the year-end target for 2024. The company’s energy portfolio and commitment to expansion reinforce its strong industry position. As of Q2 2024, the stock was held by 16 hedge funds, ranking it among the best cryptocurrency stocks, with Millennium Management as the most dominant shareholder.

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