10 Best Cryptocurrency Stocks to Buy for the Long Term

2. Bit Digital, Inc. (NASDAQ:BTBT)

Stock Upside Potential: 144.78%

Number of Hedge Fund Holders: 27

Bit Digital Inc. (NASDAQ:BTBT) is one of the best cryptocurrency stocks to buy for the long term. On November 17, analysts at H.C. Wainwright reiterated a Buy rating on Bit Digital Inc. (NASDAQ:BTBT) and set a $7 price target, impressed by the company’s third-quarter results. The company posted a 33% increase in revenue to $30.5 million, driven by growth in WhiteFiber business lines and increased revenue from ETH staking.

Nevertheless, the company reported a 27% decline in digital asset mining revenue to $7.4 million, primarily due to an increase in network difficulty and a decrease in the active hash rate. On the other hand, cloud services revenue increased 48% to $18 million as revenue from ETH staking increased 542% to $2.9 million.

The better-than-expected results follow Bit Digital’s strategic transition, as it seeks to become a pure-play Ethereum treasury and staking company. Consequently, it has adopted a disciplined ETH accumulation strategy and staking yield generation approach. The strategy has resulted in the number of ETH held increasing from 30,663 coins in June to 153,547 ETH coins, valued at $590.5 million as of the end of October.

“We remain highly constructive on the Ethereum future. The network continues to demonstrate expanding utility, deepening institutional adoption, and a maturing staking economy that provides sustainable on-chain yield. Our focus is on increasing ETH density thoughtfully and cost-effectively, deploying capital with discipline, maintaining balance sheet strength, and compounding value per share rather than chasing scale for its own sake,” Management said in a statement.

Bit Digital, Inc. (NASDAQ:BTBT) is a digital asset platform primarily focused on acquiring, holding, and staking Ethereum (ETH) as a long-term treasury strategy. It also offers cloud services for artificial intelligence (AI) applications. The company has significantly reduced its bitcoin mining operations to focus on its Ethereum staking infrastructure, which is one of the largest institutional setups globally.