In this article, we will discuss: 11 Best Bitcoin and Blockchain Stocks to Invest In.
Bitcoin plummeted below $61,000 on February 5, reversing all gains since US President Donald Trump’s election in November 2024, as reported by Reuters on February 7, 2026. The decline was caused by limited liquidity and financial turmoil. This marked its lowest level since a month before the election. Following a record-breaking October price spike above $125,000, prices have now dropped by almost 20% before rising above $70,000. Precious metals and cryptocurrencies fell dramatically on January 30 after Trump appointed Kevin Warsh as the new Federal Reserve chair, fueling expectations of a tightening balance sheet. Kaiko research analyst Thomas Probst stated that less liquidity results in stronger and more chaotic price movements.
Probst cautioned that it is the pattern in liquidity that is truly concerning, pointing out that the average 1% market depth of Bitcoin has decreased from over $8 million in 2025 to roughly $5 million at the present time. Meanwhile, Morgan Stanley Wealth Management’s Denny Galindo commented that the October flash crash blew up the leverage bubble. Whereas, CoinShares’ head of research at crypto asset manager, James Butterfill, stated that selling by significant holders has slowed, and “we are very close to a bottom.”
With that said, here are the 11 Best Bitcoin and Blockchain Stocks to Invest In.
Source: Unsplash
Our Methodology
We sifted through the ETFs and online rankings to form an initial list of the 20 Best Bitcoin and Blockchain Stocks to Invest In. From the resultant dataset, we chose the 11 Best Bitcoin and Blockchain Stocks with the highest number of hedge fund holders for each stock using Insider Monkey’s database of hedge funds as of Q3 2025. We also considered the analysts’ upside potential as of February 12. Finally, we ranked these stocks in ascending order based on hedge funds.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
11. Bitdeer Technologies Group (NASDAQ:BTDR)
Number of Hedge Fund Holders: 26
Analysts’ Upside Potential as of February 12: 100.68%
Bitdeer Technologies Group (NASDAQ:BTDR) is among the Best Bitcoin Stocks.
On February 13, Darren Aftahi of Roth Capital decreased Bitdeer Technologies Group (NASDAQ:BTDR)’s price target from $40 to $30. The analyst maintained a Buy rating, noting “some puts and takes” on the earnings call and mixed Q4 results. The corporation expressed a higher willingness to deploy high-performance computing.
Separately, B. Riley maintained its Buy rating on BTDR while lowering its price target from $29 to $22 on February 12, 2026, citing decreased bitcoin prices and major network difficulties in Q4. The company commented that Bitdeer Technologies Group (NASDAQ:BTDR) could handle growing demand for hyperscaler computing.
On February 10, 2026, the firm claimed that it had mined 668 bitcoins in January. It increased its efforts to win long-term leases by focusing on HPC/AI co-location options at larger facilities like Tydal, Norway. The corporation aims to deploy more Sealminers in 2026, and its self-mining hashrate has hit 63 EH/s, up 14% from December 2025. Bitdeer Technologies Group (NASDAQ:BTDR) expects to introduce the SEALMINER-DL1 in the first quarter of 2026, after its first LTC/Doge miner, the DL1, outperformed expectations during testing.
Bitdeer Technologies Group (NASDAQ:BTDR) runs cryptocurrency mining datacenters and produces revenue from its own mining operations. The company handles equipment procurement, transportation logistics, data center design and construction, equipment administration, and day-to-day operations.
10. CleanSpark, Inc. (NASDAQ:CLSK)
Number of Hedge Fund Holders: 34
Analysts’ Upside Potential as of February 12: 87.24%
CleanSpark, Inc. (NASDAQ:CLSK) is among the Best Bitcoin Stocks.
On February 6, Macquarie maintained an Outperform rating on CleanSpark, Inc. (NASDAQ:CLSK) and reduced its price objective from $27 to $18.
Separately, Keefe Bruyette maintained its Outperform rating on the stock and trimmed its price target from $18 to $14 on February 9, 2026. The firm pointed out concerns around ERCOT’s proposed batch study, which might affect the Texas pipeline. However, the corporation remained optimistic about the Sealy location.
CleanSpark, Inc. (NASDAQ:CLSK)’s revenues in the first quarter of fiscal 2026 were $181.2 million, an 11.6% increase from $162.3 million in the same period last year. The firm reported a net loss of $378.7 million, or $1.35 per basic share, with a net income of $246.8 million, or $0.85 per basic share, in the previous year. Adjusted EBITDA was negative $295.4 million, compared to a positive $321.6 million in the prior year.
The stock was down by 16.71% YTD as of February 11, 2026.
CleanSpark, Inc. (NASDAQ:CLSK) is a Bitcoin mining technology startup. It manages data centers in College Park, Norcross, Washington, Sandersville, Dalton, and Massena.
9. MARA Holdings, Inc. (NASDAQ:MARA)
Number of Hedge Fund Holders: 35
Analysts’ Upside Potential as of February 12: 117.12%
MARA Holdings, Inc. (NASDAQ:MARA) is among the Best Bitcoin Stocks.
On February 9, Morgan Stanley started coverage of MARA Holdings, Inc. (NASDAQ:MARA) with an Underweight rating and an $8 price target. The corporation pointed out that share value is heavily influenced by bitcoin mining economics and that conversions from bitcoin mining to data centers provide less growth potential. The analyst also stated that many installations are leased from third parties, restricting power access.
On the other hand, Piper Sandler kept its Overweight rating on the stock while lowering its price goal to $16 from $26 on January 14, 2026, ahead of quarterly reports.
Revenues in the most recent quarter totaled $252 million, representing a 92% increase year over year. Net profits improved to $123 million in Q3 2024 from a $125 million loss the year before. Bitcoin holdings soared 98% year-on-year to 52,850 by the end of Q3 2024, up from 26,747.
The digital asset technology company MARA Holdings, Inc. (NASDAQ:MARA) mines cryptocurrency, concentrating on the Bitcoin ecosystem. It also includes providing proprietary software or technology to other businesses involved in the Bitcoin ecosystem, as well as owning and running data centers or Bitcoin mining facilities.
8. Applied Digital Corporation (NASDAQ:APLD)
Number of Hedge Fund Holders: 38
Analysts’ Upside Potential as of February 12: 36.49%
Applied Digital Corporation (NASDAQ:APLD) is among the Best Bitcoin Stocks.
Roth Capital said that Applied Digital has started construction on Delta Forge 1, its AI Factory campus in a strategic southern U.S. market, which is planned to support an initial 430 MW of utility power. The firm believes the site is located in Louisiana and expects the company to secure a formal lease with another hyperscaler in the coming months. The analyst also noted that Applied Digital continues to rank among its top picks and kept a Buy rating with a $58 price target on the stock.
Separately, on January 28, Northland analyst Mike Grondahl confirmed his Outperform rating on Applied Digital Corporation (NASDAQ:APLD) during the Q2 call, raising the price target from $40 to $56. The company disclosed significant conversations with an investment-grade hyperscaler about three possible sites totaling 900 megawatts.
The firm recorded $126.6 million in revenue in the last quarter, showing a 250% surge year on year. It reported a $31.2 million net loss attributable to common stockholders and a $0.11 loss per share, both significantly lower than last year. It made $0.1 million in adjusted net income and $20.2 million in adjusted EBITDA.
Applied Digital Corporation (NASDAQ:APLD) is a technology company that provides computing power through the building and operation of data centers. It functions through the HPC Hosting Business and Data Center Hosting Business divisions.
7. Cipher Mining Inc. (NASDAQ:CIFR)
Number of Hedge Fund Holders: 40
Analysts’ Upside Potential as of February 12: 53.64%
Cipher Mining Inc. (NASDAQ:CIFR) is among the Best Bitcoin Stocks.
Cipher Mining Inc. (NASDAQ:CIFR) named Drew Armstrong as Head of Strategic Initiatives and Lee Bratcher as Head of Policy and Government Affairs on January 6, 2026. Bratcher provides industry experience in the Texas and federal energy regulatory sectors, having previously served as President and Founder of the Texas Blockchain Council. Armstrong joined the company after working as the Chairman, COO, and President of Cathedra Bitcoin.
Separately, Morgan Stanley analyst Stephen Byrd commenced coverage of Cipher Mining Inc. (NASDAQ:CIFR) with an Overweight rating and a price target of $38 on February 9, 2026. The corporation sees significant potential and cites rising valuations for bitcoin-to-datacenter conversions. It also stated that hyperscalers’ recent capital expenditure reports reinforce the notion that computing demand will surpass supply.
The firm generated $72 million in revenue and $41 million in non-GAAP adjusted profitability in the previous quarter. It has secured a 15-year partnership with Amazon Web Services to build a campus data center for AI workloads. Furthermore, it launched a joint venture to develop a 1-gigawatt facility in West Texas, acquiring majority ownership.
Cipher Mining Inc. (NASDAQ:CIFR) is a US-based Bitcoin mining ecosystem. The company is working on a cryptocurrency venture.
6. TeraWulf Inc. (NASDAQ:WULF)
Number of Hedge Fund Holders: 47
Analysts’ Upside Potential as of February 12: 41.14%
TeraWulf Inc. (NASDAQ:WULF) is among the Best Bitcoin Stocks.
Morgan Stanley started coverage on TeraWulf Inc. (NASDAQ:WULF) on February 9, 2026, with an Overweight rating and a $37 price target. The firm stressed the corporation’s history of obtaining contracts from data center clients and developing a variety of power infrastructure assets. Morgan Stanley remarked that the economics of bitcoin-to-datacenter conversion have become increasingly appealing, and they expect this strategy to drive considerable share gain.
TeraWulf Inc. (NASDAQ:WULF) declared the acquisition of two brownfield infrastructure locations in Hawesville, Kentucky, and Charles County, Maryland, on February 3, 2026. These acquisitions expand the firm’s overall capacity by 1.5 gigawatts and diversify its electrical and digital infrastructure portfolio.
Revenue climbed 87% year on year to $50.6 million in the most recent quarter, fueled by extra mining capacity, rising average bitcoin prices, and the start of HPC lease revenue. The corporation finished the quarter with $712.8 million in cash, cash equivalents, and restricted cash.
The stock has gained by 25.82% YTD, as of February 11, 2026.
TeraWulf Inc. (NASDAQ:WULF) owns and manages fully integrated, eco-friendly bitcoin mining facilities in the United States. The company will use nuclear, hydro, and solar energy to generate bitcoin domestically.
5. Hut 8 Corp. (NASDAQ:HUT)
Number of Hedge Fund Holders: 52
Analysts’ Upside Potential as of February 12: 22.34%
Hut 8 Corp. (NASDAQ:HUT) is among the Best Bitcoin Stocks.
On February 2, H.C. Wainwright analyst Kevin Dede commenced coverage of Hut 8 Corp. (NASDAQ:HUT) while assigning it a Buy rating and a price target of $80. The analyst identified the company as a top possibility for infrastructure collaborations with hyperscalers that assist AI developers and users, and he mentioned a tangible pipeline of prospective sites beyond River Bend. These developments could underpin Fluidstack and Anthropic’s $7 billion, 15-year partnership announced last month.
Following the River Bend lease announcement, Roth Capital maintained its Buy rating on Hut 8 Corp. (NASDAQ:HUT) and boosted its price target to $80 on January 27, 2026. The firm pointed out stronger economic and scalability potential from the initial 330 megawatts under contract, as well as management’s suggestion of scalability beyond 1 gigawatt with a full Google backup.
The company achieved $83.5 million in revenue, $50.6 million in net income, and $109.0 million in Adjusted EBITDA in the most recent quarter. It managed 1,020 MW of energy capacity and pushed an 8,650 MW pipeline through diligence, exclusivity, and development stages. The firm possesses 13,696 Bitcoin worth $1.6 billion.
The stock has gained by 3.80% YTD, as of February 11, 2026.
Hut 8 Corp. (NASDAQ:HUT) is a Bitcoin mining company that specializes in mining. It offers hosting, managed infrastructure operation, and digital asset mining services.
4. IREN Limited (NASDAQ:IREN)
Number of Hedge Fund Holders: 52
Analysts’ Upside Potential as of February 12: 62.08%
IREN Limited (NASDAQ:IREN) is among the Best Bitcoin Stocks.
On February 6, B. Riley boosted its price objective for IREN Limited (NASDAQ:IREN) from $74 to $83 while keeping a Buy rating. The firm reported adjusted EBITDA of $75.3 million for the second quarter, which was lower than internal and average projections. It expanded Sweetwater 1 and 2 in Texas, adding 1.6 gigawatts of capacity to a new Oklahoma campus, and received $3.6 billion in GPU financing. Management anticipates generating $3.4 billion in annualized run-rate revenue by the end of 2026, backed by expansion at Horizon 1-4 and B.C. locations.
Macquarie analyst Paul Golding reduced his price objective on the stock from $95 to $70 and maintained his Outperform rating on the same day.
Cantor Fitzgerald retained its Overweight rating on IREN Limited (NASDAQ:IREN) while trimming its price objective from $136 to $82 on the same day. The analyst stated that the company’s change from Bitcoin mining capacity to AI computation coincided with falling hash rates and Bitcoin prices, leading to lower revenue and adjusted EBITDA quarter after quarter. The firm sees the after-hours fall as a purchasing opportunity.
IREN Limited (NASDAQ:IREN) is a vertically integrated data center company that uses renewable energy to fuel the future of Bitcoin, AI, and other applications. It is strategically located in renewable-rich, fiber-connected areas throughout the United States and Canada.
3. Riot Platforms, Inc. (NASDAQ:RIOT)
Number of Hedge Fund Holders: 57
Analysts’ Upside Potential as of February 12: 80.36%
Riot Platforms, Inc. (NASDAQ:RIOT) is among the Best Bitcoin Stocks.
Cantor Fitzgerald maintained its Overweight rating for the stock and boosted its price objective from $25 to $31 on January 16, 2026. The company noted Riot Platforms, Inc. (NASDAQ:RIOT)’s purchase of land at the Rockdale location, as well as a data center lease deal with AMD. The analyst believed that the AMD agreement could be the first of many and forecasted that an extra 175 megawatts of capacity would come online if AMD executes its options.
Keefe Bruyette reiterated its Outperform rating and lifted its price objective from $16 to $23 on January 27, 2026. The corporation noted Riot Platforms, Inc. (NASDAQ:RIOT)’s high-quality tenant and long-term income visibility under the 10-year AMD lease, which guarantees approximately 21% of Rockdale’s total capacity.
The firm paid $96 million for 200 acres at its Rockdale site, using the revenues from the sale of about 1,080 bitcoin on January 16, 2026. It secured a data center lease with AMD for an initial 25 MW deployment beginning in January 2026.
The stock is up by 4.52% YTD as of February 11, 2026.
Riot Platforms, Inc. (NASDAQ:RIOT) is a bitcoin mining business that offers specialized machines for mining cryptocurrencies. It makes investments in Tess, Coinsquare, and Verady.
2. Block, Inc. (NYSE:XYZ)
Number of Hedge Fund Holders: 64
Analysts’ Upside Potential as of February 12: 73.25%
Block, Inc. (NYSE:XYZ) is among the Best Bitcoin Stocks.
On February 4, 2026, Block, Inc. (NYSE:XYZ) said it is broadening its OpenIP project to include Bitkey, its bitcoin self-custody hardware wallet, and Proto, the company’s bitcoin mining hardware and services brand. This extension supports the company’s open innovation strategy for hardware development and builds on the October 2025 OpenIP launch.
Citi cut its price target on XYZ from $105 to $85 on February 5, 2026, while retaining a “Buy” rating on the stock ahead of the results and anticipating a 19% increase in gross profit.
On January 20, 2026, Truist analyst Matthew Coad lifted his price objective on Block, Inc. (NYSE:XYZ) from $68 to $72 and retained a Hold rating. He stated that, while Truist remains optimistic about fintech in 2026, some management teams may steer conservatively due to more difficult year-over-year comparisons.
Block, Inc. (NYSE:XYZ) had a setback when its third-quarter revenues fell short of Wall Street estimates. The company increased its full-year profit projection and reported considerable growth in consumer banking. Adjusted earnings per share were 54 cents, below analysts’ forecasts of 67 cents, despite an 18% increase in gross profit to $2.66 billion from the prior year. That increase was sufficient for the Oakland-based company to improve its full-year gross profit forecast to $10.24 billion, a modest increase above its prior estimate.
Block, Inc. (NYSE:XYZ) offers merchants payment services and other related services. The company also established Cash App, a person-to-person payment network.
1. Coinbase Global, Inc. (NASDAQ:COIN)
Number of Hedge Fund Holders: 73
Analysts’ Upside Potential as of February 12: 93.72%
Coinbase Global, Inc. (NASDAQ:COIN) is among the Best Bitcoin Stocks.
On February 13, Coinbase Global, Inc. (NASDAQ:COIN) reported fourth-quarter adjusted profits per share of $0.66, below the consensus estimate of $0.86, and sales of $1.78 billion, below the $1.83 billion projected. Management indicated that 2025 was a financially and operationally successful year, with the company meeting or exceeding quarterly sales and spending expectations. It grew and diversified its activities, introduced the Everything Exchange, and sustained multi-year profitability. Management stated that greater regulatory clarity might help the company prosper as cryptocurrency transforms financial services.
On the same day, Coinbase Global, Inc. (NASDAQ:COIN) forecasted $550 million to $630 million in first-quarter subscription and services revenue, which reflected lower average USDC market capitalization, interest rates, cryptocurrency prices, and staking protocol rates than Q4. The firm forecasts technology and development expenses, as well as general and administrative costs, to be between $925 million and $975 million, remaining reasonably consistent quarter after quarter. Sales and marketing expenses are projected to range between $215 million and $315 million, depending on marketing potential and average USDC balances retained in products.
Coinbase Global, Inc. (NASDAQ:COIN) provides a reliable platform that acts as a legal gateway to the on-chain economy. It allows users to do various tasks with their cryptocurrency assets in both third-party and proprietary product experiences that are made possible by access to decentralized apps.
While we acknowledge the potential of COIN to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than COIN and that has 100x upside potential, check out our report about this cheapest AI stock.
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Disclosure: None. 11 Best Bitcoin and Blockchain Stocks to Invest In is originally published on Insider Monkey. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.
