In this article, we discuss the 12 Best Bitcoin Stocks To Buy According To Billionaires.
Bitcoin was the top-performing asset of 2024, driven by the launch of new ETFs and optimism about potential deregulation under a new US administration. However, the cryptocurrency remained volatile, with significant price swings throughout the year. By the end of 2024, Bitcoin had more than doubled in value from its starting price of around $40,000, reaching nearly $94,000, according to a report by CNBC. The most significant surge occurred in the weeks following the US presidential election. By mid-December, Bitcoin surpassed $108,000 for the first time, fueled by expectations that President Donald Trump’s victory over former VP Kamala Harris would lead to clearer regulations and increased investment in the crypto space.
One of the main factors influencing Bitcoin’s price movements is the halving mechanism, a fundamental feature of its network. Bitcoin halving is a built-in mechanism in the Bitcoin network that reduces the rewards miners receive for processing transactions and adding new blocks to the blockchain. This event occurs roughly every four years, or after 210,000 blocks are mined, gradually slowing the introduction of new bitcoins into circulation. Its main purpose is to regulate Bitcoin’s supply, ensuring it remains limited to a maximum of 21 million coins. Halving can influence Bitcoin’s value by reducing the number of new coins entering the market. The first halving took place on November 28, 2012, cutting the block reward from 50 to 25 bitcoins. This was followed by a significant price increase, a trend observed in later halvings. The most recent halving occurred on April 20, 2024, at block 740,000, reducing the reward from 6.25 BTC to 3.125 BTC. Historically, halvings have been linked to price increases as the reduced supply can boost demand. This scarcity strengthens Bitcoin’s role as a digital store of value, often compared to gold. Additionally, market anticipation around halving events tends to drive investor interest and trading activity, further impacting Bitcoin’s price.
Bitcoin’s growing influence is also reflected in broader financial markets and institutional investment trends. By the end of 2024, global investable assets surpassed $200 trillion, with cryptocurrencies accounting for over $3 trillion, or 1.5% of the market. Institutional investors increasingly embraced Bitcoin exchange-traded products (ETPs), with inflows surpassing $34 billion as Bitcoin gained wider acceptance in multi-asset portfolios. Bitcoin has solidified its status as both a benchmark for the crypto market and a measure of investor risk appetite. Its fixed supply and decentralized structure set it apart from traditional investments, making it an alternative growth asset in today’s changing economic environment. This view is further supported by the US proposal to classify Bitcoin as a strategic reserve asset. The proposal comes as the US faces rising debt and borrowing costs. President Trump’s “America First” policies which combine tax cuts and tariffs could add to inflation concerns, which are already evident in bond markets, where 30-year yields neared 5% in early 2025.
Despite the cryptocurrency sector’s volatility, some billionaire investors remain optimistic about its future. Michael Saylor, executive chairman of a leading business intelligence firm, was the top crypto billionaire gainer by percentage on Forbes‘ 2024 list. The software company he founded in the 1990s has since transformed into a major Bitcoin investment entity. By 2024, it held approximately 193,000 bitcoins, making it the largest corporate bitcoin holder globally, according to its CFO. Tech billionaire Mark Cuban is also investing in crypto. He believes its value could rise as adoption increases and it becomes more integrated into the global financial system. In fact, he has even speculated that it could one day replace the US dollar as the world’s reserve currency. With this market outlook in mind, let’s take a look at the best bitcoin stocks to buy according to billionaires.
Our Methodology
To collect data for this article, we scanned Insider Monkey’s database of billionaires’ stock holdings and picked the top 12 companies operating in the cryptocurrency industry with the highest number of billionaire investors in Q4 of 2024. The stocks are ranked in ascending order based on the number of billionaire investors.
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 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
12. MARA Holdings, Inc. (NASDAQ:MARA)
Number of Billionaire Investors: 3
MARA Holdings, Inc. (NASDAQ:MARA) is an American digital asset technology company that develops solutions to enhance data center operations, including liquid immersion cooling and firmware for bitcoin mining. MARA is one of the best bitcoin stocks to invest in.
On February 18, MARA Holdings, Inc. (NASDAQ:MARA) announced the completion of its previously disclosed acquisition of a wind farm in Hansford County, Texas. The facility has 240 megawatts of interconnection capacity and 114 megawatts of wind power. It will be used to operate older-generation ASIC mining hardware that would have otherwise been retired or sold.
MARA Holdings, Inc. (NASDAQ:MARA) achieved record revenue, net income, and adjusted EBITDA for Q4 and full year 2024. Q4 revenue rose 37% year-over-year to $214.4 million, while full-year revenue increased 69% to $656.4 million. Net income more than doubled, reaching $541 million, up 107% from the previous year. Adjusted EBITDA for 2024 climbed to $1.2 billion, compared to $417.1 million in 2023. The firm’s direct energy cost per bitcoin stood at $28,801, with an average electricity cost of $0.039 per kilowatt-hour at its own facilities.
On March 13, JPMorgan maintained its Neutral rating on MARA Holdings, Inc. (NASDAQ:MARA) and lowered its price target from $23 to $18. Despite this, the stock edged up 0.5%, closing at $13.14.
11. Bit Digital, Inc. (NASDAQ:BTBT)
Number of Billionaire Investors: 3
Bit Digital, Inc. (NASDAQ:BTBT), a New York-based company, focuses on bitcoin mining, treasury management, digital asset staking, and Ethereum staking. It is one of the best bitcoin stocks to monitor. On February 10, the company announced a colocation agreement with a major AI hardware firm. The partnership will be managed through WhiteFiber, Inc., its rebranded high-performance computing division, which offers cloud services and operates the Enovum Data Centers platform.
In the third quarter of 2024, Bit Digital, Inc. (NASDAQ:BTBT) reported a revenue of $22.7 million, a 96% increase from the previous year. This growth was driven by contributions from its high-performance computing business, though partially offset by lower mining revenue. As of September 30, 2024, the company held approximately $106 million in cash and restricted cash, while its digital assets were valued at around $118 million. By the end of the third quarter, total assets stood at $376 million, with shareholders’ equity reaching $315 million.
On January 21, Craig-Hallum began coverage of Bit Digital, Inc. (NASDAQ:BTBT) with a Buy rating and a price target of $6. Analysts at the firm view Bit Digital as being in the early stages of a major transformation, one that could pave the way for a more stable and profitable business model.
10. Bitfarms Ltd. (NASDAQ:BITF)
Number of Billionaire Investors: 4
Bitfarms Ltd. (NASDAQ:BITF) mines cryptocurrencies in the United States, Paraguay, Canada, and Argentina. The company runs server farms that process Bitcoin blockchain transactions, earning revenue through block rewards and transaction fees. On January 31, the company announced that it has partnered with Appleby Strategy Group and World Wide Technology, two experts in High Performance Computing (HPC) strategy and AI. They will assess the feasibility of Bitfarms’ North American sites and advise on its global HPC and AI strategy. Additionally, they will help develop sales strategies and market the sites to potential clients.
In Q3 2024, Bitfarms Ltd. (NASDAQ:BITF) mined 703 bitcoins, a 14% increase from the 614 bitcoins produced in the previous quarter. This growth was fueled by a 54% rise in average hash rate, which climbed from 6.7 exahash in Q2 to 10.3 exahash in Q3. Revenue for the quarter reached $45 million, up $3 million from Q2 and 30% higher year-over-year. As of September 30, the company had $146 million in total liquidity, including $73 million in cash and $73 million in bitcoin. Their increased BTC holdings reflect a strong cash position and steady operational cash flow.
In the fourth quarter of 2024, 4 billionaires owned Bitfarms Ltd. (NASDAQ:BITF), placing it among the best bitcoin stocks on Wall Street.
9. Riot Platforms, Inc. (NASDAQ:RIOT)
Number of Billionaire Investors: 5
Ranked 9th on our list of the best Bitcoin stocks, Riot Platforms, Inc. (NASDAQ:RIOT) is an American Bitcoin mining firm operating under two segments – Bitcoin Mining and Engineering. It provides large-scale, critical infrastructure for institutional Bitcoin mining. The company runs bitcoin mining data centers in central Texas and Kentucky, as well as engineering and manufacturing facilities in Denver, Colorado.
On February 13, Riot Platforms, Inc. (NASDAQ:RIOT) announced that it is exploring opportunities in artificial intelligence and high performance computing. To support this shift, the company has appointed three new board members to assess the potential for repurposing its available capacity.
In 2024, Riot Platforms, Inc. (NASDAQ:RIOT) generated $376.7 million in total revenue, marking a 34% increase from the $280.7 million reported in 2023. This growth was mainly driven by higher bitcoin prices. The company’s gross profit for the year reached $147.6 million, up from $97.6 million in the previous year. Throughout 2024, Riot added over 10,000 Bitcoins to its holdings, ending the year with a total of 17,722 bitcoins. Based on Bitcoin’s December 31st price of $93,354, this amounted to a valuation of $1.7 billion.
8. HIVE Digital Technologies Ltd. (NASDAQ:HIVE)
Number of Billionaire Investors: 5
HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is among the best Bitcoin stocks to buy. It mines and sells digital currencies, operating data centers in Canada, Sweden, and Iceland for cryptocurrency mining, including Bitcoin. On March 11, Cantor Fitzgerald maintained its Overweight rating on the stock, while lowering its price target from $10 to $8. The target price still suggests an upside of 359.77% from its current level.
In the third quarter of fiscal year 2025, HIVE Digital Technologies Ltd. (NASDAQ:HIVE) reported $29 million in revenue, with a gross operating margin of $6.1 million. Adjusted EBITDA came in at $17.3 million. This was fueled by the production of 322 bitcoin equivalents. By the end of the quarter, HIVE held 2,805 bitcoins on its balance sheet, which were mined using clean, renewable energy, completely unencumbered and debt-free. As of December 31, 2024, the company had $9.8 million in cash and $260.8 million in digital assets, reflecting a strong increase from the previous quarter due to higher HODL balances and rising bitcoin prices.
On March 17, HIVE Digital Technologies Ltd. (NASDAQ:HIVE) announced the appointment of Gabriel Lamas as Country President for Paraguay. In this role, he will oversee the company’s operations and expansion in the region, strengthening its leadership in high-performance computing and sustainable, energy-efficient data centers. Lamas has over two decades of experience in infrastructure, operations, and large-scale energy projects.
7. Canaan Inc. (NASDAQ:CAN)
Number of Billionaire Investors: 5
Placed 7th on our list of the best Bitcoin stocks, Canaan Inc. (NASDAQ:CAN) is a Chinese company involved in the research, design, and sale of integrated circuits for bitcoin mining, as well as the leasing of mining equipment in the country. On March 10, Canaan announced a securities purchase agreement with an institutional investor, securing up to $200 million through a series A-1 preferred shares financing. The first tranche closed the same day, with the company receiving an initial $100 million. The remaining $100 million is expected to follow upon the completion of the second tranche.
Despite a tough third quarter in 2024, Canaan Inc. (NASDAQ:CAN) outperformed expectations with $73.6 million in revenue. While Bitcoin prices remained low, the global network hash rate increased by over 10%. The company continued to strengthen its operations through strategic planning and effective execution. Despite market pressures, Canaan mined 147 bitcoins in Q3, a 5% increase from the previous quarter. Strong sales of A14, presales of the A15 series, and the completion of the third tranche of Series A preferred shares helped grow cash reserves to $72 million by quarter-end.
On January 22, Rosenblatt Securities maintained a Buy rating on Canaan Inc. (NASDAQ:CAN) and raised its price target for the shares to $8, from its previous target of $4. The firm cited Canaan’s strong performance in December 2024 and its financial outlook for the 2025 fiscal year as factors behind the adjustment.
6. Hut 8 Corp. (NASDAQ:HUT)
Number of Billionaire Investors: 7
Hut 8 Corp. (NASDAQ:HUT) is a North American company involved in energy infrastructure and bitcoin mining. It operates across four segments – Power, Digital Infrastructure, Compute, and Other. On December 19, the company announced the acquisition of around 990 bitcoins for a cost of about $100 million, averaging $101,710 per bitcoin. With this addition, the company’s strategic bitcoin reserve grew to 10,096, valued at over $1 billion as of December 18, 2024.
Hut 8 Corp. (NASDAQ:HUT)’s revenue grew by 69% year-over-year, reaching $162.4 million in 2024. Net income for the year surged to $331.4 million after accounting for an income tax provision of $113.5 million, a sharp rise from $21.9 million the previous year. Revenue from the Power segment more than doubled to $56.6 million, driven by an $11.4 million increase in power generation revenue and a $22.4 million boost from managed services. The Digital Infrastructure segment also saw revenue more than double, reaching $17.5 million, mainly due to a $5.2 million rise in CPU colocation revenue. The Compute segment expanded by 24% to $80.7 million, fueled by a $7.3 million rise in bitcoin mining revenue, a $6.7 million increase in recurring data center cloud revenue, and a $1.8 million boost from the GPU as a service business.
In Q4 2024, 7 billionaires invested in Hut 8 Corp. (NASDAQ:HUT), making it one of the best bitcoin stocks to buy.
5. CleanSpark, Inc. (NASDAQ:CLSK)
Number of Billionaire Investors: 7
CleanSpark, Inc. (NASDAQ:CLSK), a bitcoin mining company based in Henderson, Nevada, operates data centers across the Americas. On March 10, the company announced its inclusion in the market’s SmallCap Index, highlighting its continued profitability despite market challenges following the April 2024 halving. CleanSpark’s stock will officially be added to the index on March 24.
In the first quarter of fiscal year 2025, CleanSpark, Inc. (NASDAQ:CLSK) reported a revenue of $162.3 million, marking a 120% increase from the previous year. The company ended the quarter with a net income of $246.8 million, or $0.85 per basic share, while adjusted EBITDA rose to $321.6 million. This strong performance was fueled by Bitcoin’s price surge, an efficient mining operation, a disciplined capital strategy, and a long-term belief in Bitcoin as a strategic asset. CleanSpark’s total assets stood at nearly $2.8 billion, with almost half held in liquid form as cash and bitcoin.
On February 8, following CleanSpark, Inc. (NASDAQ:CLSK)’s first quarter earnings report, senior crypto analyst Mike Colonnese of H.C. Wainwright & Co. reaffirmed the company as the firm’s top investment choice. It is one of the best Bitcoin stocks to invest in.
4. Cipher Mining Inc. (NASDAQ:CIFR)
Number of Billionaire Investors: 8
Cipher Mining Inc. (NASDAQ:CIFR), based in New York, develops and operates large-scale data centers across the United States, allocating resources between bitcoin mining and high-performance computing. Cipher is ranked 4th on our list of the best Bitcoin stocks. On January 30, Cthe company announced a $50 million private investment in public equity (PIPE) from SoftBank Group Corp., a major global investment firm. This funding will support Cipher’s expansion in HPC data center development and establish SoftBank as a key investor in the company. Cipher is ranked fourth on our list of the best Bitcoin stocks.
In the fourth quarter, Cipher Mining Inc. (NASDAQ:CIFR) generated $42 million in revenue and reported GAAP net earnings of $18 million. Adjusted earnings for the quarter reached $51 million, an increase of $54 million from the previous quarter, highlighting its success in maintaining a low-cost bitcoin production model. By the end of 2024, total assets stood at $168 million. However, the company’s cash reserves declined to $6 million, down $81 million from the previous year, primarily due to investments made throughout the year. As of December 31, its liquidity remained solid at $98 million, comprising $6 million in cash and $92 million in bitcoin.
On March 7, Rosenblatt began coverage of Cipher Mining Inc. (NASDAQ:CIFR) with a Buy rating and a price target of $6.5, aligning with the broader analyst consensus, which projects a price range of $7 to $9. Analysts at Rosenblatt highlighted Cipher’s potential expansion into the high-growth HPC sector as the main reason for their optimistic outlook.
3. Core Scientific, Inc. (NASDAQ:CORZ)
Number of Billionaire Investors: 9
Third on our list of the best Bitcoin stocks is Core Scientific, Inc. (NASDAQ:CORZ), which is an American firm involved in digital asset mining. It operates across three divisions – Digital Asset Self-Mining, Digital Asset Hosted Mining, and HPC Hosting. The firm runs a large fleet of miners to generate digital assets and provide hosting services for major Bitcoin mining clients.
On February 26, Core Scientific, Inc. (NASDAQ:CORZ) expanded its partnership with AI hyper-scaler CoreWeave through a new agreement, adding $1.2 billion in contracted revenue for its Denton, Texas facility. The agreement increases the Denton site’s contracted power by 70 MW, bringing its critical IT load to about 260 MW.
In 2024, Core Scientific, Inc. (NASDAQ:CORZ) generated over $500 million in revenue, primarily from its bitcoin mining operations. In the fourth quarter, revenue came in at $94.9 million, reflecting a 33% decline from the prior year, while adjusted EBITDA stood at $13.3 million. Revenue from digital asset self-mining dropped 29% to $79.9 million, mainly due to a decrease in bitcoin earned, 974 in Q4 2024 compared to 3,042 in the same period the previous year. However, this was partially offset by a 130% year-over-year surge in bitcoin prices. The company’s non-GAAP cash gross margin for the quarter was 16%. The firm closed the year with over $830 million in cash.
On March 12, H.C. Wainwright maintained its Buy rating on Core Scientific, Inc. (NASDAQ:CORZ) with a price target of $17. This reaffirmation followed news that CoreWeave, the company’s primary HPC client, had secured a major contract with OpenAI.
2. TeraWulf Inc. (NASDAQ:WULF)
Number of Billionaire Investors: 11
TeraWulf Inc. (NASDAQ:WULF), a digital asset technology firm, builds, owns, and runs bitcoin mining facilities in New York and Pennsylvania. On December 23, 2024, TeraWulf announced long-term data center lease agreements with Core42, a G42 subsidiary focusing on sovereign cloud, AI infrastructure, and digital services. As part of the agreement, TeraWulf will provide over 70 megawatts of ready-to-use data center infrastructure to support Core42’s deployment at the Lake Mariner facility in Upstate New York.
In 2024, TeraWulf Inc. (NASDAQ:WULF) saw its revenue and adjusted EBITDA double compared to the previous year, fueled by increased bitcoin production and favorable market prices. Despite challenges like record-high network difficulty and the expected bitcoin halving, the company successfully mined 423 bitcoins in the fourth quarter and a total of 2,177 bitcoins over the year. For 2024, they reported $3.4 million in equity and net income from investees, an improvement from the $9.3 million loss recorded in 2023. As of December 31, the company held $274 million in cash, with total assets of $787 million and liabilities amounting to $543 million.
On January 13, Rosenblatt Securities reiterated its positive outlook on TeraWulf Inc. (NASDAQ:WULF), maintaining a Buy rating with a $10 price target. Analysts pointed to the firm’s strong progress in its December 2024 production update as a major factor in their assessment.
During the fourth quarter of 2024, 11 billionaires owned TeraWulf Inc. (NASDAQ:WULF) shares, making it one of the best Bitcoin stocks on Wall Street.
1. Coinbase Global, Inc. (NASDAQ:COIN)
Number of Billionaire Investors: 11
Coinbase Global, Inc. (NASDAQ:COIN) operates a cryptocurrency platform serving both US and international markets. It provides a primary financial account for digital assets, a brokerage platform with strong liquidity for institutions, and tools for developers to build on-chain applications. On March 11, the company announced its registration with India’s Financial Intelligence Unit, enabling it to offer crypto trading services in the country. This move aligns with the growing interest in digital assets among young Indians, many of whom are exploring crypto trading as a way to supplement their income. It is one of the best Bitcoin stocks to invest in, given the company’s dominance in the crypto space.
In 2024, Coinbase Global, Inc. (NASDAQ:COIN)’s revenue more than doubled, reaching $6.6 billion, with $3.3 billion in adjusted EBITDA, marking its second consecutive year of positive adjusted EBITDA. Subscription services saw a 64% year-over-year growth, generating $2.3 billion, driven by USDC, staking, and Coinbase One. International revenue accounted for 19% in Q4, supported by improved payment systems and localization efforts. By year-end, Coinbase’s USD holdings had grown to $9.3 billion.
On March 7, Rosenblatt Securities initiated coverage on Coinbase Global, Inc. (NASDAQ:COIN) with a Buy rating and a price target of $305. The firm’s analysts expressed confidence in the future of cryptocurrency-related stocks, pointing to potential regulatory shifts and growing institutional adoption as key factors driving their outlook.
Overall, Coinbase Global, Inc. (NASDAQ:COIN) ranks first on our list of the best bitcoin stocks to buy according to billionaires. While we acknowledge the potential of COIN to grow, our conviction lies in the belief that certain AI stocks hold greater promise for delivering higher returns, and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than COIN but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.
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