In this article, we discuss the 12 Most Promising Blockchain and Crypto Mining Stocks According to Hedge Funds.
Blockchain technology is a decentralized system that records and verifies digital transactions. It underpins cryptocurrencies such as Bitcoin and Ethereum. At the same time, it has expanded into sectors such as finance, supply chains, and data verification. Rising from less than $10 billion in 2023, the value of tokenized blockchain assets exceeded $30 billion in 2025, according to data from Morningstar.
However, crypto-linked assets experienced heightened volatility in recent weeks. According to Reuters, the crypto market experienced its largest liquidation to date on October 10, erasing over $19 billion in leveraged positions. This development happened in parallel to the escalation of U.S.-China trade tensions. During the October 10-11 period, Bitcoin declined over 14% from its previous high on Friday. It had previously reached a record high of over $126,000 on October 6, 2025. At the same time, Ether fell over 12% amid panic selling and forced liquidation.
The weakness in the cryptocurrency market continued on October 14, as Reuters reported fresh declines in Bitcoin and Ether. Both gave up prior day’s gains after imposition of new port fees and tariffs reignited U.S.-China trade tensions, reflecting the sector’s sensitivity to geopolitical risks.
On the same day, S&P Global and Chainlink announced a landmark collaboration, demonstrating blockchain’s growing adoption in traditional finance. This collaboration will enable on-chain delivery of S&P Global Ratings’ Stablecoin Stability Assessments through Chainlink’s infrastructure. With this, real-time risk analytics will be brought to decentralized finance (DeFi) platforms. Furthermore, the partnership represents a critical step toward bridging institutional-grade credit analytics with blockchain ecosystems.
With this backdrop, let’s move on to our list of the 12 Most Promising Blockchain and Crypto Mining Stocks According to Hedge Funds.
Our Methodology
To identify the 12 most promising blockchain and crypto mining stocks according to hedge funds, we first compiled a list of all U.S.-listed companies with meaningful exposure to blockchain technology and cryptocurrency mining using credible online resources, ETFs, databases, and stock screeners. We then used Insider Monkey’s database of hedge funds to assess each stock’s hedge fund sentiment and selected 12 stocks with the highest hedge fund interest. Finally, we ranked the selected stocks in ascending order based on the number of hedge funds holding stakes in each stock as of Q2 2025.
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).
12. Bitfarms Ltd. (NASDAQ:BITF)
Number of Hedge Fund Holders: 10
Bitfarms Ltd. (NASDAQ:BITF) is included in our list of the 12 most promising blockchain and crypto mining stocks according to hedge funds.
On October 10, 2025, Bitfarms Ltd. (NASDAQ:BITF) announced the conversion of its $300 million private debt facility with Macquarie Group into project-level financing. The company made this move to fund its 350 MW Panther Creek campus in Pennsylvania.
Furthermore, Bitfarms Ltd. (NASDAQ:BITF) made an immediate $50 million drawdown to advance equipment purchases and site construction. The groundbreaking is scheduled for Q4 2025.
Following momentum from these developments, Northland increased its price target on Bitfarms Ltd. (NASDAQ:BITF) from $3.25 to $7.00 on October 13, 2025, while maintaining an “Outperform” rating. Citing the company’s 1.3 GW development pipeline, the investment firm called the stock “an underappreciated way to gain exposure to the next wave of U.S. AI/HPC infrastructure buildout.”
With a focus on blockchain validation and computation power services, Bitfarms Ltd. (NASDAQ:BITF) operates integrated Bitcoin mining and digital infrastructure data centers across Canada, the U.S., Paraguay, and Argentina.
11. CleanSpark, Inc. (NASDAQ:CLSK)
Number of Hedge Fund Holders: 19
With significant hedge fund interest, CleanSpark, Inc. (NASDAQ:CLSK) secures a spot on our list of the 12 most promising blockchain and crypto mining stocks according to hedge funds.
On October 13, 2025, BTIG raised its price target on CleanSpark, Inc. (NASDAQ:CLSK) from $22 to $26, maintaining a “Buy” rating.
The revised target comes after CleanSpark Inc.’s (NASDAQ:CLSK) recent major capacity expansion, which increased its hash rate to 50 EH/s. This represents roughly 80% growth year-to-date. The company’s strategic focus has historically been placed on owning and scaling its mining infrastructure. This focus has resulted in strong revenue growth and balance sheet health for the company.
Furthermore, BTIG sees CleanSpark, Inc. (NASDAQ:CLSK) diversifying into high-performance computing (HPC) colocation, which will be enabled through its growing data center network. It also identified the company’s potential to adopt hybrid models where power allocation shifts between HPC workloads and Bitcoin mining based on demand.
Looking ahead, CleanSpark, Inc. (NASDAQ:CLSK)’s ongoing expansion across U.S. sites positions it well to capitalize on both crypto and AI-driven computing opportunities in the coming quarters.
CleanSpark, Inc. (NASDAQ:CLSK), a bitcoin mining and digital infrastructure company, operates across the Americas. It owns and manages data centers that support both blockchain operations and emerging compute applications.
10. MARA Holdings, Inc. (NASDAQ:MARA)
Number of Hedge Fund Holders: 24
MARA Holdings, Inc. (NASDAQ:MARA) is included in our list of the 12 most promising blockchain and crypto mining stocks according to hedge funds.
On October 21, Guggenheim analyst Jonathan Lee began coverage on MARA Holdings, Inc. (NASDAQ:MARA) with a Hold rating and without assigning a price target. The analyst acknowledged the company’s leadership in Bitcoin mining network capacity and that its acquisition of a significant stake in Exaion, a data center developer, would provide it with diversification opportunities. However, he said that the strategic importance of the acquisition is not evident, which keeps him from becoming more positive. Moreover, the company’s share price is correlated with Bitcoin’s price, which has seen higher volatility recently, further adding to the analyst’s cautious stance.
On the positive side, on October 6, 2025, Cantor Fitzgerald increased its price target on MARA Holdings, Inc. (NASDAQ:MARA) to $30 while keeping an “Overweight” rating.
The investment firm highlighted higher bitcoin prices and MARA Holdings, Inc. (NASDAQ:MARA)’s solid mining output as key drivers behind the revised target. Cantor Fitzgerald also cited the company’s mining of 736 Bitcoin in September, which generated roughly $83.5 million in revenue for the month. Furthermore, the company’s mining operations generated $245.7 million in revenue for the third quarter of 2025.
While the firm acknowledged a slight reduction in fiscal 2025 revenue and EBITDA estimates due to rising network hash rates, it expressed confidence in MARA Holdings, Inc. (NASDAQ:MARA)’s ability to demonstrate strong execution, stable cash flows, and operational efficiency. Citing the company’s Bitcoin reserves as one of the largest among public companies, Cantor Fitzgerald believes the company remains a key player in the crypto-mining ecosystem and is well placed to capitalize on renewed digital asset momentum.
MARA Holdings, Inc. (NASDAQ:MARA), a digital asset technology company in the U.S. and Europe, offers infrastructure and software solutions to optimize high-performance Bitcoin mining operations.
