12 Most Promising Blockchain and Crypto Mining Stocks According to Hedge Funds

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6. Applied Digital Corporation (NASDAQ:APLD)

Number of Hedge Fund Holders: 28

Applied Digital Corporation (NASDAQ:APLD) is one of the 12 most promising blockchain and crypto mining stocks according to hedge funds.

On October 22, 2025, Applied Digital Corporation (NASDAQ:APLD) finalized a massive $5 billion, 15-year lease with a U.S.-based hyperscaler, strengthening its position in the AI infrastructure space.

The deal, which covers 200 MW at Applied Digital Corporation (NASDAQ:APLD)’s Polaris Forge 2 campus in North Dakota, pushed shares up 4% in premarket trading. It expands the company’s total leased capacity at its Polaris Forge 1 and 2 sites to 600 MW, extending its role in supplying compute power for AI workloads.

Previously, on October 2, 2025, Compass Point raised its price target on Applied Digital Corporation (NASDAQ:APLD) from $13 to $30, while reiterating its “Buy” rating.

The investment firm’s bullish stance stemmed from the full leasing of Polaris Forge 1 to CoreWeave and robust prospects for a hyperscaler lease at Forge 2, which Applied Digital Corporation (NASDAQ:APLD) just achieved with its $5 billion lease deal. The investment firm also pointed toward the company’s industry-leading, purpose-built AI data centers. These data centers, engineered for rack densities exceeding 120 kW, pose a key advantage in the accelerating AI infrastructure boom, the analyst notes.

Operating through its Data Center Hosting and HPC Hosting segments, Applied Digital Corporation (NASDAQ:APLD) focuses on designing, developing, and operating digital infrastructure solutions for high-performance computing (HPC), blockchain mining, and artificial intelligence customers in North America.

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