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.
9. Hut 8 Corp. (NASDAQ:HUT)
Number of Hedge Fund Holders: 26
With significant hedge fund interest, Hut 8 Corp. (NASDAQ:HUT) secures a spot on our list of the 12 most promising blockchain and crypto mining stocks according to hedge funds.
On October 20, 2025, Piper Sandler boosted its price target on Hut 8 Corp. (NASDAQ:HUT) from $33 to $74, maintaining an “Overweight” rating.
The investment firm’s revised target reflects the company’s 1.5 gigawatts of power projects under development across four U.S. states, as well as its exclusive rights to another 1.3 gigawatts. The firm values Hut 8 Corp. (NASDAQ:HUT)’s pipeline at a discounted $5 million per megawatt of IT load. This is lower than peers such as Galaxy Digital, leaving room for upside.
Furthermore, Piper Sandler cited Hut 8 Corp. (NASDAQ:HUT)’s $1 billion in Bitcoin holdings and 64% stake in American Bitcoin (ABTC). The price revision follows the company’s surge to a 52-week high on October 15, 2025.
Hut 8 Corp. (NASDAQ:HUT), a vertically integrated operator of energy infrastructure and Bitcoin mining facilities in North America, operates across Power, Digital Infrastructure, Compute, and Other segments.
8. TeraWulf Inc. (NASDAQ:WULF)
Number of Hedge Fund Holders: 26
TeraWulf Inc. (NASDAQ:WULF) is included in our list of the 12 most promising blockchain and crypto mining stocks according to hedge funds.
On October 17, Northland raised its price target on TeraWulf Inc. (NASDAQ:WULF) from $15 to $16.25, maintaining an “Outperform” rating. The investment firm sees the 7.750% pricing of the company’s $3.2 billion notes offering as “very attractive.” It is considered that the pricing provides evidence of improving conditions for the company.
A few days earlier, on October 14, 2025, TeraWulf Inc. (NASDAQ:WULF) had announced that Wulf Compute LLC, the company’s subsidiary, would issue $3.2 billion in senior secured notes. These notes, due in 2030, will be utilized to fund expansion and boost liquidity amid rising demand for AI and digital assets.
TeraWulf Inc. (NASDAQ:WULF), a digital asset technology company in the U.S., develops and runs Bitcoin mining facilities in New York and Pennsylvania. It also provides mining hosting services to third parties.
7. Cipher Mining Inc. (NASDAQ:CIFR)
Number of Hedge Fund Holders: 27
With significant hedge fund interest, Cipher Mining Inc. (NASDAQ:CIFR) secures a spot on our list of the 12 most promising blockchain and crypto mining stocks according to hedge funds.
On October 14, 2025, Lucid Capital analyst Joe Flynn began coverage of Cipher Mining Inc. (NASDAQ:CIFR) with a “Neutral” rating and a $18 price target.
The analyst believes Cipher Mining Inc. (NASDAQ:CIFR) is well-positioned to capitalize on rising power demand and prevailing infrastructure constraints as the sector evolves. The initiation was part of Lucid’s broader coverage of five bitcoin mining and high-performance compute companies. Flynn believes that the market is not fully factoring in the $1 trillion incremental investments made in recent years. Such investments strongly position companies with power capacity and the ability to rapidly scale up infrastructure to benefit from rising demand. As a side note, Lucid Capital mentioned that it views Core Scientific (CORZ) as the most undervalued stock in the sector.
Meanwhile, on October 7, Cipher Mining Inc. (NASDAQ:CIFR) announced that it had produced 251 bitcoin in September. The company also announced the completion of Phase I of its Black Pearl facility, which enhanced its production capacity.
Looking ahead, Cipher Mining Inc. (NASDAQ:CIFR) is well positioned to steadily scale operations and capture emerging opportunities across both crypto and compute markets, with 1,500 bitcoin in reserve and ongoing developments at its Barber Lake site.
Cipher Mining Inc. (NASDAQ:CIFR) supports blockchain infrastructure and digital asset network operations by developing and operating industrial-scale Bitcoin mining and high-performance computing data centers across the U.S.
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.
5. IREN Limited (NASDAQ:IREN)
Number of Hedge Fund Holders: 39
IREN Limited (NASDAQ:IREN) is included in our list of the 12 most promising blockchain and crypto mining stocks according to hedge funds.
On October 14, 2025, BTIG raised its price target on IREN Limited (NASDAQ:IREN) from $32 to $75, maintaining a “Buy” rating.
The investment firm’s bullish stance on IREN Limited (NASDAQ:IREN) was included in its broader note on crypto mining stocks. The firm believes rising demand for on-demand power from hyperscalers and AI-focused “neoclouds” positions the company well to capitalize on the high-performance computing (HPC) colocation opportunities.
Separately, on October 7, IREN Limited’s (NASDAQ:IREN) announced multi-year cloud service contracts with AI firms for NVIDIA Blackwell GPU deployments. These deals, which cover 11,000 of its 23,000 GPUs, are expected to help the company expand its GPU footprint across its British Columbia and Texas data centers, and deliver AI Cloud revenue of $225 million by the end of 2025.
IREN Limited (NASDAQ:IREN), a Bitcoin mining and AI data center company across North America, provides high-performance computing infrastructure and GPU-based cloud services to enterprises and institutional clients.
4. Strategy Inc (NASDAQ:MSTR)
Number of Hedge Fund Holders: 45
With significant hedge fund interest, Strategy Inc. (NASDAQ:MSTR) secures a spot on our list of the 12 most promising blockchain and crypto mining stocks according to hedge funds.
On October 20, 2025, TD Cowen reiterated its “Buy” rating on Strategy Inc (NASDAQ:MSTR) with a $620 price target.
The investment firm’s bullish stance is attributed to the resilience and continued adoption of Bitcoin globally amid recent market volatility. Even though significant fluctuations in Bitcoin prices have been noted recently, ongoing global adoption remains unaffected, particularly evidenced by developments in countries like Japan and the UK. For Strategy Inc (NASDAQ:MSTR), this is critical, especially because of its acquisition of Bitcoin at a faster rate than issuing equity, which has resulted in an increase in Bitcoin per diluted share, a positive indicator for investors.
TD Cowen also highlighted the resilience of Bitcoin and Ethereum during a massive liquidation event, reflecting the digital asset ecosystem’s robustness. Moreover, with Bitcoin nearing its all-time high, investors see strong long-term potential. Meanwhile, the potential relaxation of Japan’s ban on banks investing in digital assets reflects regulatory advancements in the market, supporting the positive outlook for Bitcoin and, by extension, Strategy Inc (NASDAQ:MSTR)’s stock.
Strategy Inc (NASDAQ:MSTR), a Bitcoin treasury and software intelligence company across the U.S. and the rest of the world, offers investors exposure to Bitcoin through equity and fixed-income instruments.
3. Riot Platforms, Inc. (NASDAQ:RIOT)
Number of Hedge Fund Holders: 48
Riot Platforms, Inc. (RIOT:NASDAQ) is one of the 12 most promising blockchain and crypto mining stocks according to hedge funds.
On October 20, 2025, Piper Sandler increased its price target on Riot Platforms, Inc. (RIOT:NASDAQ) from $18 to $25, while maintaining a “Neutral” rating.
The investment firm sees investors awaiting a potential hyperscaler deal that might involve major AI or HPC partners at Riot Platforms, Inc. (RIOT:NASDAQ)’s Corsicana facility near Dallas or its Rockdale facility outside Austin, Texas. Both sites offer significant power access and proximity to major metro hubs, which might potentially attract prospective AI or HPC tenants.
Recent quarters have not seen many developments on the AI infrastructure front. However, Piper Sandler believes Riot Platforms, Inc. (RIOT:NASDAQ) looks to be in a position to hold discussions to transition part of its large-scale Bitcoin mining operations toward high-performance computing applications. Thus, this points to potential long-term strategic diversification.
Riot Platforms, Inc. (RIOT:NASDAQ), a large-scale Bitcoin mining and engineering facilities operator across Texas and Kentucky, offers power infrastructure, custom electrical solutions, and data center services to industrial and governmental clients.
2. Core Scientific, Inc. (NASDAQ:CORZ)
Number of Hedge Fund Holders: 78
Core Scientific, Inc. (NASDAQ:CORZ) is included in our list of the 12 most promising blockchain and crypto mining stocks according to hedge funds.
On October 20, 2025, Institutional Shareholder Services (ISS) argued Core Scientific, Inc. (NASDAQ:CORZ)’s historical success makes it capable of thriving independently. Accordingly, the proxy advisory firm recommended voting against CoreWeave’s (NASDAQ:CRWV) proposed $9 billion all-stock acquisition of Core Scientific, announced in July.
Two Seas Capital, an alternative investment management firm and the largest active shareholder of CORZ, also previously voted against the company’s proposed sale and welcomed ISS’s recommendation. Core Scientific, Inc. (NASDAQ:CORZ) possesses significant upside on an independent basis, the shareholder stated in a letter to investors on October 17, highlighting that CORZ has risen only 9% since the acquisition was announced.
This recommendation follows shortly on the heels of Core Scientific, Inc. (NASDAQ:CORZ)’s appeal to its shareholders to support the acquisition. The company, in contrast to Two Seas Capital and ISS’s recommendation, believes the deal would create operational synergies by combining its mining infrastructure with CoreWeave’s Nvidia-powered AI data centers.
Yet, ISS and major shareholder Two Seas Capital both expressed their concerns over the proposed deal’s valuation and fixed exchange ratio. They view the deal as combining Core Scientific Inc. (NASDAQ:CORZ)’s value with CoreWeave’s declining stock price, thereby exposing shareholders to increased risks. CORZ’s shares surged over 5% in post-market trading following ISS’s recommendation, indicating growing investor support for independence over integration. Meanwhile, CoreWeave’s shares have declined approximately 15% since the proposed transaction was announced; Two Seas Capital highlighted this in its letter.
Through its self-mining, hosted mining, and HPC segments, Core Scientific, Inc. (NASDAQ:CORZ) offers digital asset mining and high-performance computing services in the U.S.
1. Coinbase Global, Inc. (NASDAQ:COIN)
Number of Hedge Fund Holders: 87
With significant hedge fund interest, Coinbase Global, Inc. (NASDAQ:COIN) secures a spot on our list of the 12 most promising blockchain and crypto mining stocks according to hedge funds.
On October 20, 2025, Compass Point increased its price target on Coinbase Global, Inc. (NASDAQ:COIN) from $248 to $277, maintaining a “Sell” rating.
The investment firm’s decision to raise its target reflects August’s crypto rally. However, the firm warned of persistent volatility in Coinbase Global, Inc. (NASDAQ:COIN)’s shares. The company’s shares have fallen after each of the past five earnings releases.
Yet Compass Point expects a third-quarter revenue beat of 2%, without factoring in the $43 million boost from the acquisition of Deribit in August. Furthermore, it projected adjusted EBITDA to be 3% higher, supported by $29 million from the same deal. These gains are expected to be driven by Subscription & Services revenue, the investment firm noted.
Coinbase Global, Inc. (NASDAQ:COIN), a cryptocurrency trading and custody platform, serves retail, institutional, and developer clients by offering brokerage, liquidity, and on-chain infrastructure services globally.
READ NEXT: 13 Safest Stocks to Invest in Now and 10 Best Non-Tech Stocks to Buy According to Reddit.
Disclosure: None. 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 below.
Hedge Fund Resource Center