13 Best Cryptocurrency Stocks to Buy According to Wall Street Analysts

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1. Canaan Inc. (NASDAQ:CAN)

Stock Upside Potential: 196.38%

Number of Hedge Fund Holders: 9

Canaan Inc. (NASDAQ:CAN) is one of the best cryptocurrency stocks to buy according to Wall Street analysts. On September 12, analysts at Benchmark reiterated a ‘Buy’ rating on the stock and a $2 price target.

The positive stance stems from the research firm’s discussions with the company’s Chief Financial Officer, James Cheng, and Head of Capital Markets, Leo Wang. The management team reiterated plans to engineer a comeback across the commercial, operational, and financial aspects of the business.

The research firm has echoed Canaan’s prospects, backed by its vertically integrated bitcoin mining rig manufacturing and self-mining operations. The remarks come as the company’s Bitcoin treasury has grown to 1,547 Bitcoin, positioning it to benefit from further price spikes.

Canaan Inc. (NASDAQ:CAN) is a technology company that designs and manufactures high-performance Application-Specific Integrated Circuit (ASIC) chips for Bitcoin mining. Its core business involves producing mining equipment, supplying Software and hardware solutions for blockchain computing, and engaging in its own Bitcoin mining operations for strategic balance sheet strengthening.

While we acknowledge the potential of CAN 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 CAN and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 9 Best Lidar Stocks to Buy Right Now  and 7 Best Cement Stocks to Buy According to Analysts.

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