13 Crypto Stocks with the Highest Upside Potential

Page 11 of 12

2. Bitfarms Ltd. (NASDAQ:BITF)

Analyst Upside: 252.94%

Number of Hedge Fund Holders: 11

Bitfarms Ltd. (NASDAQ:BITF) is one of the 13 Crypto Stocks with the Highest Upside Potential. In a reported release on May 15, Michael Grondahl from Northland Securities maintained a Buy rating on Bitfarms Ltd. (NASDAQ:BITF) with a price target of $3.25. The rating update followed the company’s announcement of its fiscal Q1 2025 results, which showed revenue growing 33% year-over-year to $67 million. However, its gross mining margin for the quarter was 43%, down from 63% in fiscal Q1 2024.

Bitfarms Ltd. (NASDAQ:BITF) stated that the company undertook various executions to support its strategic pivotal to HPC and the US, including the strategic acquisition of two large power campuses in Pennsylvania with the Stronghold acquisition and the profitable disposition of one of its Paraguayan Bitcoin mining campus, Yguazu.

On June 10, Bitfarms Ltd. (NASDAQ:BITF) announced the filing of a share purchase agreement with Canadian Securities Regulatory Authorities detailing a March agreement regarding the sale of all issued shares of a corporation owning a bitcoin mining site in Yguazu, Paraguay, to Hive Holdings Paraguay 1 Ltd., Hive Digital Technologies, Ltd., and Hive Holdings Paraguay 2 Ltd.

Page 11 of 12