In this article, we will look at the 13 Crypto Stocks with the Highest Upside Potential.
On June 14, CNBC reported that Philippe Laffont, founder of Coatue Management, said that the volatility of Bitcoin initially stopped him, like several other investors, from investing in the cryptocurrency. However, he stated that the flagship crypto is being embraced by institutional heavyweights, which can be considered a key sign of maturity for the previously volatile cryptocurrency.
According to him, Bitcoin has become less volatile and more mature over the years, and this trend shows no signs of waning. It is expected to continue as Bitcoin expands and more people recognize its value. Bitcoin currently represents a small chunk of the world’s net world, about $2 trillion out of $500 trillion, according to Laffont.
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However, he said that if one assumes that this growth trend will continue for the cryptocurrency, it could ultimately lead to a time where it “has to become more central” to a portfolio. Talking at Coinbase’s State of Crypto Summit in New York City, he further said:
“It’s intriguing to me that maybe … the cost of getting into bitcoin is shrinking. If the beta shrinks, that would be very interesting.”
In addition to the interest of institutional investors, Laffont said that the number of Bitcoin wallets that held it for at least a month and sold their full position has dropped “a lot.” This suggests that instead of trading the cryptocurrency, investors are holding onto it.
With these optimistic trends in view, let’s look at the 13 crypto stocks with the highest upside potential.
A close-up of a person’s hands holding cryptocurrency coins.
Our Methodology
We used stock screeners, ETFs, and financial media reports to compile a list of crypto stocks with positive analyst upside potential and selected the top 13 that analysts were most bullish on. We also added the number of hedge fund holders for the stocks as of Q1 2025, sourcing the data from Insider Monkey’s database. The list is arranged in ascending order of analyst upside potential.
Note: All data was sourced on June 18.
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 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here).
13 Crypto Stocks with the Highest Upside Potential
13. MicroStrategy Incorporated (NASDAQ:MSTR)
Analyst Upside: 43.88%
Number of Hedge Fund Holders: 33
MicroStrategy Incorporated (NASDAQ:MSTR) is one of the 13 Crypto Stocks with the Highest Upside Potential. On June 17, TD Cowen analyst Lance Vitanza maintained a Buy rating on MicroStrategy Incorporated (NASDAQ:MSTR) with a price target of $590.
The rating update came after MicroStrategy Incorporated (NASDAQ:MSTR) announced that it acquired 10,100 Bitcoins in the June 9 to June 15 period for around $1.05 billion. The average price of the Bitcoins came up to $104,080 per bitcoin, as per Strategy’s 8-K filing with the US Securities and Exchange Commission (SEC). After the acquisition, the company holds 592,100 Bitcoins at an average price of $70,666, collectively valued at over $63 billion.
MicroStrategy Incorporated (NASDAQ:MSTR) spent around $41.84 billion to acquire these Bitcoins and conducted the latest acquisition using the proceeds from its preferred share offering. The company’s total Bitcoin holdings now represent around 2.8% of the total Bitcoin supply of 21 million.
MicroStrategy Incorporated (NASDAQ:MSTR) engages in the development of the Bitcoin network through its operations in technology, financial markets, and advocacy. It is the world’s largest corporate holder of Bitcoin.
12. Riot Platforms Inc. (NASDAQ:RIOT)
Analyst Upside: 47.49%
Number of Hedge Fund Holders: 35
Riot Platforms Inc. (NASDAQ:RIOT) is one of the 13 Crypto Stocks with the Highest Upside Potential. On June 17, Needham analyst John Todaro raised the firm’s price target on Riot Platforms Inc. (NASDAQ:RIOT) to $15 from $12, keeping a Buy rating on the shares. The analyst based the rating upgrade on the significant opportunities present for the company, with one of the primary reasons being its Corsicana site.
The analyst told investors in a research note that the Corsicana site is considered one of the most promising high-performance computing (HPC) locations in the company’s coverage. He further reasoned that in recent checks with neo-cloud operators, Riot Platforms Inc. (NASDAQ:RIOT) found that over 50% of the demand is for inference workloads, and it is continuously growing. Inference workloads require low latency, and the Corsicana site is well-positioned to meet the growing demand with its beneficial location near Dallas and considerable capacity.
Another reason behind the analyst’s optimistic outlook is Riot Platforms Inc.’s (NASDAQ:RIOT) focus on the transition to HPC, expecting advanced discussions with potential tenants by H2 2025. Todaro stated that while a lease is not expected until H1 2026, it could have a substantial financial impact, considerably boosting the company’s share price.
Riot Platforms (NASDAQ:RIOT) is a Bitcoin mining and digital infrastructure company. It operates Bitcoin mining operations in Kentucky and central Texas, along with electrical switchgear engineering and fabrication operations in Denver. The company is divided into two segments: Bitcoin Mining and Engineering. The Bitcoin Mining segment undertakes Bitcoin mining activities, while the Engineering segment manufactures and designs power distribution equipment and custom-engineered electrical products.
11. Bitdeer Technologies Group (NASDAQ:BTDR)
Analyst Upside: 48.60%
Number of Hedge Fund Holders: 17
Bitdeer Technologies Group (NASDAQ:BTDR) is one of the 13 Crypto Stocks with the Highest Upside Potential. On June 16, analyst Kevin Cassidy from Rosenblatt Securities maintained a Buy rating on Bitdeer Technologies Group (NASDAQ:BTDR), raising the price target to $20.00 from $15.00. The rating upgrade was based on the company’s strong developmental and operational progress.
The analyst reasoned that Bitdeer Technologies Group’s (NASDAQ:BTDR) self-mining operations are undergoing considerable growth, with an expanded hash rate and a significant increase in Bitcoin production. He attributed this growth to the deployment of the company’s advanced SEALMINER equipment and strategic expansion of its energy capacity. In addition, new facilities in Bhutan and Norway are expected to be energized soon, further boosting operational capabilities.
Cassidy also reasoned that Bitdeer Technologies Group (NASDAQ:BTDR) is making notable advancements in mining rig development, especially with the SEALMINER A3 and A4 models. This initiative reflects the potential of attaining high energy efficiency, which is critical for the company to maintain its competitive standing.
Bitdeer Technologies Group (NASDAQ:BTDR) is a technology company specializing in blockchain and computing, offering hash rate sharing solutions, including Cloud hash rate and one-stop mining machine hosting solutions for efficient cryptocurrency mining. It has taken the lead as the largest vertically integrated Bitcoin miner.
10. Core Scientific, Inc. (NASDAQ:CORZ)
Analyst Upside: 49.01%
Number of Hedge Fund Holders: 67
Core Scientific, Inc. (NASDAQ:CORZ) is one of the 13 Crypto Stocks with the Highest Upside Potential. On June 10, Needham analyst John Todaro raised the firm’s price target on Core Scientific, Inc. (NASDAQ:CORZ) to $18 from $16, keeping a Buy rating on the shares. The analyst reasoned that the market holds a “growing comfort” with the company as a counterparty.
He further told investors in a research note that there is a strong demand backdrop that should considerably outstrip supply over the coming five years, becoming positive for its bitcoin mining/HPC universe.
The analyst reasoned that Core Scientific, Inc. (NASDAQ:CORZ) is accumulating market confidence in its operations and has an attractive valuation. These factors position it favorably in the market, especially compared to its peers. Despite these positive factors, it is trading at a discount, which justifies the price target update.
Core Scientific, Inc. (NASDAQ:CORZ) operates digital infrastructure for Bitcoin mining and high-performance computing. It operates specialized, purpose-built facilities for digital asset mining. The company leverages its own fleet of computers, called miners, to earn Bitcoin for its own account, and also provides hosting services for Bitcoin mining and high-performance computing customers at eight US-based operational data centers.
9. TeraWulf Inc. (NASDAQ:WULF)
Analyst Upside: 55.89%
Number of Hedge Fund Holders: 35
TeraWulf Inc. (NASDAQ:WULF) is one of the 13 Crypto Stocks with the Highest Upside Potential. On June 12, Rosenblatt Securities analyst Chris Brendler reiterated a Buy rating on TeraWulf Inc. (NASDAQ:WULF), raising the price target to $6 from $4.50 after hosting the company’s CFO Patrick Fleury and Director of Investor Relations John Larkin at Rosenblatt’s Annual Tech Summit.
The firm came from the summit with increased optimism regarding TeraWulf Inc.’s (NASDAQ:WULF) positioning, adopting a bullish stance about its near-term prospects. It added that it sees a “compelling upside even after the recent run,” with TeraWulf Inc. (NASDAQ:WULF) trading at “a material discount to peers with relatively high short interest.”
TeraWulf Inc. (NASDAQ:WULF) operates and owns data center infrastructure specifically designed for high-performance computing and Bitcoin mining. It primarily leverages environmentally sustainable and zero-carbon energy sources, such as hydroelectric and nuclear power, to power its Bitcoin mining and other operations.
8. Cipher Mining Inc (NASDAQ:CIFR)
Analyst Upside: 65.39%
Number of Hedge Fund Holders: 21
Cipher Mining Inc (NASDAQ:CIFR) is one of the 13 Crypto Stocks with the Highest Upside Potential. In a report released on June 4, Brett Knoblauch from Cantor Fitzgerald reiterated a Buy rating on Cipher Mining Inc (NASDAQ:CIFR), raising the price target to $6 from $4.
The analyst told investors in a research note that Cipher Mining Inc (NASDAQ:CIFR) mined 179 Bitcoin in May, which translates to 5.8 Bitcoin per day.
The firm estimated that the company generated around $18.5 million in mining revenue in May, contending that Cipher Mining Inc (NASDAQ:CIFR) is on the path to becoming one of the fastest-growing miners by hash rate capacity this year.
Cipher Mining Inc. (NASDAQ:CIFR) develops and operates bitcoin mining data centers. It operates four bitcoin mining data centers in Texas through its subsidiaries, including Cipher Mining Technologies Inc. The company specializes in industrial-scale Bitcoin mining and is dedicated to enhancing and fortifying the critical infrastructure of the Bitcoin network in the US.
7. IREN Limited (NASDAQ:IREN)
Analyst Upside: 95.91%
Number of Hedge Fund Holders: 28
IREN Limited (NASDAQ:IREN) is one of the 13 Crypto Stocks with the Highest Upside Potential. In a report released on June 17, Darren Aftahi from Roth MKM maintained a Buy rating on IREN Limited (NASDAQ:IREN) with a price target of $20.75.
The company’s May report showed record revenue and hardware profit, reporting $1.6 million in daily hardware profit and $67 million in monthly revenue. It is on track for 50 EH/s by June 30 and is executing on its Horizon 1 AI Data Center at pace, set for delivery in Q4 2025.
IREN Limited (NASDAQ:IREN) also reported positive fiscal Q3 2025 results, with record revenues of $148.1 million compared to $119.6 million in fiscal Q2 2025. The company reported a 24% growth in Bitcoin mining revenue to $141.2 million and a notable 33% rise in AI Cloud services revenue to $3.6 million.
IREN Limited (NASDAQ:IREN) mined 1,514 Bitcoin in the quarter compared to 1,347 Bitcoin in fiscal Q2 2025, supported by growth in operating hash rate.
Formerly known as Iris Energy Limited, IREN Limited (NASDAQ:IREN) is an Australia-based company that owns and operates renewable energy-powered data centers. Its facilities are specially optimized for Bitcoin mining, AI cloud services, and other power-dense computing.
6. CleanSpark, Inc. (NASDAQ:CLSK)
Analyst Upside: 107.90%
Number of Hedge Fund Holders: 23
CleanSpark, Inc. (NASDAQ:CLSK) is one of the 13 Crypto Stocks with the Highest Upside Potential. In a report released on June 13, Gregory Lewis from BTIG reiterated a Buy rating on CleanSpark, Inc. (NASDAQ:CLSK) with a price target of $22.00. The analyst reasoned that while other companies pursued high-performance computing opportunities, CleanSpark, Inc. (NASDAQ:CLSK) “quietly” became the second largest US-listed bitcoin miner by hash capacity, standing behind Mara Holdings.
He further told investors in a research note that the company has outgrown a majority of the competition since the end of 2023, experiencing a notable hash capacity growth of 350%. Management stated that CleanSpark, Inc.’s (NASDAQ:CLSK) existing infrastructure footprint holds the capacity to support over 60 EH of capacity.
The firm also said that CleanSpark, Inc. (NASDAQ:CLSK) owns around 12,500 bitcoins, which is the third-highest number of bitcoins owned by miners. Since the company’s management is focusing on mining, BTIG anticipates it to gain hash capacity market share as other miners pause mining growth for HPC.
CleanSpark, Inc. (NASDAQ:CLSK) is a Bitcoin mining company that independently owns and operates data centers across the US, with locations in Georgia, Mississippi, Tennessee, and Wyoming.
5. BitFuFu Inc. (NASDAQ:FUFU)
Analyst Upside: 113.41%
Number of Hedge Fund Holders: 9
BitFuFu Inc. (NASDAQ:FUFU) is one of the 13 Crypto Stocks with the Highest Upside Potential. On June 6, H.C. Wainwright analyst Kevin Dede maintained the Buy rating on BitFuFu Inc. (NASDAQ:FUFU), with the associated price target remaining the same at $7.00. The analyst assigned the rating based on the company’s strategic market position and growth potential, as it has performed notably by exceeding its 2025 year-end objectives well ahead of schedule.
By the end of May, BitFuFu Inc. (NASDAQ:FUFU) attained a network hash rate of 34.1Eh/s and managed 651 MW of power, positioning it among the top five publicly traded bitcoin miners and reflecting its scale and focus.
The analyst reasoned that another notable strategic move that favors a Buy rating for BitFuFu Inc. (NASDAQ:FUFU) is its transition to a hybrid model integrating self-mining with expanded cloud services. In addition, the company is poised to benefit from potential bitcoin price hike and enhance its vertical integration, supported by factors such as the acquisition of Oklahoma and Ethiopia facilities and the ramp-up of the S21 series machines.
BitFuFu Inc. (NASDAQ:FUFU) provides digital asset mining and cloud mining services. It operates through a range of stable and intelligent digital asset mining solutions, including one-stop cloud mining services and miner hosting services, catering to both individual digital asset enthusiasts and institutional customers. The company also offers a compliant, secure, and transparent blockchain infrastructure.
4. Bit Digital, Inc. (NASDAQ:BTBT)
Analyst Upside: 129.01%
Number of Hedge Fund Holders: 6
Bit Digital, Inc. (NASDAQ:BTBT) is one of the 13 Crypto Stocks with the Highest Upside Potential. On May 19, analyst Kevin Dede from H.C. Wainwright maintained a Buy rating on Bit Digital, Inc. (NASDAQ:BTBT) with a $7.00 price target. The analyst based the rating on the company’s growth potential and strategic transition, as it has shifted its focus from bitcoin mining to high-performance computing (HPC).
According to the analyst, the transition has resulted in a more predictable and stable revenue stream for Bit Digital, Inc. (NASDAQ:BTBT), supporting the Buy rating. This can be corroborated by the company’s recent earnings, which reported a notable 84% year-over-year growth in cloud services revenue to $14.8 million in its fiscal Q1 2025 results.
The analyst also expects the company’s growth into new facilities and customer acquisition in the HPC sector to support future growth. While he acknowledged that some uncertainties exist related to infrastructure supply and deployment timing, Bit Digital, Inc.’s (NASDAQ:BTBT) transition is expected to be a lucrative opportunity for investors.
Headquartered in New York City, Bit Digital (NASDAQ:BTBT) is a holding company that provides a platform for digital assets and AI infrastructure. Its Bitcoin mining operations are spread through the US, Canada, and Iceland.
3. Hive Digital Technologies Ltd. (NASDAQ:HIVE)
Analyst Upside: 215.79%
Number of Hedge Fund Holders: 7
Hive Digital Technologies Ltd. (NASDAQ:HIVE) is one of the 13 Crypto Stocks with the Highest Upside Potential. In a report released on June 6, Brett Knoblauch from Cantor Fitzgerald maintained a Buy rating on Hive Digital Technologies Ltd. (NASDAQ:HIVE) with a price target of $5.00.
The same day, the company announced a significant operational milestone, stating that it surpassed 10 exahash per second (EH/s) in global Bitcoin mining capacity, up from 6 EH/s at the end of the March quarter. Hive Digital Technologies Ltd. (NASDAQ:HIVE) also announced that its peak hash rate rose 58% month-over-month from 6.6 EH/s in April to 10.4 EH/s in May.
This rapid scaling was attributed to the successful energization of the company’s 100 MW hydro-powered facility located in Paraguay. The milestone supports Hive Digital Technologies Ltd.’s (NASDAQ:HIVE) global position as a leading energy-efficient and fast-growing Bitcoin miner. It mined 139 Bitcoin in May, averaging 4.5 BTC per day with an average mining efficiency of 8.5 EH/s that attained a peak of 10.4 EH/s.
Based in Canada, Hive Digital Technologies Ltd. (NASDAQ:HIVE) is a cryptocurrency mining company focused on sustainable green energy. It operates green energy-powered data center facilities in Iceland, Sweden, and Canada.
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.
1. Canaan Inc. (NASDAQ:CAN)
Analyst Upside: 326.26%
Number of Hedge Fund Holders: 12
Canaan Inc. (NASDAQ:CAN) is one of the 13 Crypto Stocks with the Highest Upside Potential. Canaan Inc. (NASDAQ:CAN) reported record Bitcoin production in May 2025, attaining a notable 25% month-over-month growth. The growth materialized despite the increased tariffs on the company’s Malaysia-made mining machines.
Canaan Inc. (NASDAQ:CAN) mined a record 109 Bitcoins, taking its total holdings to 1,466 bitcoins, reaching new highs in operational and installed hash rates. The growth corresponds with the rising demand for Bitcoin mining machines across the globe, along with rising Bitcoin prices. These factors bolster Canaan Inc.’s (NASDAQ:CAN) strategic focus on shareholder value and sustainable growth.
In other news, the company announced the termination of a $100 million preferred share financing agreement because of market conditions, along with a $30 million stock repurchase program.
Canaan Inc. (NASDAQ:CAN) is a holding company that develops and sells Bitcoin mining machines and related services. It specializes in green mining. The company also designs, researches, and sells Integrated circuits (IC) and leases mining equipment by integrating IC products for Bitcoin mining and related components in China.
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.
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