14 Best Multibagger Penny Stocks to Buy Right Now

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10. Bit Digital, Inc. (NASDAQ:BTBT)

Share price: $2.25

Analysts upside potential: 161.33%

Number of hedge fund holders: 20

Bit Digital Inc. (NASDAQ:BTBT) is one of the best multibagger penny stocks to buy right now. On December 5, Bit Digital Inc. (NASDAQ:BTBT) announced it acquired 506.25 ethereum in November at an average price of $3,045.11. It exited the month with about 154,398.7 ethereum valued at about $461.9 million.

During the month, the company staked an additional 5,141 ETH, bringing total staked ethereum to about 137,621, representing 89.1% of its total holdings. Staking generated about 328.5 Ethereum, representing an annualized return of about 3.05%. The company began staking in 2022, and its operations have ballooned to about 15,146 ETH and ETH equivalents in externally managed funds. In addition to Ethereum holdings and staking, the company holds about 27 million WhiteFiber (WYFI) shares valued at about $579.5 million.

Meanwhile, on November 17, analysts at H.C. Wainwright reiterated a Buy rating on the stock with a $7 price target. The positive stance was in response to a solid third-quarter report that showed a 20% sequential increase in revenue to $30.5 million. The revenue increase was bolstered by Ethereum staking, which jumped to $2.9 million in the third quarter from $0.4 million in the second quarter. The revenue increase also came as the company increasingly reduced its Bitcoin mining operations to focus on Ethereum.

Bit Digital, Inc. (NASDAQ:BTBT) is a digital asset platform focused on high-performance computing for AI and Ethereum staking, having pivoted from its initial Bitcoin mining operations. It also builds and offers scalable AI cloud infrastructure using GPUs, provides Ethereum staking services for native yield, and develops data centers in North America and Iceland.

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