5 Best Bitcoin Stocks to Buy Now

In this article, we discuss 5 best Bitcoin stocks to buy now. If you want to read a detailed analysis of the crypto industry, click 11 Best Bitcoin Stocks to Buy Now.

5. Tesla, Inc (NYSE:TSLA)

 Number of Hedge Fund Holders: 80

 Tesla, Inc (NYSE:TSLA), an electric car company, ranks 5th in our list of 11 best Bitcoin stocks to buy now. Tesla, Inc (NYSE:TSLA) purchased $1.5 billion worth of Bitcoins in 2021. Elon Musk, CEO of Tesla, is a staunch advocate of cryptocurrencies including Bitcoin, Ethereum, and Dogecoin. Even though Tesla sold over $900 million worth of Bitcoin, reports show that the company still owns over $220 million worth of digital assets. As confusion regarding Musk’s takeover of Twitter clears up and recession fears recede, it’s expected that Musk could load up on Bitcoin again in the near future.

After seeing the stronger than expected performance of Tesla, Inc (NYSE:TSLA) during the first two quarters of 2022 several analysts have raised the price targets of their firms on Tesla, Inc (NYSE:TSLA) during the last couple of weeks. On August 2, Citi analyst Itay Michaeli raised his firm’s price target on Tesla to $424 from $375. Similarly, on July 21, JPMorgan analyst Ryan Brinkman raised the price target on Tesla to $410 from $385. According to the database of Insider Monkey 80 hedge funds held stakes worth $11.3 billion in Tesla, Inc (NYSE:TSLA) at the end of the first quarter of 2022. 

4. Advanced Micro Devices, Inc (NASDAQ:AMD)

Number of Hedge Fund Holders: 83

 Advanced Micro Devices, Inc (NASDAQ:AMD) is among the leading designers of Graphics Processing Units (GPUs) used in crypto mining. The company provides the fundamental piece of hardware in the form of different Graphics Processing Units to create and manage crypto assets.

On July 14, BMO Capital analyst Ambrish Srivastava upgraded Advanced Micro Devices, Inc (NASDAQ:AMD) to Outperform from Market Perform and raised his firm’s price target on Micro Devices, Inc (NASDAQ:AMD) to $115 from $100.

The hedge fund sentiment for Advanced Micro Devices, Inc (NASDAQ:AMD) remained bullish at the end of the first quarter of 2022 as 83 hedge funds held stocks worth $6.94 billion in the company compared to the 69 amounting to $6.74 billion in the fourth quarter of 2021.

3. Block, Inc. (NYSE:SQ)

Number of Hedge Fund Holders: 84

Block, Inc. (NYSE:SQ), formerly known as Square Inc, is a California based financial services and digital payments processing company. The company has several lines of businesses related to Bitcoin and blockchain technology. Its popular smartphone application ‘Cash App’ allows users to invest in stocks and cryptocurrencies. Block, Inc. (NYSE:SQ) said it held $317 million worth of digital assets at the end of 2021. 

According to the database of Insider Monkey 84 hedge funds held stakes worth $6.18 billion in Block, Inc. (NYSE:SQ) at the end of the first quarter of 2022. 

2. PayPal Holdings (NASDAQ:PYPL)

 Number of Hedge Fund Holders: 100

PayPal Holdings (NASDAQ:PYPL) is currently at the forefront of the digital payment revolution in the world. The California-based organization unlocked crypto trading on its digital payment platform Venmo in late 2020. Today, cryptocurrency is an important part of PayPal’s business as the organization not only allows the trading of Bitcoin, Ethereum, and Litecoin but also plans to launch its own stablecoin.

 PayPal Holdings (NASDAQ:PYPL) has got positive ratings from several investment banking firms in recent weeks. On August 1, DA Davidson analyst Christopher Brendler maintained the ‘Buy’ rating on the shares of PayPal Holdings (NASDAQ:PYPL) and gave it a price target of $120. Similarly, on July 21, KeyBanc analyst Josh Beck maintained the ‘Overweight’ rating on the shares of PayPal Holdings (NASDAQ:PYPL) and gave it a price target of $100.

1. NVIDIA Corporation (NASDAQ:NVDA)

 Number of Hedge Funds: 102 

NVIDIA Corporation (NASDAQ:NVDA) is a Graphics Processing Units (GPU) designer and manufacturer that produces graphic cards used in high-end video gaming and cryptocurrency mining among other products. 

On July 25, Barclays analyst Blayne Curtis maintained an ‘Overweight’ rating on the shares of NVIDIA Corporation (NASDAQ:NVDA) but lowered his firm’s price target on NVIDIA Corporation (NASDAQ:NVDA) to $200. Similarly, on July 12 KeyBanc analyst John Vinh rated NVIDIA Corporation (NASDAQ:NVDA) as ‘Overweight’. According to the database of Insider Monkey 102 hedge funds held stakes worth $6.36 billion in NVIDIA Corporation (NASDAQ:NVDA) at the end of the first quarter of 2022.

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