5 Best Bitcoin Stocks to Buy Now

In this article, we will list the 5 Best Bitcoin Stocks to Buy Now. Please visit 8 Best Bitcoin Stocks to Buy Now if you would like to see the extended list and the methodology behind it.

5. Iris Energy Limited (NASDAQ:IREN)

Iris Energy Limited (NASDAQ:IREN) is one of the best bitcoin stocks to buy now. Freedom Capital initiated coverage of Iris Energy Limited (NASDAQ:IREN) with a Hold rating on April 1, setting a price target of $36. The firm stated that although it sees potential upside in the stock to $43 within the next two years as the company completely converts its crypto mining capacity to serving AI customers, that may prove to be a lengthier process than has been promised, and one that adds execution risk. Freedom Capital further told investors that it prefers other covered names among neoclouds and their supporting companies, at least for now.

Iris Energy Limited (NASDAQ:IREN) also received a rating update from Cantor Fitzgerald on April 9. The firm cut the price target on the stock to $61 from $82 and reiterated an Overweight rating on the shares, telling investors that it believes the world is heading toward the proliferation of AI across nearly every sector, business, and economy. In this context, it sees AI infrastructure as “an attractive place to invest”. This holds especially true given that investors are somewhat agnostic to which AI app or AI model emerges victorious. Cantor also stated that it envisions a persistent supply/demand imbalance for the next five-plus years that caters to pricing remaining strong.

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.