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10 Best Bitcoin Stocks To Invest In

Published December 13, 2023 at 9:51 am EST Updated August 19, 2026 at 11:14 am EDT

In this article, we discuss the best bitcoin stocks to invest in.

In November this year, bitcoin reached new highs and other top cryptocurrencies also experienced gains. The spike in cryptocurrency investments is attributed to the expectation of the U.S. Securities and Exchange Commission (SEC) potentially approving the first spot cryptocurrency exchange-traded fund (ETF) on a major U.S. exchange. At the same time, global regulators including the SEC are actively cracking down on digital assets, targeting crypto exchanges and high-profile executives such as Sam Bankman-Fried of FTX and Changpeng Zhao of Binance. However, with the historic settlement imposed by the U.S. Department of Justice on Binance, the cryptocurrency industry can potentially bring an end to a series of scandals and issues, according to Brian Armstrong, the CEO of Coinbase Global, Inc. (NASDAQ:COIN). Armstrong commented during an interview with CNBC’s Joumanna Bercetche:

“The enforcement action against Binance, that’s allowing us to kind of turn the page on that and hopefully close that chapter of history. There are many crypto companies that are helping build the crypto economy and change our financial system globally. But many of them are still small startups. I think that regulatory clarity is going to help bring in more investment, especially from institutions.”

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Experts in the cryptocurrency space predict a new bullish phase, as an increasing number of individuals express expectations for bitcoin to reach record levels in 2024, surpassing $100,000. Bitcoin has experienced a surge of over 120% in 2023, leading to widespread optimism that this momentum will persist into 2024. Pascal Gauthier, CEO of Ledger, told CNBC recently:

“It feels that [2023] was a year to get ready for the bull run that is yet to come. But the sentiment is very hopeful for [2024] and 25.”

Similarly, Vijay Ayyar, who serves as the vice president of international markets at the cryptocurrency exchange CoinDCX, shared with CNBC:

“A number of market participants are expecting a bull run some time after the halving, but given the ETF news, we could very well have a run before that leaving most investors on the sidelines. That could cause a massive upward run in the price.”

On another positive note, Robinhood Markets, Inc. (NASDAQ:HOOD) is expanding its cryptocurrency trading feature to the European Union, aiming to tap into international markets for growth. The new crypto product enables customers to trade over 25 tokens, including popular ones like bitcoin, ether, ripple, cardano, solana, and polkadot. Robinhood plans to add more tokens and introduce features such as transfer and “staking” for earning crypto rewards in 2024. This move follows the company’s recent announcement about launching stock trades for U.K. customers by early 2024, with a waitlist already open and promising yields of up to 5% on deposits.

At the end of October 2023, Bernstein analyst Gautam Chhugani expressed optimism about a bitcoin exchange-traded fund and said that the price of bitcoin could consequently reach $150,000 by 2025. The positive projection is approximately five times the present price and over twice the previous all-time high for bitcoin in November 2021. Chhugani also expects that the approval of the ETF would result in the allocation of up to 10% of bitcoin’s circulating supply to ETFs. This approval would enable traditional investors to gain direct exposure to bitcoin through their investment portfolios.

Nevertheless, there are still individuals who heavily criticize cryptocurrencies. For example, JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon on December 6 strongly criticized bitcoin and other cryptocurrencies, stating during a Senate Banking Committee hearing that he has always been vehemently against crypto. Dimon expressed the view that cryptocurrencies should be banned, emphasizing concerns about their primary utility being linked to criminal activities such as money laundering, tax evasion, and drug trafficking. Despite his stance against cryptocurrencies, it’s noteworthy that JPMorgan is actively engaged in blockchain, the underlying technology supporting the $1.6 trillion crypto industry.

Some of the best crypto stocks include CME Group Inc. (NASDAQ:CME), PayPal Holdings, Inc. (NASDAQ:PYPL), and Block, Inc. (NYSE:SQ). However, we specifically focus on bitcoin stocks in this article.

Our Methodology

We chose the top bitcoin stocks based on overall hedge fund sentiment toward each stock. We have assessed the hedge fund sentiment from Insider Monkey’s database of 910 elite hedge funds tracked as of the end of the third quarter of 2023. The list is arranged in ascending order of the number of hedge fund holders in each firm.

Source: PixaBay

Best Bitcoin Stocks To Invest In

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

Number of Hedge Fund Holders: 4

Bit Digital, Inc. (NASDAQ:BTBT) is active in the bitcoin mining sector, involved in treasury management tasks, digital asset staking and mining operations, and ethereum staking. Established in 2015, Bit Digital, Inc.’s headquarters are located in New York. In November 2023, Bit Digital, Inc. produced 142.7 BTC, marking a 24% increase compared to October. As of November 30, 2023, the active hash rate stood at approximately 2.25 EH/s. The company held 551.8 BTC and 16,064.8 ETH in its treasury, with a fair market value of around $20.8 million and $33 million, respectively, on November 30.

According to Insider Monkey’s third quarter database, 4 hedge funds were bullish on Bit Digital, Inc., same as the prior quarter. John Overdeck and David Siegel’s Two Sigma Advisors is a prominent stakeholder of the company, with 68,300 shares worth $146,162.

Like CME Group Inc., PayPal Holdings, Inc., and Block, Inc., Bit Digital, Inc. is one of the best stocks in the crypto space.

9. HIVE Digital Technologies Ltd. (NASDAQ:HIVE)

Number of Hedge Fund Holders: 5

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is a cryptocurrency mining firm with operations in Canada, Sweden, and Iceland. The company is involved in both the mining and trading of digital currencies, such as Ethereum Classic, Bitcoin, and other coins. HIVE Digital Technologies Ltd. also manages data centers and provides infrastructure solutions. The company was established in 1987 and its headquarters are situated in Vancouver, Canada. It is one of the best bitcoin stocks to invest in.

In November 2023, HIVE Digital Technologies Ltd. reported the production of 276.3 BTC through a combination of ASIC and GPU mining operations, achieving an average of 66.7 Bitcoin per Exahash. The daily average production for November 2023 was 9.2 BTC. HIVE Digital Technologies Ltd. maintained an average monthly hashrate of 4.14 EH/s during November, indicating a 5.2% increase compared to the October average of 3.94 EH/s.

According to Insider Monkey’s third quarter database, 5 hedge funds were long HIVE Digital Technologies Ltd., compared to 4 funds in the last quarter.

8. Bitfarms Ltd. (NASDAQ:BITF)

Number of Hedge Fund Holders: 5

Bitfarms Ltd. (NASDAQ:BITF) specializes in cryptocurrency coin and token mining operations across Canada, the United States, Paraguay, and Argentina. The company owns and manages server farms dedicated to validating transactions on the Bitcoin Blockchain, thereby earning cryptocurrency through block rewards and transaction fees. The company is headquartered in Toronto, Canada and was established in 2017. Bitfarms Ltd. is one of the best bitcoin stocks to monitor.

In November 2023, Bitfarms Ltd. reported a production of 392 BTC, a 1.5% decrease from October, attributed to a 19.0% increase in network difficulty. The hash rate reached 6.4 EH/s as of November 30, 2023, marking a 45% rise from the same date in 2022 and a 1.6% increase from October 31, 2023. Bitfarms Ltd. has placed an order for 35,888 high-performance Bitmain T21 miners, scheduled for delivery between March and May 2024. Additionally, Bitfarms Ltd. secured an option to acquire an extra 28,000 T21 miners.

According to Insider Monkey’s third quarter database, 5 hedge funds were bullish on Bitfarms Ltd., compared to 6 funds in the last quarter. Israel Englander’s Millennium Management is the biggest stakeholder of the company, with 1.9 million shares worth $2 million.

7. TeraWulf Inc. (NASDAQ:WULF)

Number of Hedge Fund Holders: 7

TeraWulf Inc. (NASDAQ:WULF) is a digital asset technology company in the United States. The company is involved in the development, ownership, and operation of bitcoin mining facility sites located in New York and Pennsylvania. It is one of the top bitcoin stocks to monitor.

On December 4, TeraWulf Inc. reported a November production of 323 bitcoins (BTC-USD), showing a 3% increase compared to October. The growth is primarily attributed to higher network transaction fees and a self-mining capacity with over 95% availability, operating at 5 EH/s. The value per self-mined bitcoin was $36,500.

According to Insider Monkey’s third quarter database, 7 hedge funds were long TeraWulf Inc., up from 4 funds in the preceding quarter.

6. Iris Energy Limited (NASDAQ:IREN)

Number of Hedge Fund Holders: 8

Iris Energy Limited (NASDAQ:IREN) owns and operates data centers dedicated to bitcoin mining. The company was established in 2018 and is headquartered in Sydney, Australia. In November 2023, Iris Energy Limited mined 369 bitcoins, experiencing a slight decrease from the 376 mined in October. The average operating hashrate for November was 5,551 PH/s, slightly lower than the 5,571 PH/s recorded in October. The company’s mining revenue for November reached $13.7 million, compared to $11.2 million in October. Additionally, the revenue per bitcoin increased to $37,155, up from $29,673 in October.

According to Insider Monkey’s third quarter database, Iris Energy Limited was part of 8 hedge fund portfolios, the same as the prior quarter. Kerr Neilson’s Platinum Asset Management is the largest stakeholder of the company, with 2.60 million shares worth nearly $10 million.

In addition to CME Group Inc., PayPal Holdings, Inc., and Block, Inc., Iris Energy Limited is one of the best crypto stocks to monitor.

5. Cipher Mining Inc. (NASDAQ:CIFR)

Number of Hedge Fund Holders: 9

Cipher Mining Inc. (NASDAQ:CIFR) specializes in the management of large-scale bitcoin mining data centers in the United States. The company is headquartered in New York and operates as a subsidiary of Bitfury Holding B.V. It is one of the best bitcoin stocks to monitor. In November, Cipher Mining Inc. mined 433 bitcoins, exceeding the 428 mined in October. This achievement occurred even with an approximately 6.5% month-over-month increase in the average monthly network hash rate.

According to Insider Monkey’s third quarter database, 9 hedge funds were bullish on Cipher Mining Inc., compared to 11 funds in the prior quarter.

4. CleanSpark, Inc. (NASDAQ:CLSK)

Number of Hedge Fund Holders: 11

CleanSpark, Inc. (NASDAQ:CLSK) is involved in bitcoin mining, focusing on creating sustainable infrastructure for Bitcoin as a means of achieving financial independence and inclusion. CleanSpark, Inc. was established in 1987 and it is headquartered in Henderson, Nevada. In November this year, CleanSpark, Inc. reported mining 666 bitcoins and the sale of 402 BTC at an average price of approximately $36,600 per BTC. The BTC sales generated proceeds of around $14.7 million. The average daily BTC mined for the month was 22.2, reaching a peak of 26.1.

According to Insider Monkey’s third quarter database, 11 hedge funds were bullish on CleanSpark, Inc.. Israel Englander’s Millennium Management held the leading stake in the company, comprising 1.70 million shares worth $6.5 million.

3. Marathon Digital Holdings, Inc. (NASDAQ:MARA)

Number of Hedge Fund Holders: 13

Marathon Digital Holdings, Inc. (NASDAQ:MARA) functions as a digital asset technology company, specializing in the mining of digital assets, with a particular emphasis on the blockchain ecosystem. It is one of the best bitcoin stocks to watch. In November 2023, Marathon Digital Holdings, Inc. reported the production of 1,187 bitcoins, experiencing a 1% decrease from October amid a 9% sequential rise in network difficulty. The domestic energized hash rate for MARA increased by 20% to 23.1 exahashes, with the completion of the facility in Garden City, Texas. As of November 30, 2023, the combined unrestricted cash and bitcoin for the company amounted to $802.3 million.

According to Insider Monkey’s third quarter database, 13 hedge funds were bullish on Marathon Digital Holdings, Inc., compared to 10 funds in the last quarter.

Here is what Horizon Kinetics 1st/2nd Quarter Interim Commentary has to say about Marathon Digital Holdings, Inc. in its Q1 2022 investor letter:

“Investors also tend to not give sufficient credit to the power of management to enhance or create additional value with such an asset. The commercialization of land requires considerable management expertise. This particular transaction involves two other parties that will build and operate up to 60 megawatts of bitcoin mining, which was stated could accommodate up to 2.0 Exahash of operational capacity. That is quite sizable. As a reference point, Marathon Digital Holdings, which has a $1.0 billion stock market value, even after a year-to-date decline of 70%, had about 3.6 EH/s of capacity at year-end 2021, though it expects to reach 13.3 EH/s during this calendar year. The TPL venture is expected to begin operations in the fourth quarter of this year.”

2. MicroStrategy Incorporated (NASDAQ:MSTR)

Number of Hedge Fund Holders: 16

MicroStrategy Incorporated (NASDAQ:MSTR) provides enterprise analytics software and services globally. Their flagship product, MicroStrategy, is an analytics software platform enabling users to create visualizations, customize apps, and embed analytics into workflows. Additionally, MicroStrategy Incorporated offers a managed software-as-a-service solution, MicroStrategy Cloud Environment, providing always-on threat monitoring and facilitating rapid analytics development. The company is known for holding and acquiring bitcoin as part of its financial strategy.

In November 2023, MicroStrategy Incorporated conducted its most significant bitcoin acquisition since February 2021, acquiring approximately 16,130 tokens for $593.3 million. The company’s bitcoin holdings increased to 174,530 BTC, with an average purchase price of approximately $30,200 after the November transaction.

According to Insider Monkey’s third quarter database, 16 hedge funds were bullish on MicroStrategy Incorporated, compared to 13 funds in the prior quarter.

Miller Value Partners Income Strategy made the following comment about MicroStrategy Incorporated in its Q1 2023 investor letter:

“MicroStrategy Incorporated 0.75% 12/15/2025 rose in sympathy with Bitcoin’s 71.7% gain during the first quarter. The company reported 4Q22 revenue of $132.6MM, -1.5% Y/Y (+4.1% on constant currency basis), ahead of consensus of $131.0MM, and an adjusted loss from operations of -$176.7MM, compared to a 4Q21 adjusted loss of -$124.3MM. During the quarter, MicroStrategy’s subsidiary, Macrostrategy, voluntarily paid off a $205MM loan to Silvergate Bank with a 22% discount after the bank filed for liquidation earlier this year. Additionally, MicroStrategy reported that it purchased another ~6.5K bitcoin for ~$150MM in cash, at an average price of $23.2K per token, bringing the company’s total holdings to ~139.0K bitcoin as of 3/23/23, which is worth approximately $3.95B based on a bitcoin price of ~$28.4K as of 3/31/23.”

1. Riot Platforms, Inc. (NASDAQ:RIOT)

Number of Hedge Fund Holders: 17

Riot Platforms, Inc. (NASDAQ:RIOT) is a bitcoin mining company operating in North America. The company offers co-location services for institutional-scale bitcoin mining, providing critical infrastructure and workforce support for miners to deploy and operate their equipment. Riot Platforms, Inc. was established in 1998 and is headquartered in Castle Rock, Colorado. It is one of the best bitcoin stocks to invest in.

Riot Platforms, Inc. reported a production of 552 bitcoins in November, marking a 21% increase from October and a 6% increase from the previous year. The average daily production was 18.4 bitcoins. The net proceeds from bitcoin sales reached $19.6 million for November, reflecting a 57% month-over-month increase and a substantial 142% increase compared to the same period last year. The deployed hash rate for November was recorded at 12.4 EH/s.

According to Insider Monkey’s third quarter database, 17 hedge funds were bullish on Riot Platforms, Inc., compared to 18 funds in the last quarter. Israel Englander’s Millennium Management is a prominent stakeholder of the company, with 2 million shares worth $18.75 million.

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