5 Best Bitcoin Stocks To Invest In

In this article, we discuss 5 best bitcoin stocks to invest in. If you want to read our discussion on the bitcoin industry, head over to 10 Best Bitcoin Stocks To Invest In. 

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. (NASDAQ:CIFR) 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. (NASDAQ:CIFR), 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. (NASDAQ:CLSK) was established in 1987 and it is headquartered in Henderson, Nevada. In November this year, CleanSpark, Inc. (NASDAQ:CLSK) 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. (NASDAQ:CLSK). 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. (NASDAQ:MARA) 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. (NASDAQ:MARA), 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. (NASDAQ:MARA) 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 (NASDAQ:MARA), 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 (NASDAQ:MSTR) 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 (NASDAQ:MSTR) 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 (NASDAQ:MSTR), compared to 13 funds in the prior quarter. 

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

“MicroStrategy Incorporated (NASDAQ:MSTR) 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. (NASDAQ:RIOT) 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. (NASDAQ:RIOT) 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. (NASDAQ:RIOT), 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. 

Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily enewsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below. You can also check out 12 Solar Energy Stocks Billionaires Are Piling Into and 10 Beaten Down Stocks Billionaires Are Crazy About.