5 Best Bitcoin Stocks to Invest in According to Hedge Funds

In this article, we will discuss the 5 best Bitcoin stocks to invest in according to hedge funds. To read the detailed analysis and recent updates about the cryptocurrency industry, go directly to the 10 Best Bitcoin Stocks to Invest in According to Hedge Funds.

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

Number of Hedge Fund Holders: 97

Advanced Micro Devices, Inc (NASDAQ:AMD) is a California-based semiconductor manufacturer. The company is on our list of the best Bitcoin stocks to invest in according to hedge funds because it creates GPUs and CPUs for the blockchain technology on which most cryptocurrencies, including Bitcoins, run and are used for crypto mining.

Other than the high-profile acquisitions of Pensando and Xilinx last year, Advanced Micro Devices, Inc (NASDAQ:AMD) is focused on diversifying its portfolio through partnerships. On April 6, an extension of the partnership between the company and Samsung Electronics (OTCPK:SSNLF) was announced to continue the integration of Radeon graphics technology into Samsung Exynos SoCs.

On April 25, Stifel analyst Ruben Roy increased the price target on Advanced Micro Devices, Inc (NASDAQ:AMD)’s stock to $98 from $91 and kept a Buy rating on the shares. The firm predicted lower estimates for Q2 in light of the possible decreased data center demand and the probable sluggish pace of bouncing back of the PC market.

White Falcon Capital Management mentioned Advanced Micro Devices, Inc (NASDAQ:AMD) in its first-quarter 2023 investor letter. Here is what is said:

“Last quarter we added Advanced Micro Devices, Inc. (NASDAQ:AMD) to the portfolio at 18x earnings and quickly made it into a top 5 position. At that time, Mr. Market was worried about earnings revisions for semiconductor stocks. In Q1 2023, it has been one of our best performing positions with the stock up 50%! In just three months, the market realized that Artificial Intelligence (AI) and related technologies require a lot of semiconductors. Mr. Market really is manic depressive but this volatility can give the enterprising investor just enough of a window to pick stocks with attractive risk rewards.”