5 Best Cryptocurrency Stocks to Buy According to Hedge Funds

In this article, we discuss 5 best cryptocurrency stocks to buy according to hedge funds. If you want to see more stocks in this selection, check out 11 Best Cryptocurrency Stocks to Buy According to Hedge Funds. 

5. Apple Inc. (NASDAQ:AAPL)

Number of Hedge Fund Holders: 128

Apple Inc. (NASDAQ:AAPL) is one of the best cryptocurrency stocks to buy. Users can purchase crypto using Apple Pay and Apple has also announced that it is now supporting the Ripple Interledger Protocol. Developer forums suggest that Apple Inc. (NASDAQ:AAPL) could jump into the cryptocurrency space by offering Apple product users a way to mine coins through their IOS/OS devices.

On September 20, Evercore ISI analyst Amit Daryanani raised the price target on Apple Inc. (NASDAQ:AAPL) to $190 from $185 and kept an Outperform rating on the shares after a survey found that demand for high-end iPhone models is “notably higher” compared to prior years. 

Among the hedge funds tracked by Insider Monkey, 128 funds reported owning stakes worth $143 billion in Apple Inc. (NASDAQ:AAPL) at the end of June, compared to 131 funds in the prior quarter worth $182 billion. Warren Buffett’s Berkshire Hathaway is the biggest stakeholder of the company, with a position exceeding $122 billion. 

Here is what Alger Capital specifically said about Apple Inc. (NASDAQ:AAPL) in its second quarter investor letter:

“Apple Inc. (NASDAQ:AAPL) is a leading technology provider in telecommunications. computing and services. Apple’s iOS operating system is the company’s unique intellectual property and competitive strength. This software drives extremely tight engagement with consumers and enterprises. The engagement is fostering the growing purchase of high-margin services like music, apps, and apple pay. Apple’s shares detracted from performance as management lowered its guidance for the second quarter due to headwinds from the war in Ukraine, adverse foreign currency shifts, and dampened consumer demand associated with the coronavirus in China. Additionally, many investors were concerned that lockdowns implemented to curtail the spread of COVID-19 would impact production of apple products, however the manufacturing facilities have resumed activity.”