5 Best Cryptocurrency Stocks To Buy Now

In this article, we will look at 5 best cryptocurrency stocks to buy now. If you want to learn about the cryptocurrency market and explore similar stocks, you can go to 10 Best Cryptocurrency Stocks To Buy Now.

5. Marathon Digital Holdings Inc. (NASDAQ:MARA)

Number of Hedge Fund Holders: 17

Marathon Digital Holdings, Inc. (NASDAQ:MARA) mines cryptocurrencies and focuses on the blockchain ecosystem and the generation of digital assets in the United States. As of December 31, 2021, the company had roughly 8,100 Bitcoins, of which an estimated 4,800 Bitcoins were held in its investment fund. 

On May 4, Marathon Digital Holdings, Inc. (NASDAQ:MARA) released earnings for the fiscal first quarter of 2022. The company reported a loss per share of $0.13 and missed Wall Street consensus by $0.23. The company generated revenues of $51.72 million, up 465.05% year over year, missing expectations by $1.83 million. 

Along with its earnings, Marathon Digital Holdings, Inc. (NASDAQ:MARA) also reported increased Bitcoin production of 15% from Q4 2021, and mined 1,259 Bitcoins, up 556% from the comparable quarter in 2021. Moreover, the company also reported a 449% year-over-year increase in its hash rate, with the total number of miners deployed increasing to over 36,000, which generated roughly 3.9 EH/s in Q1 2022. The company is producing remarkable numbers in Bitcoin and crypto mining and is ranked fifth among the best cryptocurrency stocks to buy now.

This June, Chardan analyst Brian Dobson initiated coverage of Marathon Digital Holdings, Inc. (NASDAQ:MARA) with a Buy rating and a $19 price target. As of June 4, the stock has a forward PE ratio of 14.88.

Insider Monkey identified 17 hedge funds long Marathon Digital Holdings, Inc. (NASDAQ:MARA) at the end of Q1 2022. The total stakes of these funds came in at $62.01 million, down from $78.15 million with 15 positions in the prior quarter.