5 Best Cryptocurrency Stocks to Buy Right Now

2. Hive Digital Technologies (NASDAQ:HIVE)

Stock Upside Potential: 140.19%

Number of Hedge Fund Holders: 14

Hive Digital Technologies (NASDAQ:HIVE) is among the best cryptocurrency stocks to buy right now. The stock has gained around 30% over the past month.

Hive Digital Technologies (NASDAQ:HIVE) announced on April 21 that it recently raised $115 million through a private offering of exchangeable notes due 2031. Hive Digital said the notes were offered to qualified institutional investors at 0% interest rate.

Hive Digital estimates its net proceeds from the offering to be $109.5 million, after deducting offering expenses and commissions.

Hive Digital’s executive chairman, Frank Holmes, said the company was pleased by the outcome of the offering. Holmes further stated that the strong demand for the offering led to an upsized deal while maintaining the zero-interest rate.

Hive Digital initially sought to raise $75 million through the private offering. Solid demand for the offering saw it raise the deal to $100 million and grant the purchasers the option to purchase an additional $15 million worth of notes.

According to Hive Digital CEO Aydin Kilic, the exchangeable notes offering brings a new class of institutional investors to Hive Digital. Kilic added that the zero-coupon rate on the notes indicate investor confidence in the management’s ability to deliver the expected returns.

Moreover, the executive pointed out that the offering provides Hive Digital with low-cost capital to continue its data center infrastructure expansion to support digital currency mining, AI, and cloud applications. Digital currency mining operations accounted for more than 90% of Hive Digital’s total revenue in the December quarter.

Hive Digital Technologies (NASDAQ:HIVE) builds and operates data centers to support Bitcoin mining and high-performance computing. It uses renewable energy from hydroelectric and geothermal sources to power its data center infrastructure. Hive Digital Technologies operates data centers in Canada, Sweden, and Paraguay.