5 Bitcoin Mining Stocks to Buy Now

3. Iris Energy Limited (NASDAQ:IREN)

Number of Hedge Fund Holders: 11

Iris Energy Limited (NASDAQ:IREN) was incorporated in 2018 and is based in Sydney, Australia, operating as a bitcoin mining company. The company operates data center infrastructure, focusing on renewable energy to power its operations. According to the fourth quarter database of Insider Monkey, 11 hedge funds were bullish on Iris Energy Limited (NASDAQ:IREN), collectively holding stakes worth $64.2 million. 

Iris Energy Limited (NASDAQ:IREN) plans to decarbonize energy markets and sustainably grow the global Bitcoin network. An installed mining capacity of 2.4 EH/s is expected in 2023 and in March 2022, Iris Energy Limited (NASDAQ:IREN) reported mining 121 Bitcoins. 

Cantor Fitzgerald analyst Mike Colonnese on March 9 reiterated an Overweight rating on Iris Energy Limited (NASDAQ:IREN) but lowered the firm’s price target on the stock to $22 from $25 after the company released its monthly bitcoin mining production update for February.