5 Cash-Rich Penny Stocks Hedge Funds Are Buying

4. CleanSpark, Inc. (NASDAQ:CLSK)

Operating Cashflow (TTM): 71.44M

Number of Hedge Fund Holders: 7

CleanSpark is a US-based Bitcoin mining company. The stock has been suffering due to the bearish trends in the crypto market. It has lost about 70% in value over the past 12 months. Earlier this month, CleanSpark, Inc. (NASDAQ:CLSK) announced that it mined 464 Bitcoin (BTC-USD) in December 2022. CleanSpark, Inc. (NASDAQ:CLSK)’s annual production came in at 4,621 Bitcoins, which shows a whopping 200% growth. CleanSpark, Inc. (NASDAQ:CLSK) also said that it has 63,700 latest-generation Bitcoin miners deployed with a hashrate of 6.2 EH/s, up 13% from November 2022.

As of the end of the third quarter, 7 hedge funds tracked by Insider Monkey had stakes in CleanSpark, Inc. (NASDAQ:CLSK), compared to 5 funds in the previous quarter. Among the most notable funds having stakes in CleanSpark, Inc. (NASDAQ:CLSK) are Mark Coe’s Intrinsic Edge Capital (about $3 million stake) and Cliff Asness’ AQR Capital Management ($1.4 million stake).