5 Most Profitable Cryptocurrency Stocks

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In this article, we will be taking a look at the 5 most profitable cryptocurrency stocks. To read our detailed analysis of the cryptocurrency stock market, you can go directly to see the 10 Most Profitable Cryptocurrency Stocks

5. Canaan Inc. (NASDAQ:CAN)

Trailing Twelve Months Net Income: $331 million

Number of Hedge Fund Holders: 6

Canaan Inc. (NASDAQ:CAN) is a technology hardware, storage, and peripherals production company that works on integrated circuit (IC) mining equipment products and related components in China. The company also works with Northern Data AG in the fields of AI development, blockchain technology, and data center operations. In October 2022 it launched its next-generation bitcoin mining machine, the Avalon Made A13 series, and sales of its AI mining chips have seen a steady rise in past years.

In its third-quarter report for 2022, Canaan Inc. (NASDAQ:CAN) generated a revenue of $137.5 million. Furthermore, the price of bitcoin has started to recover and analysts predict that if this recovery continues, Canaan Inc. (NASDAQ:CAN) will show meaningful improvement. As of the end of the third quarter of 2022, the company had 535.5 Bitcoins left and a generous cash equivalent of $281.5 million that can act as a positive catalyst in the long term.

Six hedge funds were long Canaan Inc. (NASDAQ:CAN) in the fourth quarter. Their total stake value was $5.1 million.

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