9 Best Bitcoin Mining Stocks to Buy According to Hedge Funds

3. Iren Ltd. (NASDAQ:IREN)

Sector/Industry: Financial (Capital Markets)

Share Price: $41.98

Potential Upside: 90.4%

Number of Hedge Fund Holders: 52

Iren Ltd. (NASDAQ:IREN) is one of the best bitcoin mining stocks to buy according to Hedge Funds.

After a stellar run in 2025, Iren Ltd. (NASDAQ:IREN) continues to garner optimistic views from analysts. As of December 24 closing, the estimated 1-year average price target for the stock stands at $79.91. This implies more than 90% upside potential, after yielding almost 328% this year. The stock has received 13 analyst ratings, including 9 Buy, 2 Hold, and 2 Sell.

Nick Giles from B. Riley Securities also assigned a Buy rating to Iren Ltd. (NASDAQ:IREN) on December 15. Giles reiterated a $74 price target for the stock, implying more than 76% upside.

Iren Ltd. (NASDAQ:IREN) shares have been climbing in the last couple of weeks. This was followed by heavy trading in call options relative to put options and a substantial drop in options’ implied volatility. Another major catalyst for the share price movement is the company’s long-term, multi-billion-dollar AI cloud deal with Microsoft, which, according to consensus, has not yet been fully priced in.

Iren Ltd. (NASDAQ:IREN) operates 100% renewable energy-based data centers across Australia and Canada. These data centers are vertically integrated and facilitate the company’s bitcoin mining operations. The company is now capitalizing on its mining assets and infrastructure for other functions such as AI cloud and high-density computing.