9 Best Bitcoin Mining Stocks to Buy According to Hedge Funds

2. Riot Platforms Inc. (NASDAQ:RIOT)

Sector/Industry: Financial (Capital Markets)

Share Price: $13.92

Potential Upside: 95.3%

Number of Hedge Fund Holders: 57

Riot Platforms Inc. (NASDAQ:RIOT) is one of the best bitcoin mining stocks to buy according to Hedge Funds.

Despite a major dip since late October, Riot Platforms Inc. (NASDAQ:RIOT) is up by more than 36% in 2025. Despite that, the broader analyst coverage estimates a 95% upside for the stock from the current level, with a consensus 1-year median price target of $27.19. The stock has received coverage from 16 analysts, with 100% Buy ratings as of December 24 closing.

On December 22, Citi analyst Peter Christiansen reiterated his Buy rating for Riot Platforms Inc. (NASDAQ:RIOT). Although the analyst has lowered his price target on the stock from $28 to $23, he remains bullish. With Christiansen’s revised price target, the stock now has an upside potential of more than 65%.

Despite his downward revision of the target price, Christiansen has a positive sector outlook for the coming year, which will provide support to the stock. The analyst believes that legislative reforms relating to AI infrastructure data centers will prove to be a major catalyst for Riot Platforms Inc. (NASDAQ:RIOT).

Riot Platforms Inc. (NASDAQ:RIOT) is a provider of large-scale digital infrastructure and data centers, with a primary focus on bitcoin mining. The company deploys a vertically integrated strategy to cater to the growing requirements for high-density computing. They operate bitcoin mining, engineering and fabrication facilities across the United States.