9 Best Bitcoin Mining Stocks to Buy According to Hedge Funds

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1. Core Scientific Inc. (NASDAQ:CORZ)

Sector/Industry: Technology (Software – Infrastructure)

Share Price: $15.57

Potential Upside: 81.6%

Number of Hedge Fund Holders: 68

Core Scientific Inc. (NASDAQ:CORZ) is one of the best bitcoin mining stocks to buy according to Hedge Funds.

At close of play on December 24, the consensus ratings project a bullish market view for Core Scientific Inc. (NASDAQ:CORZ). Of the 13 analysts who provided coverage on the stock, 12 have assigned Buy ratings, and 1 gave a Hold call. As per analyst forecasts, the median 1-year price target for the stock stands at $28.27, implying a potential upside of 81.6% at the prevailing level.

On December 18, Citizens JMP analyst Gregory Miller upgraded his rating on Core Scientific Inc. (NASDAQ:CORZ). The analyst gave a Buy call with a target price of $30, resulting in a very attractive upside potential of circa 93%.

According to a report from the Wall Street Journal, Core Scientific (NASDAQ:CORZ) is one of the bitcoin mining companies that is transitioning towards AI-enabled data centers. This move is aimed towards diversifying income streams due to the volatile nature of crypto markets. In that regard, the company has been aggressively penning down deals with large AI businesses to gain faster access to data centers instead of building them on their own. In Huang’s view, such a strategic move would offer “new source of deep-pocketed customers” to Core Scientific (NASDAQ:CORZ).

Core Scientific Inc. (NASDAQ:CORZ) leverages on high-density computing solutions for large-scale bitcoin mining. The company uses purpose-built data centers for mining and also hosts services for third-party clients. The company is currently focusing on making a transition towards larger AI-based revenue streams through competitive pricing for operational power.

While we acknowledge the potential of CORZ as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than CORZ and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 15 Most Promising Mid-Cap Healthcare Stocks Under $50 and 11 Most Promising Small-Cap Industrial Stocks Under $50.

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