The crypto mining process ensures a secure way to create and release new digital coins, which are later transacted on various networks, such as Bitcoin. The process involves complex hardware and machines used exclusively for mining purposes. Also, to remain competitive in this landscape, miners rely heavily on cheap or renewable energy sources to support their operations. This is because electricity does account for a major chunk of the cost.
According to a recent report from the Blockchain Council, the profitability of mining operations in 2025 depended on four essential factors. These were cheap power sources, optimized hardware, friendly regulations, and scalability of operations. This makes it harder for smaller firms to remain competitive. But for other companies, just having large, scalable operations with low-cost energy access is not enough to be sustainable in this market. Recent volatility in the underlying bitcoin price has made these larger firms realign their strategic positions.
Reuters recently published a story highlighting private litigation risks that have accompanied wild swings in bitcoin prices during 2025. Although not a primary contributor, such a risk factor has played its part in pushing bitcoin miners to diversify their operations towards AI-enabled data infrastructures. Rising demand for high-performance computing, AI-inference, and cohosting has created new avenues for mining companies to look into.
According to analysts covering bitcoin mining companies, lucrative return potential still exists in this market for investors. Moreover, many hedge funds have allocated significant investments to such companies.
With that background, let’s explore our 9 Best Bitcoin Mining Stocks to Buy According to Hedge Funds.
Photo by bitcoin executium on Unsplash
Our Methodology
To identify the best bitcoin mining stocks for this article, we began by screening U.S.-listed bitcoin mining companies with market capitalizations above $2 billion. To avoid penny stocks, we added a filter to include companies with share prices above $5. We also shortlisted only stocks with at least 20% upside potential according to TipRanks consensus.
In the final part of the screening, we identified the number of hedge funds that held positions in these stocks as of the end of the third quarter of 2025. Finally, we ranked the list in an ascending order of hedge fund holdings.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 427.7% since May 2014, beating its benchmark by 264 percentage points (see more details here).
9. Bitdeer Technologies (NASDAQ:BTDR)
Sector/Industry: Technology (Software – Application)
Share Price: $11.49
Potential Upside: 183.3%
Number of Hedge Fund Holders: 26
Bitdeer Technologies (NASDAQ:BTDR) is one of the best bitcoin mining stocks to buy according to Hedge Funds.
As of December 24, consensus ratings remained strongly in favor of Bitdeer Technologies (NASDAQ:BTDR), despite a 47% drop in share price during 2025. The stock received coverage from 11 analysts, all of whom have assigned Buy ratings. As per estimates, the consensus 1-year average price target stands at $32.55, offering an upside potential of 183.3%.
On December 15, Brett Knoblauch from Cantor Fitzgerald also reaffirmed his bullish view on Bitdeer Technologies (NASDAQ:BTDR). The analyst assigned a Buy rating with a price target of $34, which implied a huge upside potential of 196%.
Bitdeer Technologies (NASDAQ:BTDR) recently reported its bitcoin production figures for November 2025, showcasing a large jump in self-mining hashrate to 45.7 EH/s. The company produced 526 bitcoins during the month, witnessing a 251% year-on-year growth, driven primarily by an efficient usage of SEALMINER mining rigs.
The management is currently expanding its AI cloud capabilities through the development of new data center infrastructure. This also includes their development plans in Malaysia. The figures for November reported a $10 million increase in annual recurring revenues for the business due to the company’s expansion into new areas.
Bitdeer Technologies (NASDAQ:BTDR) offers bitcoin mining capabilities covering the entire lifecycle, including self-mining as well as services for external customers. For self-mining, the company has been effectively utilizing SEALMINER rigs to expand its hashrate. Apart from that, the company also designs chips and operates data centers.
8. Cleanspark Inc. (NASDAQ:CLSK)
Sector/Industry: Financial (Capital Markets)
Share Price: $11.40
Potential Upside: 113.2%
Number of Hedge Fund Holders: 34
Cleanspark Inc. (NASDAQ:CLSK) is one of the best bitcoin mining stocks to buy according to Hedge Funds.
As of December 24 closing, forecasts remain strong for Cleanspark Inc. (NASDAQ:CLSK) with a consensus 1-year average price target of $24.30. This results in an upside potential of over 113% for investors, after yielding almost 74% already in 2025. The stock has been covered by 10 analysts, all of whom have given Buy calls.
Gregory Lewis from BTIG was one of those analysts who reiterated his bullish stance on Cleanspark Inc. (NASDAQ:CLSK). The analyst assigned a Buy rating to the stock on December 15, with a $26 price target. As per Lewis’s estimates, there is still an upside potential of around 128% for investors.
Earlier in December, Cleanspark Inc. (NASDAQ:CLSK) shared its bitcoin mining data for the month of November. The management revealed mining of 587 bitcoins during the month, and an increase in contracted power by 11% during the process.
CEO and Chairman Matt Schultz said:
“CleanSpark’s progress this year reflects what’s possible when a team believes in a shared mission. Last month, we expanded our contracted power to over 1.4 GW with an additional 125 MW in TVA’s service territory and had a successful closing of our $1.15 billion zero-coupon convertible notes offering. Our team is focused on expanding CleanSpark’s contracted power, continuing to mine efficiently, and positioning the business to rapidly lease existing capacity while maintaining optionality to shift hashrate to optimal segments of the portfolio. We are proud of fiscal 2025 and even more excited for the road ahead.”
Cleanspark Inc. (NASDAQ:CLSK) is labeled as “America’s Bitcoin Miner”. The company operates an extensive network of bitcoin mining assets across the U.S., which have gigawatts of mining capacity. The company is now making a strategic pivot towards high-performance computing and AI by leveraging its current infrastructure asset base.
7. MARA Holdings (NASDAQ:MARA)
Sector/Industry: Financial (Capital Markets)
Share Price: $9.94
Potential Upside: 122.4%
Number of Hedge Fund Holders: 35
MARA Holdings (NASDAQ:MARA) is one of the best bitcoin mining stocks to buy according to Hedge Funds.
The stock received a Buy rating from Rosenblatt Securities analyst Chris Brendler on December 19. Although the analyst revised his price target from $22 to $15, he still reaffirmed his optimism on MARA Holdings (NASDAQ:MARA). Brendler anticipates an almost 51% upside for the stock from the prevailing level.
As of December 24 closing, consensus ratings for MARA Holdings (NASDAQ:MARA) also remain reasonably bullish, after a dip of almost 41% in share price during 2025. The company received coverage from 12 analysts, seven of whom assigned Buy ratings and five assigned Hold calls. The resulting consensus 1-year average price target for the stock is $22.11, which offers an attractive 122.4% upside from the current level.
Mining-related stocks have remained under pressure in recent weeks amid broader crypto-led pullbacks. Strong intrinsic links between MARA Holdings (NASDAQ:MARA) and bitcoin now appear to be a double-edged sword, characterized by both risks and opportunities. Given the positive analyst sentiment highlighted above, there may be opportunities for investors following the recent share price dip.
MARA Holdings (NASDAQ:MARA) is one of the largest publicly listed bitcoin-mining companies. The company operates large-scale facilities for its mining operations, and holds a big chunk of its treasury assets in digital form. The company is also known for utilizing stranded energy sources for bitcoin mining.
6. Cipher Mining Inc. (NASDAQ:CIFR)
Sector/Industry: Financial (Capital Markets)
Share Price: $16.22
Potential Upside: 50.6%
Number of Hedge Fund Holders: 40
Cipher Mining Inc. (NASDAQ:CIFR) is one of the best bitcoin mining stocks to buy according to Hedge Funds.
The consensus sentiment towards Cipher Mining Inc. (NASDAQ:CIFR) remained positive. As of December 24 closing, the stock has received 12 Buy calls and 1 Hold rating from analysts. Such optimism prevails even after a spike of 250% in share price during 2025. The bullish consensus has resulted in an estimated 1-year average price target of $24.42, implying a further 50.6% upside for investors.
One of the Buy ratings was assigned by Joseph Vafi from Canaccord Genuity, who reaffirmed his views on Cipher Mining Inc. (NASDAQ:CIFR) on December 15. Vafi raised his estimated price target for the stock from $21 to $27, which results in an upside of almost 66.5%.
According to TipRanks, Vafi has based his estimates on various growth factors for Cipher Mining Inc. (NASDAQ:CIFR). He highlighted the company’s pursuit of AI data center deals that will pay off in the future, given a strong anticipated demand. Moreover, the company is well-positioned to capture a strong data center customer base, which would include high-quality hyperscaler tenants like AWS. The analyst also mentioned the company’s recent engagements with counterparties such as FluidStack, which give them a strategic edge. Prospects of AI-led data center colocation at favorable capex and pricing terms also add to the analyst’s bullish sentiment.
Cipher Mining Inc. (NASDAQ:CIFR) develops and operates industrial-scale data centers that are utilized for bitcoin mining. A major player within the bitcoin mining landscape, the company now aims to utilize its asset base for diversification towards AI hosting and high-performance computing infrastructure.
5. Terawulf Inc. (NASDAQ:WULF)
Sector/Industry: Financial (Capital Markets)
Share Price: $12.31
Potential Upside: 76.5%
Number of Hedge Fund Holders: 47
Terawulf Inc. (NASDAQ:WULF) is one of the best bitcoin mining stocks to buy according to Hedge Funds.
The stock was rated a Buy by Rosenblatt Securities analyst Chris Brendler on December 19. The analyst reaffirmed his prior call on the stock, but lowered the target price from $24 to $20. Even then, Brendler’s forecasts show more than 62% upside for the stock.
As of December 24 closing, the stock had yielded almost 118% during 2025. Consensus estimates indicate that the bullish trend will continue amid positive analyst sentiment toward Terawulf Inc. (NASDAQ:WULF). All 10 analysts covering the stock assigned Buy ratings, with a 1-year average price target of $21.73. This leads to an upside potential of 76.5%.
On December 18, the company shared a major update related to its consolidated financial and strategic standing within the high-performance computing space. Flash Compute LLC, an entity that Terawulf Inc. (NASDAQ:WULF) controls indirectly through its majority ownership, recently issued a notional $1.3 billion worth of senior secured notes via private placement. Proceeds were secured from qualified institutional investors, with notes maturing in 2030 and carrying an interest cost of 7.25%. Such financing is aimed at supporting Flash Compute’s infrastructure operations, which serve Terawulf’s purpose of diversifying its revenue streams.
Terawulf Inc. (NASDAQ:WULF) is a digital asset technology company that is heavily involved in bitcoin mining operations and high-performance computing. Having sustainability at its core, the company operates energy-efficient data centers powered by 90% zero-carbon energy for mining.
4. Hut 8 Corp. (NASDAQ:HUT)
Sector/Industry: Financial (Capital Markets)
Share Price: $52.80
Potential Upside: 21.2%
Number of Hedge Fund Holders: 52
Hut 8 Corp. (NASDAQ:HUT) is one of the best bitcoin mining stocks to buy according to Hedge Funds.
On December 22, Mark Palmer from Benchmark Co. reiterated his favorable view of Hut 8 Corp. (NASDAQ:HUT). The analyst assigned a Buy rating to the stock and also raised his target price to $85 from the previous $78. The revised target implies an upside of nearly 61% for investors.
The basis for such a price target boost was the recently finalized $7 billion deal, where the company will lease out 245 megawatts of its River Bend data center capacity to FluidStack. The analyst views the deal terms as highly favorable to Hut 8 Corp. (NASDAQ:HUT), which would ensure investment-grade-backed cash flows on a long-term basis. This would pave the way for more expansion avenues in the future, which adds up to bullish prospects for the stock.
As of December 24 closing, Hut 8 Corp. (NASDAQ:HUT) has received buy ratings from all 16 analysts who provided coverage. Such a bullish stance remains even after a nearly 158% share price increase in 2025. The 1-year average price target is $64.32, implying nearly 22% upside from the current level.
Hut 8 Corp. (NASDAQ:HUT) is a bitcoin accumulation platform that operates dedicated mining sites across North America. With more than 1,000 megawatts of energy capacity and 15 sites, the company was positioned as a pure-play bitcoin mining entity through 2024 and has since ventured into energy infrastructure.
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.
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.
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.
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