B. Riley Initiates Coverage of BitFuFu (FUFU) with a Buy Rating

BitFuFu Inc. (NASDAQ:FUFU) is one of the top bitcoin mining stocks to buy amid bitcoin hike. On July 18, B. Riley initiated coverage of BitFuFu Inc. (NASDAQ:FUFU) with a Buy rating and $7.31 price target.

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The rating followed a virtual meeting between BitFuFu Inc. (NASDAQ:FUFU) and B. Riley held on July 17, hosted by B. Riley. The firm told investors in a research note that BitFuFu Inc. (NASDAQ:FUFU) is a bitcoin mining company offering cloud mining services to a range of customers.

It justified its optimistic outlook by stating that BitFuFu Inc. (NASDAQ:FUFU) has an expanding self-mining footprint and is focusing on growing its ownership of power infrastructure in the coming quarters.

The firm also reasoned that BitFuFu Inc. (NASDAQ:FUFU) boasts a leadership position in cloud mining, a scalable platform, and a diversified revenue model.

BitFuFu Inc. (NASDAQ:FUFU) provides digital asset mining and cloud mining services. It functions through an array of stable and intelligent digital asset mining solutions, including one-stop cloud mining services and miner hosting services to individual digital asset enthusiasts and institutional customers. The company also offers a compliant, secure, and transparent blockchain infrastructure.

While we acknowledge the potential of FUFU to grow, 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 FUFU and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.