H.C. Wainwright Maintains a Buy Rating on Bit Digital (BTBT) With a $7 PT

Bit Digital, Inc. (NASDAQ:BTBT) is one of the 13 Crypto Stocks with the Highest Upside Potential. On May 19, analyst Kevin Dede from H.C. Wainwright maintained a Buy rating on Bit Digital, Inc. (NASDAQ:BTBT) with a $7.00 price target. The analyst based the rating on the company’s growth potential and strategic transition, as it has shifted its focus from bitcoin mining to high-performance computing (HPC).

A team of technicians working on a server of bitcoin mining equipment in a data center.

According to the analyst, the transition has resulted in a more predictable and stable revenue stream for Bit Digital, Inc. (NASDAQ:BTBT), supporting the Buy rating. This can be corroborated by the company’s recent earnings, which reported a notable 84% year-over-year growth in cloud services revenue to $14.8 million in its fiscal Q1 2025 results.

The analyst also expects the company’s growth into new facilities and customer acquisition in the HPC sector to support future growth. While he acknowledged that some uncertainties exist related to infrastructure supply and deployment timing, Bit Digital, Inc.’s (NASDAQ:BTBT) transition is expected to be a lucrative opportunity for investors.

Headquartered in New York City, Bit Digital (NASDAQ:BTBT) is a holding company that provides a platform for digital assets and AI infrastructure. Its Bitcoin mining operations are spread through the US, Canada, and Iceland.

While we acknowledge the potential of BTBT as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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