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3 Cryptocurrency Stocks That Are ‘Strongly Recommended’ According to Analysts
Here are the 3 best cryptocurrency stocks to buy in July 2024, according to Wall Street analysts. Bitcoin (BTC-USD exchange rate) prices have been on the rise this year, gaining over 48.7% year-over-year. The bitcoin halving event In mid-April this year, it cut the block reward for bitcoin mining by half.
It is important to note that bitcoin prices surged above $64,000 on July 15, following the news of the attempted assassination of former President Donald Trump. This was also accompanied by the stock price surge of most Bitcoin miners.
Investors looking to gain exposure to the dynamic crypto-mining industry often find it difficult to pick stocks. We used the TipRanks Stock Comparison tool to Cryptocurrency Stocks to discover three miners with a “Strong Buy” consensus rating and the potential for share price appreciation of over 30% over the next twelve months. Let’s find out more about why the three miners have earned bullish views from analysts.
#1 Riot Platforms (REVOLT)
Riot Platforms is one of the largest Bitcoin miners in the world. Riot also hosts data centers for miners and produces electrical components and immersion cooling technology for Bitcoin mining.
Riot has been in the spotlight lately for its Planned hostile takeover of fellow Canadian miner Bitfarms (Friendship Card). As of today, Riot owns 14.9% of Bitfarms’ common stock and has appointed three new members to Bitfarms’ board. In the meantime, Bitfarms has filed for Poison Pill Strategy to avoid acquisition.
In its June trading update, Riot Platforms surpassed its Q2 hash rate target, hitting 22 EH/s (exahashes per second). This was possible because Riot’s Corsicana mining facility began operations in June.
Additionally, Riot mined 255 bitcoin in June, up 19% sequentially but down 45% year-over-year. As of June 30, Riot held 9,334 bitcoin in its treasury.
Riot is on track to reach a total auto-mining hash rate of 31 EH/s by the end of 2024 and 41 EH/s by the end of 2025 by deploying more miners at its Rockdale facility and fully utilizing the capacity of its Corsicana facility.
Is RIOT still a good buy?
Eight analysts have expressed their unanimous Buy views on RIOT stock, leading to a Strong Buy consensus rating on TipRanks. Wall Street is bullish on Riot’s growing hash rate capacity, low-cost mining operations, and strong balance sheet. Additionally, the Riot Platforms average price target of $17.50 implies a 52.4% upside potential from current levels. Meanwhile, RIOT shares have lost 25.8% since the beginning of the year.
#2 Digital Bit (Welcome)
Bit Digital is a digital asset miner with mining operations in the United States, Canada, and Iceland. Bit Digital uses zero-carbon energy solutions for digital asset mining. Additionally, Bit Digital operates Bit Digital AI, offering specialized cloud infrastructure solutions for AI (artificial intelligence) applications.
In June, BTBT mined 61.7 BTC, down 2.5% from May 2024. At the end of the month, the company’s active hash rate was 2.57 EH/s. BTBT held 585.9 BTC and 29,927.9 Ethereum (ETH-USD) as of June 30, 2024.
The company recently expanded an existing customer deal to add 2,048 GPUs over a three-year period. The deal is expected to add an additional $92 million in revenue annually over the next three years.
Is Bit Digital a good investment?
Three analysts have assigned a unanimous Strong Buy consensus rating to BTBT stock on TipRanks. Bit Digital average price target of $5.83 implies a 38.8% upside potential from current levels. Over the past six months, BTBT shares have gained more than 51%.
#3 Clean Spark (CLS)
CleanSpark is a sustainable Bitcoin mining company that uses renewable energy solutions such as nuclear, hydroelectric, solar, and wind to power its mining operations. The company operates data centers that run on low-carbon energy and multiple mining facilities in Georgia, New York, and Mississippi.
As of June 30, CLSK had a hash rate of 20.4 EH/s, surpassing its six-month target of 20 EH/s and growing 13.5% from May 2024. Additionally, CLSK mined 445 bitcoin in June and closed the month with 6,591 BTC in its treasury.
Surprisingly, CleanSpark also announced a agreement to acquire GRIID Infrastructure (GRDI) in an all-stock deal valued at $155 million. The acquisition will significantly increase CLSK’s mining operations and hash rate capacity.
Is CleanSpark a Good Stock to Buy?
With three Buy ratings and one Hold, CLSK stock has earned a Strong Buy consensus rating on TipRanks. CleanSpark average target price of $24.38 implies a 33.2% upside potential from current levels. Meanwhile, CLSK shares are up more than 65.9% so far this year.
Final thoughts
Investing in cryptocurrency miners carries a high risk-reward profile. However, investors looking to gain exposure to the rapidly evolving digital asset market may want to consider the above three cryptocurrency stocks to improve their portfolio. These companies have received strong bullish ratings from analysts and show solid potential for stock price appreciation.
