The cryptocurrency sector has entered mainstream financing at a faster pace than expected. Although there is no single, unified law regulating cryptocurrencies, both investors and companies are making significant bets on the sector’s growth potential. Retail investors can also take advantage of the potential boom in the sector by investing in companies that mine digital assets or in companies that simply buy them to strengthen their treasuries.
Using TipRanks’ tools, we have identified three stocks with “Strong Buy” ratings from analysts and more than 150% upside potential over the next twelve months.
Hive Digital (HIVE) – HIVE Digital is a Canadian Bitcoin mining company with renewable energy-powered operations in Canada, Sweden, and Paraguay. The company also specializes in building advanced data centers and HPC infrastructure projects. In the last three months, all seven Wall Street analysts covering HIVE stock have rated it a Strong Buy, with their 12-month average HIVE Digital price target indicating an upside of 176%. However, HIVE stock has lost 7.4% year-to-date.
Bitfarms (BITF) – Bitfarms is also a Canadian Bitcoin mining company, which is transitioning its focus to building and managing data center infrastructure for HPC and artificial intelligence (AI). Over the last three months, all five Wall Street analysts covering BITF stock rated it a Strong Buy. Combined, their 12-month average Bitfarms price target indicates an upside of 169.5%. Year-to-date, BITF stock has lost nearly 14%.
DeFi Technologies (DEFT) – DeFi Technologies is another Canada-based fintech company that provides regulated and secure access to decentralized finance (DeFi) and digital asset markets. In the last three months, all four Wall Street analysts covering DEFT stock have rated it a Strong Buy, with their 12-month average DeFi Technologies price target indicating an upside of about 158%. Year-to-date, DEFT stock has lost 25%.
View real-time prices of various cryptocurrencies, discover the latest developments in the sector, and research crypto-related stocks on TipRanks’ Cryptocurrency page.
