The U.S. crypto market has entered a new phase of momentum and optimism following the 2024 presidential election. With Bitcoin soaring past $80,000 and nearing $90,000 in early November, investor sentiment has shifted dramatically. This surge is closely tied to the political landscape—Donald Trump’s victory has ignited expectations of a pro-crypto regulatory environment. Trump, who once criticized digital assets, now champions them, launching his own venture, World Liberty Financial, and advocating for America to become the "crypto capital of the world."
A key part of this optimism stems from Trump’s pledge to replace SEC Chair Gary Gensler, whose tenure was marked by aggressive enforcement actions against crypto firms. Market analysts believe that deregulation under a Trump administration could propel Bitcoin toward $100,000 by the end of 2024—and potentially $200,000 in 2025.
👉 Discover how regulatory shifts could unlock massive gains in crypto stocks today.
Market Outlook: Is This the Golden Age of Crypto?
Bitcoin has surged over 26% since election day, entering what many analysts call “price discovery mode.” Mike Colonnese of H.C. Wainwright sees strong bullish momentum continuing through 2024, with a six-figure Bitcoin price within reach. Meanwhile, Matt Hougan of Bitwise describes the current climate as a “golden age” for crypto—one where innovation can finally flourish without regulatory overhang.
With this backdrop, crypto-related equities have also gained traction. Companies involved in Bitcoin mining, blockchain infrastructure, and digital asset platforms are seeing renewed investor interest. From scaled mining operations to AI-integrated data centers, these businesses are positioned at the intersection of technological advancement and financial transformation.
Let’s explore the 12 best cryptocurrency stocks to buy according to Wall Street, ranked by average upside potential based on analyst consensus as of November 12.
12 Best Cryptocurrency Stocks to Buy According to Wall Street
12. Riot Platforms, Inc. (NASDAQ: RIOT)
Average Upside Potential: 8.06%
Riot Platforms is a vertically integrated Bitcoin mining leader with operations in Texas and Kentucky. The company focuses on scaling its hashrate and optimizing energy efficiency. In Q3, Riot reported $84.8 million in revenue—a 65% year-over-year increase—driven by a 159% rise in hashrate to 28 EH/s. It mined 1,104 BTC during the quarter.
Riot aims to reach 34.9 EH/s by the end of 2024 and expand to 65.7 EH/s by 2026 through facility developments in Corsicana and Kentucky. Its strategic investments, robust growth trajectory, and consensus Buy rating make RIOT a solid long-term play in the mining sector.
11. Block, Inc. (NYSE: SQ)
Average Upside Potential: 8.25%
Block, Inc., formerly Square, operates a diversified fintech ecosystem including Cash App, Square, and Spiral. Cash App allows users to buy Bitcoin, while Spiral develops open-source Bitcoin tools. In Q3, Block posted $2.25 billion in gross profit—a 19% YoY increase.
Square generated $932 million in gross profit (up 16%), fueled by integrated payments and banking services. Cash App contributed $1.31 billion (up 21%), driven by card usage, BNPL, and borrowing features. Block’s shift to a functional organizational structure enhances cross-platform synergy, supporting sustainable profitability and innovation in digital finance.
10. Iris Energy Limited (NASDAQ: IREN)
Average Upside Potential: 8.70%
Iris Energy specializes in sustainable Bitcoin mining using 100% renewable energy. With facilities in North America and plans for a 1.4GW substation in Texas by April 2026, IREN combines environmental responsibility with high scalability.
In October, monthly revenue jumped 32% to $28.2 million due to increased hashrate (21 EH/s) and higher Bitcoin prices. Its AI Cloud Services division is expanding rapidly, commissioning over 1,000 NVIDIA H200 GPUs—more than doubling its AI capacity and targeting $32 million in annualized hardware profit by December 2024.
9. Bit Digital, Inc. (NASDAQ: BTBT)
Average Upside Potential: 10.70%
Bit Digital operates large-scale Bitcoin mining across the U.S., Canada, and Iceland while also providing high-performance computing (HPC) services for AI applications. It maintains a fleet of over 50,000 ASIC miners and more than 2,000 GPUs dedicated to generative AI.
In October 2024, BTBT produced 52.2 BTC with an active hashrate of 2.43 EH/s. Its Bit Digital AI segment earned $4.3 million in unaudited revenue from its first commercial contract. This dual-revenue model reduces exposure to crypto price volatility and opens new growth avenues in the AI compute market.
8. HIVE Digital Technologies Ltd. (NASDAQ: HIVE)
Average Upside Potential: 12.99%
HIVE is a pioneer in green-powered data centers, operating sites in Canada, Sweden, and Iceland. As the first crypto miner to go public in Canada (2017), HIVE has built a reputation for innovation—developing proprietary ASIC rigs and balancing electric grids.
The company holds over 2,600 BTC on its balance sheet and is constructing a new 100 MW facility in Paraguay to capture 2% of global mining capacity. With thousands of industrial GPUs supporting AI and HPC workloads, HIVE is well-positioned for convergence between blockchain and artificial intelligence.
7. Bitdeer Technologies Group (NASDAQ: BTDR)
Average Upside Potential: 23.46%
Headquartered in Singapore, Bitdeer operates data centers across the U.S., Norway, and Bhutan with 895 MW of power capacity. It recorded 174 self-mined BTC in October and has begun mass-producing its proprietary SEALMINER A1 and A2 rigs.
SEALMINER A1 will deliver ~3.7 EH/s, with phased energization starting December 2024 through Q1 2025. The A2 model will enter customer markets in 2025, marking Bitdeer’s entry into the multi-billion-dollar ASIC manufacturing space—a game-changer for margins and scalability.
6. BitFuFu Inc. (NASDAQ: FUFU)
Average Upside Potential: 34.95%
BitFuFu is a leading cloud-mining service provider with a global network of 17 facilities and 556MW hosting capacity. It’s the sole strategic cloud-mining partner of Bitmain, giving it access to cutting-edge hardware.
In Q3, revenue rose 47.5% YoY to $90.3 million, with cloud-mining contributing $68.9 million (+51.4%). The company is transitioning from asset-light to owning infrastructure—including acquiring a 51.25% stake in an 80-MW Ethiopian mining site—expanding its geographic reach beyond the U.S.
5. CleanSpark, Inc. (NASDAQ: CLSK)
Average Upside Potential: 35.92%
CleanSpark mines Bitcoin using low-carbon energy sources like nuclear, hydroelectric, solar, and wind—making it one of the most sustainable miners. It achieved a record hashrate in July and reported $104.1 million in Q3 revenue—up 129% YoY.
The company is expanding into Tennessee and Wyoming and secured a $50 million credit line from Coinbase. Its operational efficiency and clean energy focus position CLSK as a leader in responsible digital asset mining.
4. Canaan Inc. (NASDAQ: CAN)
Average Upside Potential: 41.64%
Canaan is the world’s first ASIC Bitcoin miner manufacturer and the first listed on Nasdaq. Its A14 series drove Q2 revenue to $71.9 million—exceeding guidance and rising over 100% sequentially despite the halving event.
The A1566 model has already received customer orders. Canaan supplies top miners like Marathon and Cipher Mining, whose fleets rank Canaan rigs among their most efficient and cost-effective units.
3. Applied Digital Corporation (NASDAQ: APLD)
Average Upside Potential: 51.10%
Applied Digital operates two fully utilized data centers totaling 286 MW in North Dakota. It provides hosting services without owning mining equipment—focusing instead on infrastructure and support.
Q1 revenue rose 67% YoY to $60.7 million. Despite a temporary power outage at its Ellendale site, the company swiftly resolved issues with new transformers—demonstrating operational resilience.
2. Greenidge Generation Holdings Inc. (NASDAQ: GREE)
Average Upside Potential: 52.67%
Greenidge is the first vertically integrated U.S.-based power generator and Bitcoin miner at scale. It generates revenue from hosting, self-mining, and wholesale power sales.
In Q3, GREE produced 793 BTC and is upgrading its fleet—deploying over 1,000 new miners that will improve efficiency below current levels (currently around 27–28 J/TH). Its global access to low-cost power via controlling shareholders strengthens its competitive edge.
1. Bitfarms Ltd. (NASDAQ: BITF)
Average Upside Potential: 60.98%
Bitfarms stands out as the only publicly traded miner audited by a Big Four firm. With 12 operational data centers across four countries and two under development, it boasts one of the most diversified energy portfolios globally.
In October alone, BITF mined 236 BTC—growing its treasury to over 1,188 BTC—and accelerated deployments with Stronghold Digital Mining at multiple sites using Bitmain T21 miners.
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Frequently Asked Questions
Q: Why are crypto stocks rising after the election?
A: The post-election rally reflects optimism about deregulation under a Trump administration and plans to make the U.S. a global crypto hub—boosting investor confidence across blockchain-related equities.
Q: What factors determine upside potential for crypto stocks?
A: Analysts consider revenue growth, hashrate expansion, energy efficiency, balance sheet strength, innovation pipeline (e.g., AI integration), and exposure to Bitcoin price appreciation when estimating upside.
Q: Are Bitcoin mining stocks profitable even after the halving?
A: Yes—many top miners have improved efficiency and scaled operations so significantly that they remain profitable post-halving due to lower power costs and advanced hardware.
Q: How does renewable energy impact crypto mining profitability?
A: Sustainable power reduces long-term operating costs and appeals to ESG-focused investors—giving green miners like Iris Energy and CleanSpark a competitive advantage.
Q: Can crypto stocks benefit from AI trends?
A: Absolutely—companies like Bitdeer and Iris Energy are repurposing data centers for AI/HPC workloads, diversifying revenue beyond mining alone.
Q: Should I invest in crypto miners or tech enablers like Canaan?
A: Miners offer direct exposure to Bitcoin price movements; manufacturers like Canaan provide leveraged upside during bull cycles when demand for ASICs spikes.
The convergence of favorable regulation, technological innovation, and institutional adoption makes now a pivotal moment for cryptocurrency stocks.
👉 Stay ahead of the next wave of digital asset growth—explore real-time market insights now.