Which Crypto Stocks Make Sense Right Now?

During the US presidential campaign, Bitcoin (BTC) took an unusually large public spotlight. While former President Trump even appeared at the Bitcoin 2024

Bitcoin (BTC) price went up 11% over the last 30 days, nearly revisiting its March all-time high of $73.7k on Tuesday. At press time, BTC price stood at $72k. As the last three months of 2024 saw a strong rally in Bitcoin, several crypto stocks also performed well.

With the US presidential elections coming up and Bitcoin in the spotlight, what crypto stocks make sense right now? Let’s take a look at three Bitcoin mining stocks that could perform well after the elections.

Top crypto stocks to buy after US presidential elections

1. Bitdeer Technologies Group (NASDAQ: BTDR)

Since our last coverage on October 21, BTDR stock went up from $8.22 to $8.95 per share. As one of the rare Bitcoin mining stocks that haven’t received triple YTD gains, it still makes sense to consider Bitdeer.

Not only does the company have a new lineup of Sealminer machines to mass produce by the end of 2024, but cash-making Tether Holdings heavily invested in the company. Throughout 2025, Bitdeer has plans to complete a 100 MW hydro-cooling conversion at Rockdale, Texas, as well as constructing a 500 MW datacenter mining facility in Bhutan.

After the presidential elections, on November 18, Bitdeer is scheduled to deliver its Q3 earnings report. If all upgrade and expansion projects complete by the end of 2025, Bitdeer should have around 30 EH/s mining capacity, compared to 17.1 as of September 2024.

At that time, the company mined 164 BTC. In Q2, Bitdeer reported $37.8 million debt and $203.9 million in cash and cash equivalents. If BTC price goes to sustainable new highs, this is a more than manageable debt load. According to Alliance Global Partners, BTDR stock has a price target of $14 per share.

2. TeraWulf (NASDAQ: WULF)

In the last 30 days, WULF stock gained a 47% boost, now priced at $6.96 versus the 52-week average of $2.99 per share. TeraWulf adopted a hybrid approach by catering to both Bitcoin mining and high-performance computing (HPC) for businesses in need of generative AI cloud infrastructure.

To that end, TeraWulf has been investing in the Nautilus datacenter near the nuclear power plant in Pennsylvania. In early October, the company announced the sale of a 25% Nautilus equity to Talen Energy, worth around $92 million. This resulted in a 3.4x MOIC (Multiple on Invested Capital) for TeraWulf.

Moving forward, TeraWulf plans to monetize over 80% of Nautilus miners and add 14.4k new S21 Pro mining rigs at Lake Mariner in the first quarter of 2024. This would lead to a hash rate capacity of 13.1 EH/s by Q1 ‘25 vs ~10 EH/s as of the October report.

Moreover, the cost-to-mine efficiency should be significantly improved to 18.2 J/TH from the current mining fleet’s 23.7 J/TH. In less than two weeks, the company is scheduled to release its Q3 earnings on November 12.

Although TeraWulf has already received great investor interest throughout the year, investors should consider WULF stock when the next stock market price correction occurs.

3. Bit Digital (NASDAQ: BTBT)

In Q2 earnings, this NY-based mining company once again reported zero debt, having funded its operations from cash flows and equity financing. This may change in the future in the form of convertible notes financing, following the path of MicroStrategy (NASDAQ: MSTR).

In the last quarter ending June, Bit Digital tracked 220% revenue growth increase compared to the year-ago quarter. This left the company with $191.9 million worth of total liquidity. Mid-October, Bit Digital acquired Enovum Data Centers for $46 million to boost its HPC business.

Continuing Enovum’s expansion plans, alongside direct-to-chip liquid cooling upgrades, the company should get 8 MW worth of extra computing in Q2 ‘25. By the end of 2025, this could increase to 20 MW with Bit Digital’s own GPUs.

As of August, Bit Digital’s mining fleet has 4.3 EH/s hash rate capacity, having cumulatively mined 6,912 BTC. Drawing energy from 86% carbon-free assets, Bit Digital should be considered

The above is the detailed content of Which Crypto Stocks Make Sense Right Now?. For more information, please follow other related articles on the PHP Chinese website!