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Riot and CleanSpark: Cantor Selects the Best Bitcoin Stocks to Buy - TipRanks.com

Riot and CleanSpark: Cantor Selects the Best Bitcoin Stocks to Buy - TipRanks.com
Crypto currencies generate a pile of hype and headlines, for reasons both good and bad – but recently, the reasons have been good. Since the beginning of last year,...

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The cryptocurrency market has been making headlines for all the right reasons lately, with Bitcoin leading the charge. The digital currency has seen a 300% increase in value since last year, driven by the approval of BTC spot ETFs and the recent 'halving' event. This event, which occurs approximately every four years, cuts the reward for solving blockchain links in half, ensuring the scarcity of Bitcoin. As a result, Bitcoin miners have become an attractive investment option, with Cantor Fitzgerald analyst Brett Knoblauch highlighting their potential for growth.

Two of Knoblauch's top picks, Riot Platforms and CleanSpark, have both received Strong Buy ratings from the analyst consensus. Riot Platforms, a Texas-based Bitcoin miner, boasts the largest Bitcoin mining facility in North America and is expected to reach a total capacity of 20.1 EH/s later this year. Despite a reduction in Bitcoin production numbers, the company reported $79.3 million in revenue for the first quarter of this year. Knoblauch remains optimistic about Riot's growth potential and has set a price target of $23, indicating a one-year upside potential of 116%.

CleanSpark, on the other hand, is combining Bitcoin mining with low-carbon renewable energy and has shown impressive growth, with total revenues of $111.8 million for the last reported quarter. The company's strong performance has led Knoblauch to give it an Overweight rating and a price target of $27, suggesting a 12-month gain of 56.5%. Overall, both Riot Platforms and CleanSpark have received positive reviews from analysts, making them attractive options for investors looking to capitalize on the cryptocurrency market.

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