3 Crypto Stocks That Could Make You Rich (or Broke)

Stock Market

Crypto traders are celebrating right now, with Bitcoin (BTC-USD) reaching an 18-month high of $35,000. The main driver to this surge comes from expectations of the US regulators’ potential approval of spot Bitcoin ETFs. This represents one of the most important milestones for the crypto space. The speculation has propped up some of the other coins and high-risk crypto stocks involved in the mining of Bitcoin.

Crypto has been in a prolonged bear market since 2021. However, people are arguing that the approval of the spot Bitcoin ETFs may be the next sign of reversal after Ripple’s milestone case against the U.S. Securities and Exchange Commission after its multi-year legal battle with the agency. Speculators have been positively cheering that this can push the asset further and spark a bull run. While we still have to see how the market digests the approval if it happens, this can be a potential opportunity for high-risk crypto stocks if you do not want to hold the currency. Here are three high-risk crypto-related stocks that are worth checking out.

Bit Digital (BTBT)

Source: PHOTOCREO Michal Bednarek / Shutterstock

Bit Digital (NASDAQ:BTBT) is a crypto mining company with major operations in Canada and the U.S. Its mining facilities are maintained by hosting service providers that help install mining hardware, conduct repair and maintenance and IT consulting. The leading cryptocurrency mined by the company is Bitcoin, which it has occasionally sold to help with its cash flow needs. The company conducts business through subsidiaries Bit Digital U.S.A. and Bit Digital Canada, Inc.

Bit Digital had 821.1 BTC and 13,783.4 Ethereum (ETH-USD) in its treasury as of September 2023. The company was able to mine 130.2 BTC for the same month, 7% lower than the August results due to unforeseen network issues that have since been rectified. The company also announced its new AI business that helps secure customer contracts under the name Bit Digital AI, which will specialize in infrastructures supporting workstreams focused on generative AI. BTBT has also been constantly expanding its operations with new locations like Iceland.

CleanSpark (CLSK)

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CleanSpark (NASDAQ:CLSK) is a sustainable energy Bitcoin mining company in Georgia and New York. The company is focused on responsible mining through its personally designed infrastructures that use sustainable energy. CleanSpark is at the forefront of advocating the adoption of Bitcoin and democratizing access to wealth through education and strategic partnerships. 

CLSK’s latest mining update announcement gave the company its best quarter and fiscal year. The company’s unaudited bitcoin mining and operations confirmed that it mined 6,903 BTC for the fiscal year from October 2022 to September 2023. CleanSpark also reached a 10 EH/s milestone, making it one of the few publicly traded bitcoin mining companies to ever reach such speeds.. The company is also steadily acquiring and developing assets to support its mining operations, including two mining campuses in June 2023 that added almost 1EH/s to its production. Like other high-risk cypto stocks CLSK will do well as long as BTC continues its upward trajectory.

Iris Energy (IREN)

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Iris Energy (NASDAQ:IREN) is another sustainable Bitcoin mining company on our list based in Australia. The company supports the decarbonization of energy markets and the global Bitcoin network. That is why its Bitcoin mining operations are powered entirely by renewable energy. The company has mining center facilities in Canada and the U.S.

Iris Energy is currently in partnership with WEKA to pursue its plans to enter the generative AI market. IREN will use WEKA’s data platform to provide performance-intensive computing needs. The company also announced a 25% expected mining capacity increase by acquiring the latest generation of Bitmain S21 miners. The expansion is in partnership with Bitmain Technologies.

On the date of publication, Rick Orford did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Rick Orford is a Wall Street Journal best-selling author, investor, influencer, and mentor. His work has appeared in the most authoritative publications, including Good Morning America, Washington Post, Yahoo Finance, MSN, Business Insider, NBC, FOX, CBS, and ABC News.

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