During the US presidential campaign, Bitcoin (BTC) took an unusually large public spotlight. While former President Trump even appeared at the Bitcoin 2024 conference, promising to fire Gary Gensler and make America “the Bitcoin superpower,” no such commitments were made from VP Kamala Harris.
On the contrary, Harris hinted at taxing unrealized capital gains, an unprecedented move that received widely negative backlash. As the campaign set this contrast in tone, Bitcoin price went up 11% over the last 30 days, nearly revisiting its March all-time high of $73.7k on Tuesday, now priced at $72k.
In the scenario of a Trump win, Bitcoin price will likely surge, which will be offset by large holders locking in profits. It has been speculated that the Bhutan government will be among them, as evidenced by Arkham Intelligence’s tracking of $65 million worth of BTC to Binance yesterday.
Out of a total $2.42 trillion crypto market cap, Bitcoin now holds 58.6% dominance at $1.4 trillion. As many times before, when Bitcoin moves, the entire crypto market follows. But for stock investors, which crypto stocks make sense right now?
Bitdeer Technologies Group (NASDAQ: BTDR)
Since the coverage on October 21st, BTDR stock went up from $8.22 to $8.95 per share. As one of rare Bitcoin mining stocks that hasn’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 end-2024, but cash-making Tether Holdings heavily invested in the company. Throughout 2025, Bitdeer has plans to complete 100 MW hydro-cooling conversion at Rockdale, Teas as well as constructing a 500 MW datacenter mining facility in Bhutan.
After the presidential elections, on November 18th, 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 more than manageable debt load. According to Alliance Global Partners, BTDR stock has a price target of $14 per share.
TeraWulf (NASDAQ: WULF)
In the last 30 days, WULF stock gained a 47% boost, now priced at $6.96 vs 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 Nautilus datacenter near the nuclear power plant in Pennsylvania. In early October, the company announced the sale of 25% Nautilus equity to Talen Energy, worth around $92 million. This resulted in 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 2025. 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 12th.
Although TeraWulf has already received great investor interest throughout the year, investors should consider WULF stock when the next stock market price correction occurs.
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 worth $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 as one of the most eco-friendly companies by ESG investors.
Currently priced at $4.35 against the 52-week average of $2.91 per share, the average BTBT price target is $6.13 per share, according to Noble Financial and H.C. Wainwright.
Do you prefer crypto exposure or stocks after the FTX collapse? Let us know in the comments below.
Disclaimer: The author does not hold or have a position in any securities discussed in the article.
