B. Riley Initiates Coverage of BitFuFu (FUFU) with a Buy Rating

BitFuFu Inc. (NASDAQ:FUFU) is one of the top bitcoin mining stocks to buy amid bitcoin hike. On July 18, B. Riley initiated coverage of BitFuFu Inc. (NASDAQ:FUFU) with a Buy rating and $7.31 price target.

The rating followed a virtual meeting between BitFuFu Inc. (NASDAQ:FUFU) and B. Riley held on July 17, hosted by B. Riley. The firm told investors in a research note that BitFuFu Inc. (NASDAQ:FUFU) is a bitcoin mining company offering cloud mining services to a range of customers.

It justified its optimistic outlook by stating that BitFuFu Inc. (NASDAQ:FUFU) has an expanding self-mining footprint and is focusing on growing its ownership of power infrastructure in the coming quarters.

The firm also reasoned that BitFuFu Inc. (NASDAQ:FUFU) boasts a leadership position in cloud mining, a scalable platform, and a diversified revenue model.

BitFuFu Inc. (NASDAQ:FUFU) provides digital asset mining and cloud mining services. It functions through an array of stable and intelligent digital asset mining solutions, including one-stop cloud mining services and miner hosting services to individual digital asset enthusiasts and institutional customers. The company also offers a compliant, secure, and transparent blockchain infrastructure.

While we acknowledge the potential of FUFU as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you’re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.