Amidst the crypto whirlwind, it’s tempting to be enticed by the mushrooming digital coins when looking for the best blockchain stocks to buy. The incredible rise of blockchain technology remains crystal clear.
However, it isn’t just about Bitcoin (BTC-USD) or Ethereum (ETH-USD); it’s about the technology that powers them. As blockchain stocks to buy emerge as the new-age gold rush, over half of the Fortune 100 companies are actively embedding blockchain in their blueprints, chasing that competitive edge.
The global blockchain market should soar by a tremendous 67.7% from 2023 to 2030. Hence, for those with an eye for wealth-building blockchain investments, it’s the right time to uncover those hidden gems that promise exponential returns. Let’s look at three of the top blockchain contenders primed for a prosperous road ahead.
MicroStrategy (MSTR)
MicroStrategy (NASDAQ:MSTR) is a popular tech firm selling analytics software, sculpting a distinctive path in the blockchain arena. With a massive 12,800 BTC tucked away in its treasury, its total tally is over $4.5 billion. Moreover, with BTC ticking in the red in the past month, expect the firm to cash in on the dip.
CEO Michael Saylor recently announced ambitions to potentially channel a cool $750 million from selling class A common stock into buying more BTC. These plans indicate Saylor’s vision to solidify the company’s long-term presence.
However, investing in MSTR stock doesn’t keep cheap, but Wall Street believes the stock offers a massive 47% upside from current price levels. Despite the short-term volatility, BTC is one of the more interesting blockchain stocks to buy.
Block (SQ)
Fintech prodigy Block’s (NYSE:SQ) narrative extends well beyond, venturing deep into the blockchain realm.
Originally named ‘Square,’ the company’s rebranding to ‘Block’ isn’t just a nod and testament to its burgeoning commitment to blockchain.
Recent turbulence saw Block’s stock dip amid second-half EBITDA growth worries, yet the concerns appear overdone. Block’s vibrancy in growth is far from over, representing an excellent contrarian play.
The firm’s second-quarter ledger illuminated Cash App’s prowess, marking a 7% year-over-year rise in BTC gross profit and a compelling 34% year-over-year bump in BTC revenue.
The Block saga got even juicier with the enlistment of Neha Narula from the prestigious MIT Media Lab, a stalwart in the crypto realm and open-source knowledge, to its Board.
Teasing us with hints of a BTC hard wallet and decentralized social media ventures, Block isn’t just dabbling. This is one of the more reliable blockchain stocks to buy because it’s charting a trailblazing path in the blockchain space.
PayPal (PYPL)
PayPal (NASDAQ:PYPL) has cemented its position in online transactions as an innovator that continues to push the envelope in the fintech sphere.
It isn’t your run-of-the-mill payments processor; with its expansive branches reaching over 400 million accounts globally, PayPal’s influence remains undeniable.
Moreover, it was one of the first fintech giants to embrace blockchain technology and continues to solidify its first-movers advantage. A trip down memory lane takes us to 2014 when PayPal boldly stepped into Bitcoin payments.
By 2020, its crypto arsenal expanded, embracing Ethereum, Litecoin (LTC-USD), and Bitcoin Cash (BCH-USD). The following year marked another milestone, where it enabled its users to transact in cryptos seamlessly.
Fast forward to 2022, we greeted PayPal USD, a stablecoin echoing the dollar’s might. Furthermore, what makes this one of the tempting blockchain stocks to buy is its novel cross-border payments and supply chain projects.
Mastercard (MA)
Mastercard (NYSE:MA) has positioned itself as more than a conventional payment player and an easy name to add to this list of blockchain stocks to buy.
The company combines traditional payment methods with innovative technology at its core, laying the groundwork for a new transaction safety and efficiency era.
Similar to PayPal, it is one of the top fintech players to embrace the potential of blockchain technology astutely. The decentralized, immutable nature of blockchain assures heightened security, a boon for a payment processor that effectively safeguards crucial customer information.
Recognizing early on the transformative potential of blockchain, Mastercard has proactively filed over 30 patents, underscoring its intent to spearhead blockchain-infused solutions.
2023 has emerged as a landmark year on this front for Mastercard. The “Mastercard Crypto Credential” unveiled in April showcased its commitment to refining the blockchain ecosystem.
Come June, and the scene was set for the “Mastercard Multi-Token Network” debut, a game-changing endeavor to improve the digital asset transaction sphere regarding security, scalability, and seamlessness.
Nvidia (NVDA)
Tech titan Nvidia (NASDAQ:NVDA) boasts an undeniable, albeit somewhat reluctant, connection to blockchain technology.
Nvidia presents itself as a veritable goldmine for those chasing swift market gains.
Dominating the ever-expanding generative AI sector, Nvidia’s stock performance has been a rollercoaster ride, skyrocketing more than threefold within the year, with plenty of upside ahead.
Nvidia inadvertently remains tethered to the blockchain ecosystem. Notably, its high-end chips, originally designed with gaming in mind, have found a niche in cryptocurrency mining.
This shift wasn’t without resistance, though. Nvidia, in the past, has gone to lengths to artificially limit its graphics cards’ capability for crypto mining, aiming to prioritize their utilization for AI and gaming.
Despite its reservations, Nvidia’s hardware continues to be sought-after in the crypto mining arena, making it an intriguing prospect for investors, especially as blockchain technology steadily infuses mainstream adoption.
Marathon Digital (MARA)
Marathon Digital (NASDAQ:MARA) is a leading name in the cryptocurrency mining sphere, offering a blend of prospective rewards and inherent risks.
For those considering diving into Marathon Digital’s pool, seeing it as a “marathon, not a sprint” type of investment is crucial. In other words, imperative to be patient with MARA stock rather than dashing for quick riches.
On the brighter side, Marathon Digital’s performance metrics have been impressive. A whopping 979 Bitcoins mined in June 2023 represented a stellar 599% increase from June 2022 speaks volumes of its escalating growth trajectory.
Even though the company didn’t quite hit the mark in its second-quarter revenue and earnings, its operational hash rate showcases healthy growth, soaring from 17.7EH/s to a potential 21.8EH/s.
Such figures hint at a robust mining capacity, and for those bullish on Bitcoin’s long-term prospects, MARA might be the golden ticket.
However, it’s not all smooth sailing for the company. A brewing legal challenge in Nevada casts a shadow of uncertainty over its operation, but it’s premature to predict the ramifications at this point.
Global X Blockchain Exchange-Traded Fund (BKCH)
Investing in the Global X Blockchain Exchange-Traded Fund (NASDAQ:BKCH) offers a panoramic lens into the diverse blockchain realm.
Acting as a beacon for blockchain investors with a relatively low-risk profile, it offers an expansive embrace of a myriad of top publicly listed blockchain stocks.
A closer look reveals the BKCH ETF’s rich tapestry of holdings, featuring market giants such as Hut 8 (NASDAQ:HUT), Coinbase (NASDAQ:COIN), and 24 other niche-specific stocks.
The cherry on top is its modest 0.50% expense ratio, made even sweeter by its annual 22-cent per share payout. In a domain where dividends are as rare as unicorns, the BKCH ETF stands out.
On the date of publication, Muslim Farooque 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
