Bitcoin’s (BTC-USD) has been eye-catching, with a notable 23% rally over the past month. Moreover, some analysts predict the crypto to eclipse the $50,000 mark in the near future. Then, it’s most likely to have a knock-on effect on crypto stocks.
Moreover, the bullish sentiment is partly driven by the U.S. Securities and Exchange Commission (SEC) green-lighting a Bitcoin ETF. That would surely serve as a significant catalyst for the crypto market. As a result, it may be wise for investors to take these crypto stocks into account when diversifying their portfolios beyond the current offerings.
Advanced Micro Devices, Inc. (AMD)
While not a cryptocurrency stock in the traditional sense, Advanced Micro Devices, Inc. (NASDAQ:AMD) high-performance GPUs are a linchpin in the crypto mining industry.
As AMD charts its future, it anticipates substantial growth in AI microchip sales. It projects revenues of $400 million in the upcoming fourth quarter. Then, it expects to go beyond $2 billion by 2024.
This growth is paralleled by the introduction of new GPU microchips. These are specifically designed to meet the demands of cryptocurrency mining. Even though the market is still led by Nvidia (NASDAQ:NVDA), AMD is positioning itself as a strong competitor.
Furthermore, hopes are high with the strategic release of the MI300A and MI300X GPUs. AMD is not only answering the crypto market call but also setting the stage to capture market share from Nvidia. This strategic move, combined with an 86.7% bump in stock value year over year (YOY), points to a company on the prowl.
Meta Platforms (META)
After a challenging 2022, Meta Platforms (NASDAQ:META) has staged an impressive rebound, with its stock value soaring by 152% year to date (YTD).
Meta’s foray into virtual and augmented reality (VR/AR) realms offers fertile ground for blockchain applications. The possibilities range from authenticating digital assets to potentially launching a native cryptocurrency for its virtual ecosystem. This strategic expansion signals potential upsides for the broader crypto-mining industry.
Moreover, the robustness of Meta’s financial health is evident in its recent quarterly report. The print showcases earnings per share of $4.39, eclipsing estimates by a whopping 76 cents. Also, revenues have surged to an impressive $34.15 billion, a 23.2% increase YOY. META comfortably exceeded analyst expectations by $590 million. These numbers reflect Meta’s successful navigation through a competitive market landscape.
Shopify (SHOP)
Shopify (NYSE:SHOP) may not be a direct player in the crypto mining industry. Yet, it has adeptly woven blockchain into its e-commerce fabric.
The platform now enables merchants to accept cryptocurrencies, broadening payment options for users. In August, this capability advanced with the integration of Solana Pay. It allows transactions in USD Coin (USDC-USD) via blockchain-enabled wallets like Phantom, simplifying on-chain payments.
Shopify has launched blockchain tools aimed at improving the experience for Web3-focused merchants. This proactive approach is mirrored in Shopify’s financial performance. Its latest earnings report showcases a 24 cents per share profit, outperforming the expected 14 cents. In addition, revenue exceeded expectations at $1.71 billion against the $1.67 billion anticipated by market analysts.
Furthermore, Shopify’s incorporation of blockchain pays off as the platform’s merchandise volume swells to $56.2 billion, a 22% increase, exceeding expectations by over $2 billion. As cryptocurrency mining and usage continue to climb, Shopify’s proactive measures poise it to capture a growing customer base.
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.
