The hunt for promising blockchain stocks to buy has become a priority for forward-thinking investors.

In June 2024, amid a sea of tech innovations, certain blockchain stocks stand out, not only for their current value but for their explosive potential.

This focus is particularly relevant as we move past significant events such as the Bitcoin (BTC-USD) halving and the approval of the Bitcoin spot ETFs, which are due to significantly fuel the market’s growth.

Investing in blockchain stocks offers a strategic avenue to engage with the burgeoning crypto market without the direct risks associated with cryptocurrency ownership.

Such investments might amplify returns through equity in companies at the forefront of blockchain technology.

In this article, we’ll discuss how investors with $6,000 to invest can target undervalued and modern blockchain stocks that have a great future ahead of them.

So here are three blockchain stocks to buy for June this year.

Marathon Digital (MARA)

Marathon Digital (NASDAQ:MARA) operates one of the largest, most efficiently operated mining fleets in North America.

In Q1 2024, Marathon Digital reported a record net income of $337.2 million, marking a 184% increase from the $118.7 million reported in Q1 2023. This resulted in an earnings per share (EPS) of $1.26.

The company achieved a revenue of $165.2 million for the quarter, representing a 223% year-over-year increase from $51.1 million in Q1 2023.

This significant growth was driven by the higher average price of Bitcoin mined, increased Bitcoin production, and additional revenue from hosting services following the acquisition of GC Data Center Equity Holdings​.

Marathon Digital continues to expand its operational capabilities and infrastructure. The company produced 2,811 Bitcoins in Q1 2024, a 28% increase from the 2,195 Bitcoins produced in the same period the previous year.

Marathon’s energized hash rate reached 27.8 exahashes per second, up 142% from 11.5 EH/s in Q1 2023.

With Bitcoin and MARA’s stock now at recent lows, I think that this could be a good time to scoop up shares of MARA.

Riot Blockchain (RIOT)

Riot Blockchain (NASDAQ:RIOT) operates one of the largest and most efficient Bitcoin mining fleets in North America, with facilities in Texas and Colorado.

In Q1 2024, Riot Blockchain reported significant financial growth. The company achieved a net income of $211.8 million, or 82 cents per share, a substantial increase from the net income of $18.5 million, or $0.11 per share, reported in Q1 2023.

Riot’s revenue for the quarter was $79.3 million, which, although below analysts’ expectations of $92.15 million, represented strong operational performance. The net income for the quarter was positively impacted by a change in the fair value of Bitcoin amounting to $234.1 million​.

Riot Blockchain continues to expand its operational capabilities and infrastructure. The Corsicana Facility substation has been successfully energized, making it the largest known Bitcoin mining facility with a capacity of 1 GW.

Looking forward, Riot Blockchain aims to achieve a total self-mining hash rate capacity of 31 EH/s by the end of 2024 and 41 EH/s by 2025. 

Coinbase (COIN)

Coinbase (NASDAQ:COIN) offers a trusted platform for trading, staking, safekeeping, and spending crypto assets, making it accessible for both individual consumers and institutional investors.

In Q1 2024, Coinbase reported exceptional financial results, marking a significant rebound. The company achieved a net income of $1.18 billion, or $4.40 per share, which contrasts sharply with the previous year’s loss of $78.9 million, or $0.34 per share.

The total revenue for the quarter was $1.6 billion, reflecting a 72% increase quarter-over-quarter. This performance was driven by robust market conditions, the launch of Bitcoin ETFs.

The consumer transaction revenue doubled to $935 million, while institutional transaction revenue grew by 133% to $85 million.

The company’s institutional trading platform, Coinbase Prime, also saw a significant increase in trading volume, outperforming the U.S. spot market.

The company plans to enhance its service offerings and expand its market presence, particularly through international expansion and increased regulatory clarity.

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