Wall Street Loves These Crypto Stocks: 7 to Buy Today


  • MicroStrategy (MSTR): MSTR holds 214,400 BTC, and could buy even more.
  • ProShares Bitcoin Strategy ETF (BITO): BITO mimics the price of Bitcoin as closely as possible without investing in the cryptocurrency itself.
  • Marathon Digital (MARA): H.C. Wainwright now has a $27 price target on MARA, with a buy rating.
  • Read more about the top crypto stocks to buy now!
crypto stocks to buy - Wall Street Loves These Crypto Stocks: 7 to Buy Today

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With Bitcoin back above $70,000, it’s fueling upside for some of the top crypto stocks to buy. That includes MicroStrategy (NASDAQ:MSTR).

Holding 214,400 Bitcoin valued at just under $71,000 apiece, the company is sitting on a $1.5 billion digital fortune. From here, if Bitcoin can get to Standard Chartered’s target of $100,000, MSTR could easily double its current price of $1,700. 

“As we approach the U.S. election, I expect $100,000 to be reached and then $150,000 by year-end in the case of a Trump victory,” Geoffrey Kendrick, head of Standard Chartered Bank’s forex and digital assets research, said, as quoted by TheBlock.co.

Galaxy Digital CEO Michael Novogratz also says Bitcoin could rally to $100,000. All of which would be great news for Bitcoin holders, and the hottest crypto stocks to buy.

MicroStrategy (MSTR)

A chart of the MicroStrategy (MSTR) logo with a Bitcoin
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At $1,700 a share, MicroStrategy is still a bargain. As I said above, if Bitcoin can make the trek to $100,000, MSTR could double.

Granted, the stock recently pulled back on poor earnings. Its first-quarter earnings per share loss of $8.26 missed by $8.13. Revenue of $115.25 million, down 5.2% year over year missed by $6.13 million.

However, traders aren’t paying much attention to these numbers. They’re only really paying attention to the money MSTR is hauling in with its 214,400 BTC. As long as Bitcoin can continue to push higher, traders will bid MSTR higher, too.

Helping, analysts at Canaccord just raised its price target on MicroStrategy to $2,047 from $1,590 with a buy rating. As noted by TheFly.com, “The firm notes the company’s equity premium to its HODL value has remained resilient, hovering at ~100% according to their calculations and despite macro fluctuations.”

ProShares Bitcoin Strategy ETF (BITO)

Price of bitcoin is increasing in the cryptocurrency market after bitcoin halving event.
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As Bitcoin pushes higher, so does the Pro Shares Bitcoin Strategy ETF (NYSEARCA:BITO).  With an expense ratio of 0.95%, the ETF tracks the performance of spot Bitcoin, and is the world’s largest and most actively traded cryptocurrency ETF, according to ProShares.

BITO simply mimics the price of Bitcoin as closely as possible without investing in the cryptocurrency itself.

Better, over the last few months, BITO ran from a low of about $15 to a recent high of $27. Should Bitcoin push aggressively higher, the BITO ETF run to about $40 a share from current prices. At the moment, we’re just waiting to see if BITO can break above resistance at $28.48. If it can, it’s off to the races.

Marathon Digital (MARA)

In this photo illustration the Marathon Digital Holdings (MARA) logo seen displayed on a smartphone screen
Source: rafapress / Shutterstock.com

Another one of the top crypto stocks to buy is Marathon Digital (NASDAQ:MARA).

Since bottoming out at around $14 in April, MARA is back to $21.21 a share, where it’s a buy. From here, I’d like to see the Bitcoin mining stock retest at $24 initially.

Earnings have been solid. EPS of $1.26 beat by $1.05. And while revenue did miss by $15.52 million, it was still up 223.3% year over year. Adjusted EBITDA was up 266% to $528.8 million. And its net income soared 184% to $337.2 million. In addition, while the company produced just 616 BTC in May from 850 in April, post-halving, it did increase its total BTC holdings to 17,857.

Helping, H.C. Wainwright now has a $27 price target on MARA, with a buy rating. We also have to consider that where Bitcoin goes, MARA is sure to follow.

Coinbase Global (COIN)

The Coinbase (COIN stock) logo on a smartphone screen with a BTC token. Crypto winter is setting in.
Source: Primakov / Shutterstock.com

We can also look at Coinbase Global (NASDAQ:COIN), another one of the top crypto stocks to buy.

After bottoming out at around $200, COIN rallied back to $260. From here, if it can break above resistance at $280, it could test $300 again shortly.  Helping, the company operates a leading cryptocurrency exchange in the U.S., and will typically benefit from increased upside in cryptocurrency prices.

Granted, it could potentially face a lawsuit from the U.S. Securities and Exchange Commission. The agency alleges that Coinbase has several cryptocurrency assets listed on its platform, which should have been registered with the US SEC. Should the issue go to court, and Coinbase is found to be at fault, the repercussions could be severe. I don’t think it’ll go to court, though, because it’ll expose the US SEC as hypocritical.

After all, it was the US SEC that allowed Coinbase to go public. If it was doing something wrong at the time, why would the US SEC allow it to go public? In short, it may be best if the US SEC puts the allegations to rest before it embarrasses itself again.

Riot Platforms (RIOT)

In this photo illustration, the Riot Platforms (RIOT) logo is displayed on a smartphone screen.
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Another one of the top crypto stocks to buy is Riot Platforms (NASDAQ:RIOT).

At the moment, it’s consolidating at around $10 a share. From its last traded price of $10.29, I’d like to see it run back to $17.50 near term. It’s also starting to push higher after shrugging off a short report that claimed RIOT and other miners wouldn’t be around in another five years.

As noted by Kerrisdale Capital, “Our investment thesis is that this sector is not going to be around in five years. Bitcoin mining is one of the stupidest business models we’ve come across in our time short selling over the past 15 years.”

Again, though, RIOT is shrugging off the comments. 

Plus, recent earnings weren’t too bad. While revenue of $79.3 million missed estimates by $16.89 million, it was still a year-over-year improvement of 8.33%.

Also, as noted by CEO Jason Les, “This quarter, Riot reported net income of $211.8 million and earnings per share of $0.82 which are new record highs for our quarterly results. Additionally, we reported $245.7 million in adjusted EBITDA for the quarter, another record high for Riot, rounding out strong financial performance for the quarter.”

Robinhood Markets (HOOD)

hood stock: An image of a wallet with a coin in it, a cellphone on top depicting Robinhood logo. Robinhood crypto
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Another hot crypto stock to buy is Robinhood Markets (NASDAQ:HOOD).

After bottoming out at around $10 in early February, HOOD is now up to $23.06, where it’s a buy. From here, I’d like to see it again challenge $30 near term.

Helping, it just agreed to acquire Bitstamp for $200 million, which is a major investment in the crypto space. As noted by Investor’s Business Daily, “The acquisition should ‘significantly accelerate’ the expansion of Robinhood Crypto and bring in customers across the European Union, U.K., U.S. and Asia.”

Even better, HOOD just launched a $1 billion share buyback plan. It also posted solid earnings, with EPS of 18 cents beating by 12 cents. Revenue of $618 million, up 40.14% year over year, beat expectations by $60.69 million. With solid growth ahead of it, HOOD could rocket.

Hut 8 Mining (HUT)

BETS stock: a crypto mining rig
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At the moment, Hut 8 Mining (NASDAQ:HUT) is consolidating at around $10.50, where investors may want to buy.

Should Bitcoin rally anywhere near $100,000 this year, HUT is another one of the top crypto stocks you’ll want in your portfolio.

Helping, analysts at Craig-Hallum just upgraded HUT to a buy rating, noting that “the potential for growth and stock appreciation far outweighs the risks,” as quoted by Seeking Alpha. The firm added that “the BTC miner is set to join the AI services market later in the year, a move that will add to its revenue mix.”

Earnings were solid. First-quarter revenue jumped by $36.1 million to $51.7 million from $15.6 million. Net income attributable to Hut 8 increased by $233.5 million to $250.9 million compared to $17.3 million for the three months ended March 31.

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

Ian Cooper, a contributor to InvestorPlace.com, has been analyzing stocks and options for web-based advisories since 1999.

Article printed from InvestorPlace Media, https://investorplace.com/2024/06/wall-street-loves-these-crypto-stocks-7-to-buy-today/.

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