10 Best Bitcoin and Blockchain Stocks To Buy Now

Published on October 3, 2023 at 6:00 am by Hamna Asim in Bitcoin, Hedge Funds, News

In this article, we discuss 10 best bitcoin and blockchain stocks to buy. If you want to skip our detailed discussion on the blockchain and cryptocurrency industries, head directly to 5 Best Bitcoin and Blockchain Stocks to Buy Now.

Blockchain technology has the capacity to bring about significant changes across different sectors, including business, healthcare, and more. It accomplishes this by facilitating decentralized, transparent, and secure transactions and interactions. As time passes, blockchain technology continues to evolve. According to insights from The Crypto Times, 2023 is anticipated to witness blockchain trends that will impact areas like finance, art, gaming, AI, sustainability, and others. Among these trends, decentralized finance stands out as a prominent and widely accepted development in blockchain technology. Decentralized finance comprises an ecosystem of financial services and products that are built upon blockchain platforms like Ethereum, Binance Smart Chain, Solana, and others. It aims to make financial services more accessible, inclusive, and transparent for users. This trend has already shown potential to revolutionize the financial services sector, experiencing growth and innovation since 2020, with expectations for continued progress throughout 2023.

Similarly, non-fungible tokens have ushered in a new era of digital creativity and provided a fresh marketplace for artists and collectors. These digital assets, powered by blockchain technology, offer ownership and versatility. Additionally, the integration of Blockchain and Artificial Intelligence is a promising trend, offering developers innovative solutions to challenges. Another noteworthy trend is the development of Central Bank Digital Currencies. CBDCs aim to improve payment system efficiency, increase financial inclusion, and maintain monetary stability.

Cryptocurrency Outlook

The beginning of 2023 marked a strong period for cryptocurrencies, including Bitcoin, especially after a challenging year in 2022. Bitcoin, in particular, showed an average increase of 0.39% in July, reaching approximately $31,000. Crypto experts are optimistic that Bitcoin can maintain its position around $31,000 and potentially reach $60,000 by the end of 2023. The path to recovery may be long, but factors like the deepening banking crisis in the US, a weakening dollar index, and easing inflation have contributed to the resurgence of Bitcoin and other digital currencies, making them more resilient. Additionally, crypto experts look forward to Bitcoin’s halving event scheduled for 2024. This event, occurring every four years, reduces Bitcoin rewards to miners by 50%, resulting in a payout of 3.125 BTC. Historically, halving events have generated significant momentum for Bitcoin’s price.

Bitcoin has surged by over 60% since the beginning of this year. These unforeseen gains have outperformed many other assets, resulting in significant profits for those who purchased Bitcoin during price declines. The cryptocurrency community is enthusiastic about Bitcoin reaching new record highs and is optimistic about its future. Marshall Beard, the Chief Strategy Officer at the Gemini cryptocurrency exchange, anticipates that Bitcoin will surpass its previous all-time highs by the end of this year. He said:

“$100,000 price figure is an “interesting number if bitcoin gets to its previous record high of near $69,000.”

Bloomberg‘s report highlighted Standard Chartered’s growing optimism about Bitcoin’s future, with a target of reaching $120,000 by the end of 2024. This bullish outlook is driven by the changing behavior of Bitcoin miners who are now refraining from selling their tokens. Bitcoin mining, a power-intensive process that uses advanced computers to validate transactions on the Bitcoin blockchain, rewards miners with tokens. Typically, miners sell these tokens to cover their expenses. However, as Bitcoin’s price rises, miners can afford to sell fewer tokens, holding onto more in anticipation of even higher future prices. As stated by Geoff Kendrick at Standard Chartered:

“Increased miner profitability per BTC mined means they can sell less while maintaining cash inflows, reducing net BTC supply and pushing BTC prices higher.”

One of the most bullish predictions comes from Catherine Wood, the head of Ark Investment Management, who has maintained that Bitcoin will reach $1 million by 2030.

Some of the top companies operating in cryptocurrency and investing in blockchain technology include Visa Inc. (NYSE:V), NVIDIA Corporation (NASDAQ:NVDA), and Amazon.com, Inc. (NASDAQ:AMZN).

Our Methodology

We selected the following bitcoin and blockchain stocks based on the hedge fund sentiment toward each stock. We have assessed the hedge fund sentiment from Insider Monkey’s database of 910 elite hedge funds tracked as of the end of the second quarter of 2023. The list is arranged in ascending order of the number of hedge fund investors in each firm.

Source: PixaBay

Best Bitcoin and Blockchain Stocks To Buy Now

10. Coinbase Global, Inc. (NASDAQ:COIN)

Number of Hedge Fund Holders: 27

Coinbase Global, Inc. (NASDAQ:COIN) operates as a financial infrastructure and technology company, serving the cryptocurrency sector in the United States and worldwide. Their services include a financial platform for consumers, a marketplace facilitating crypto asset transactions for institutions, and technology solutions that enable developers to create cryptocurrency-based applications and securely accept crypto payments.

On September 5, Coinbase Global, Inc. (NASDAQ:COIN) announced an increase in the maximum amount of its outstanding 3.625% senior notes due in 2031 available for repurchase in its tender offer, raising it from $150 million to $180 million.

According to Insider Monkey’s second quarter database, 27 hedge funds were bullish on Coinbase Global, Inc. (NASDAQ:COIN), compared to 28 funds in the previous quarter. Cathie Wood’s ARK Investment Management held the largest position in the company, with 12.12 million shares worth $867.3 million.

Like Visa Inc. (NYSE:V), NVIDIA Corporation (NASDAQ:NVDA), and Amazon.com, Inc. (NASDAQ:AMZN), Coinbase Global, Inc. (NASDAQ:COIN) is one of the best bitcoin stocks to buy.

Here is what Miller Value Partners Opportunity Trust Fund has to say about Coinbase Global, Inc. (NASDAQ:COIN) in its Q2 2022 investor letter:

“Coinbase Global Inc. Ordinary Shares (NASDAQ:COIN) fell during the quarter as the crypto markets continued to suffer. While the company reported disappointing results, it committed to capping EBITDA losses at $500M even in the event of “a prolonged market downturn”. COIN’s ample liquidity ($6b in cash on hand) should enable them to survive a prolonged “crypto winter” and invest to strengthen the business in the downturn. While the crypto market is early in its adoption, Coinbase is focused on building the platform for crypto not only supporting trading, and cold storage, but moving into NFTs, staking, and crypto derivatives. We see tremendous upside potential for COIN over the next decade if they are able to successfully execute on their platform strategy.”

9. International Business Machines Corporation (NYSE:IBM)

Number of Hedge Fund Holders: 51

International Business Machines Corporation (NYSE:IBM) offers integrated solutions and services globally across four main segments – Software, Consulting, Infrastructure, and Financing. International Business Machines Corporation (NYSE:IBM)’s blockchain consulting services are designed to create a scalable distributed system using a well-established network framework, placing it among the best blockchain and bitcoin stocks.

On September 20, International Business Machines Corporation (NYSE:IBM) saw an increase of approximately 0.9% in pre-market trading after investment firm RBC Capital began coverage of the stock with an Outperform rating. RBC Capital analyst Matthew Swanson, who has set a price target of $188 for International Business Machines Corporation (NYSE:IBM), expressed admiration for the company’s extensive software platform.

According to Insider Monkey’s second quarter database, 51 hedge funds were bullish on International Business Machines Corporation (NYSE:IBM), up from 49 funds in the preceding quarter. Paul Marshall and Ian Wace’s Marshall Wace LLP held a significant position in the company, with 1.2 million shares valued at $162.55 million.

Diamond Hill Long-Short Fund made the following comment about International Business Machines Corporation (NYSE:IBM) in its Q4 2022 investor letter:

“New positions initiated in Q4 included shorts International Business Machines Corporation (NYSE:IBM), Acushnet Holdings (GOLF) and elf Beauty (ELF). Since diversified information technology company IBM’s 2019 acquisition of Red Hat, the company has aggressively pursued a hybrid cloud strategy. Though IBM and its new management team have made solid progress on this pivot, we believe the company still meaningfully lags the cloud hyperscalers and other cloud-native companies. Management has also laid out aggressive long-term targets for revenue growth and free cash flow, both of which we believe the company will struggle to achieve as it faces intense competition in its hybrid cloud business and structural headwinds in the company’s legacy businesses.”

8. Block, Inc. (NYSE:SQ)

Number of Hedge Fund Holders: 66

Block, Inc. (NYSE:SQ) develops tools that enable sellers to accept card payments. It also offers reporting and analytics, while also facilitating next-day settlements. The company acquired approximately 4,709 bitcoins in October 2020, investing $50 million. Recognized as one of the best bitcoin stocks, Block, Inc. (NYSE:SQ) has been a prominent figure in the Bitcoin space since 2018 through their Cash App, which facilitates Bitcoin buying and selling for customers. Additionally, the company launched the Cryptocurrency Open Patent Alliance, a nonprofit entity to promote innovation in the cryptocurrency sector.

According to Insider Monkey’s second quarter database, 66 hedge funds were bullish on Block, Inc. (NYSE:SQ), compared to 64 funds in the last quarter. Cathie Wood’s ARK Investment Management is the largest position stakeholder of the company, with 10.73 million shares worth $714.1 million.

Here is what Baron Fintech Fund has to say about Block, Inc. (NYSE:SQ) in its Q2 2022 investor letter:

“Block, Inc. provides point-of-sale technology to small businesses and operates the Cash App ecosystem of financial services for individuals. Shares fell due to mixed quarterly results with more modest growth in the Seller business offsetting strength in Cash App. While integration of recently acquired Afterpay is progressing well and credit metrics remain healthy, the buy-now-pay-later business slowed due to greater competitive intensity. We continue to own the stock due to Block’s long runway for growth, sustainable competitive advantages, and unique corporate culture.”

7. Tesla, Inc. (NASDAQ:TSLA)

Number of Hedge Fund Holders: 79

Next on our list of the best bitcoin stocks is Tesla, Inc. (NASDAQ:TSLA). It is involved in the creation, development, production, leasing, and distribution of electric vehicles, along with energy generation and storage systems across the United States, China, and different international markets. As of September 14, 2023, Tesla, Inc. (NASDAQ:TSLA) has invested in over 9,000 bitcoins, valued at approximately $259 million, as part of its corporate treasury holdings. This makes Tesla, Inc. (NASDAQ:TSLA) the third-largest public holder of bitcoin globally.

On September 11, Tesla, Inc. (NASDAQ:TSLA) experienced a boost, with its stock price climbing nearly 6% as Morgan Stanley (NYSE:MS) revised its 12-month price target on Tesla, Inc. (NASDAQ:TSLA) by 60%, raising it from $250 to $400.

According to Insider Monkey’s second quarter database, 79 hedge funds were bullish on Tesla, Inc. (NASDAQ:TSLA), in contrast to the previous quarter when 82 funds had invested in the stock.

Baron Partners Fund made the following comment about Tesla, Inc. (NASDAQ:TSLA) in its Q2 2023 investor letter:

Many factors contributed to the strong performance of our largest Disruptive Growth position, Tesla, Inc. (NASDAQ:TSLA), in the period. Investors’ concerns regarding Tesla in 2022 continue to dissipate, and the company’s business has continued to grow materially, although at below peak margins. Tesla’s deliveries in China are recovering. The company’s newest factory in Texas has ramped production and should contribute to improved domestic sales and margins. U.S. government policies have lowered the cost to own Tesla vehicles, while also reducing the company’s battery production expenses.

We continue to believe that Tesla is only scratching the surface of its potential. We regard announced partnerships between Tesla and its competitors in the quarter as important. In early June, Tesla agreed to provide Ford Motors access to Tesla’s electric vehicle (EV) charging technology and network. Other traditional and pure EV manufacturers, including General Motors, Rivian, and Volvo, quickly followed suit. We expect additional charging partnerships to ensue. In our view, these relationships validate Tesla’s charging technology and infrastructure as superior to other standards. Consolidation around a single technology should accelerate charging infrastructure deployment, diminish the risk of Tesla’s technology becoming obsolete, and lessen a key concern of hesitant EV purchasers. EV adoption is at a tipping point. And Tesla, with its approximately 60% domestic market share of EVs, should be the most important beneficiary of this shift…”

6. PayPal Holdings, Inc. (NASDAQ:PYPL)

Number of Hedge Fund Holders: 86

PayPal Holdings, Inc. (NASDAQ:PYPL) operates a technology platform that facilitates digital payments globally for both sellers and consumers. PayPal Holdings, Inc. (NASDAQ:PYPL) has also introduced Checkout with Crypto, which provides customers with a secure and convenient method to make payments using cryptocurrencies, including Bitcoin. On August 7, PayPal Holdings, Inc. (NASDAQ:PYPL) launched a stablecoin called PayPal USD, a digital currency backed by U.S. dollar deposits, short-term U.S. Treasuries, and similar cash equivalents. This stablecoin can be exchanged on a one-to-one basis for U.S. dollars and is issued by Paxos Trust Company.

According to Insider Monkey’s second quarter database, 86 hedge funds were bullish on PayPal Holdings, Inc. (NASDAQ:PYPL), compared to the preceding quarter when 103 funds had invested in the stock. John Overdeck and David Siegel’s Two Sigma Advisors held a significant position in the company, with 5.7 million shares worth $380.6 million.

In addition to Visa Inc. (NYSE:V), NVIDIA Corporation (NASDAQ:NVDA), and Amazon.com, Inc. (NASDAQ:AMZN), PayPal Holdings, Inc. (NASDAQ:PYPL) is one of the best bitcoin stocks to buy.

RiverPark Large Growth Fund made the following comment about PayPal Holdings, Inc. (NASDAQ:PYPL) in its Q2 2023 investor letter:

“PayPal Holdings, Inc. (NASDAQ:PYPL): PayPal shares were a top detractor in the quarter despite reporting better than anticipated 1Q earnings and raising guidance for the remainder of 2023. Revenue of $7 billion grew 9% year over year, an acceleration from the prior year and quarter. EPS of 1.17 grew 33% year over year on better cost discipline leading to better operating margins. The disappointment was centered around weaker gross margins, as unbranded checkout, which has lower gross margins, accelerated faster than branded checkout. Management anticipates this trend to continue and therefore is guided to lower gross margins for the remainder of the year. Despite the gross margin headwind, operating margins continue to expand due to expense discipline.

PayPal is the most accepted digital wallet – with almost triple the acceptance of Apple Pay, the number two digital wallet – providing the purest exposure to the secular growth in ecommerce-driven digital payments. PayPal is also a key beneficiary of consumer-to-consumer payment trends through its Venmo peer-to-peer (P2P) payment service. With a 1Q non-GAAP operating margin of 23%, PYPL also has significant margin expansion potential given that competitors Adyen, Visa and Mastercard have 50%-65% operating margins. We believe the combination of the secular growth of eCommerce and P2P payments, along with expanding operating leverage and the strategic use of the company’s significant and growing cash balance should fuel at least a high teens earnings growth rate over the next five years. This, to us, presents an excellent risk/reward given that PYPL trades at a below market multiple.”

Click to continue reading and see 5 Best Bitcoin and Blockchain Stocks To Buy Now.

AI Fire Sale: Insider Monkey’s #1 AI Stock Pick Is On A Steep Discount

Published on October 30, 2024 at by Inan Dogan, PhD

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A New Dawn is Coming to U.S. Stocks

Published on November 16, 2024 at by Insider Monkey Staff

I work for one of the largest independent financial publishers in the world – representing over 1 million people in 148 countries.

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Should I put my money in Artificial Intelligence?

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Click to continue reading…

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