In this article, we will look at 10 best cryptocurrency stocks to buy now. If you want to skip our detailed analysis of the cryptocurrency industry, you can go directly to the 5 Best Cryptocurrency Stocks To Buy Now.
Industry giants such as Visa Inc. (NYSE:V), JPMorgan Chase & Co. (NYSE:JPM), and Mastercard Incorporated (NYSE:MA) are pouring billions of dollars into blockchain technology and cryptocurrency-related operations.
According to the Cryptocurrency Market 2022 report, published by Research and Markets, the global cryptocurrency market was worth $1.78 trillion in 2021. The market is projected to grow at a compound annual growth rate of 58.4% from 2021 to 2027 and is expected to reach $32.42 trillion by the end of the forecasted period. The rising popularity of decentralized applications is expected to drive this growth among other catalysts. Governments’ initiatives to accept cryptocurrencies around the world as fiat currencies are further adding credibility and reducing skepticism around the sustainability of digital assets. Furthermore, increasing digitization across a wide array of industries is also cited among the key drivers for the growth of the global cryptocurrency industry.
Payments giants Visa Inc. (NYSE:V), JPMorgan Chase & Co. (NYSE:JPM), and Mastercard Incorporated (NYSE:MA) are bullish on the future of cryptocurrencies and are reportedly working on their own blockchain projects and stable coins.
The cryptocurrency market is a high-reward market, but there is a tradeoff. The market is highly volatile and therefore comes with greater risks. Let’s look at Bitcoin for example. The most renowned and accepted cryptocurrency soared to an all-time high of over $68,000 in November 2021. As of the first quarter of 2022, the noble cryptocurrency is trading under $30,000, well below its 2021 average of $47,300. To manage risk and relatively avoid market volatility, one can invest in cryptocurrency stocks to take up a stake or explore the market.
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Our Methodology
To devise the list of best cryptocurrency stocks to buy now we did a careful analysis of the cryptocurrency market and identified major players, as well as emerging crypto mining companies. We narrowed down our selection to stocks that received consensus “Buy” ratings from analysts and had positive sentiment around them. We mentioned the analyst and investor sentiment with each of our picks, as we believe both to be critical indicators when forecasting a stock’s upside.
Best Cryptocurrency Stocks To Buy Now
10. Canaan Inc. (NASDAQ:CAN)
Number of Hedge Fund Holders: 7
Canaan Inc. (NASDAQ:CAN) is a leading Chinese developer and manufacturer of integrated circuit final mining equipment products for Bitcoin mining and related activities. Its ASIC high-performance computing chip design, chip research and development, computing equipment production, and software services have helped it gain widespread popularity in the crypto industry, making it one of the best pure-play cryptocurrency stocks to buy now.
On May 19, Canaan Inc. (NASDAQ:CAN) reported earnings for the fiscal first quarter of 2022. The company reported earnings per share of $0.47 but missed expectations by $0.03. The company’s quarterly revenues came in at $202.13 million, missing Wall Street consensus by $11.73 million. The company’s earnings are reflective of Covid-related restrictions in China, which negatively impacted its sales. Regardless, Canaan is a significantly undervalued stock to consider when looking to invest in the cryptocurrency industry. As of June 4, Canaan Inc. (NASDAQ:CAN) has a forward PE ratio of 1.44.
This May, DA Davidson analyst Hans Chung slashed his price target on Canaan Inc. (NASDAQ:CAN) to $10 from $15 but maintained a Buy rating on the shares. Chung remains conservative on the stock in the near term due to volatility in Bitcoin which the analyst believes could have a negative impact on demand and pricing. Regardless, the analyst remains bullish for the stock in the long-term given secular demand trends, share gain potential, healthy balance sheets, and free cash flow.
At the end of the first quarter of 2022, 7 hedge funds were bullish on Canaan Inc. (NASDAQ:CAN) with stakes worth $8.83 million in the company. Of these, Israel Englander’s Millennium Management was the most bullish hedge fund, having stakes of $6.21 million, making it the top stakeholder in the company.
9. Hut 8 Mining Corp. (NASDAQ:HUT)
Number of Hedge Fund Holders: 7
Hut 8 Mining Corp. (NASDAQ:HUT) operates as a cryptocurrency mining company in North America. The company engages in industrial-scale Bitcoin mining operations and owns multiple cryptocurrency mining powerhouses across Canada. As of January 31, 2022, Hut 8 Mining Corp. (NASDAQ:HUT) holds over 5,800 Bitcoins in reserve. As of June 4, the stock has a forward PE ratio of 8.05, which makes it a value stock pick for investors looking to have stakes in the cryptocurrency industry.
On May 12, Hut 8 Mining Corp. (NASDAQ:HUT) posted its performance for the fiscal first quarter of 2022. The company reported revenues of $40.90 million, up 52.97% year over year, missing estimates by $3.16 million. The company registered an EPS of $0.24 and exceeded expectations by $0.19.
Shortly after the company’s earnings release, Canaccord analyst Joseph Vafi lowered his price target on Hut 8 Mining Corp. (NASDAQ:HUT) to $6 from $12 but reiterated a Buy rating on the shares. Vafi noted that Hut 8 Mining Corp. (NASDAQ:HUT) is among the companies that have a solid track record in the Bitcoin mining industry. The analyst remains bullish and told investors that he believes the management at the company is dedicated to expanding its mining operations while simultaneously diversifying the company’s business model.
At the close of Q1 2022, 7 hedge funds were long Hut 8 Mining Corp. (NASDAQ:HUT) with stakes worth $7.91 million in the company. Of these, the top shareholder was Gillson Capital, with over 0.51 million shares in possession as of March 31, 2022. Gillson Capital upped its stakes in the company by 1100%, bringing them to over $2.84 million.
Hut 8 Mining Corp. (NASDAQ:HUT) is an attractive pure-play in the cryptocurrency industry. Other prominent names that are making strides in the cryptocurrency space include Visa Inc. (NYSE:V), JPMorgan Chase & Co. (NYSE:JPM), and Mastercard Incorporated (NYSE:MA).
8. Argo Blockchain Plc (NASDAQ:ARBK)
Number of Hedge Fund Holders: 5
Argo Blockchain Plc (NASDAQ:ARBK) is a United Kingdom-based cryptocurrency mining company that engages in the Bitcoin and other cryptocurrency mining businesses worldwide. The company was incorporated in 2017. At the close of Q1 2022, 5 hedge funds held stakes in Argo Blockchain Plc (NASDAQ:ARBK), worth $2.54 million. This is compared to 8 hedge funds in the previous quarter with stakes of $3.10 million.
This May, Argo Blockchain Plc (NASDAQ:ARBK) reported its performance for the fiscal first quarter of 2022. The company reported a net income of $2.1 million and adjusted EBITDA of $19.1 million, up 24% year over year. The company reported revenues of $19.5 million, up roughly 9% year over year. Argo Blockchain Plc (NASDAQ:ARBK) is making strides and mining crypto on the go. The company recorded a 21% increase in total Bitcoin mined in Q1 2022, which came in at 470, up from 387. As of the first quarter of 2022, Argo Blockchain Plc (NASDAQ:ARBK) holds 2,700 Bitcoins in reserve and a cash balance of $11.9 million, which provides the company with abundant liquidity, and makes it one of the best cryptocurrency stocks to buy in now.
Analysts are bullish on Argo Blockchain Plc (NASDAQ:ARBK) and the stock is attracting multiple “Buy” ratings. On May 20, Canaccord analyst Joseph Vafi cut his price target on Argo Blockchain Plc (NASDAQ:ARBK) to $13 from $16 but maintained a Buy rating on the shares.
In the first quarter of 2022, Jim Simons’ Renaissance Technologies raised its stakes in Argo Blockchain Plc (NASDAQ:ARBK) by 632% bringing them to over $0.88 million. This makes Renaissance Technologies the dominating stakeholder in the company.
7. Bitfarms Ltd. (NASDAQ:BITF)
Number of Hedge Fund Holders: 7
Bitfarms Ltd. (NASDAQ:BITF) is another leading cryptocurrency mining company based in North America. The company owns and operates server farms that validate transactions on the Bitcoin Blockchain, and helps the company in earning cryptocurrency from block rewards and transaction fees. On May 16, the company announced 2022 milestones and goals, in which it reported that its existing infrastructure construction contracts are expected to provide an increased hash rate of 6.0 EH/s by the close of 2022. The company’s quarterly hash rate targets for 2022 quarterly were reported to be 4.0 EH/s by June 30, 4.2 EH/s by September 30, and 6.0 EH/s by December 31, 2022.
Bitfarms Ltd. (NASDAQ:BITF) is expanding its operations and rising to prominence in the cryptocurrency industry. Moreover, as of June 4, Bitfarms Ltd. (NASDAQ:BITF) has a trailing-twelve-month PE ratio of 10.56, which makes it one of the best value cryptocurrency stocks to buy now.
On May 16, Bitfarms Ltd. (NASDAQ:BITF) reported earnings for the fiscal first quarter of 2022. The company reported earnings per share of $0.01, missing expectations by $0.03. The company’s quarterly revenues came in at $40.33 million, up 41.84% year over year, and outperformed market consensus by roughly $0.72 million.
Bitfarms Ltd. (NASDAQ:BITF) is being eyed by investors. At the end of the first quarter of 2022, 7 hedge funds held stakes in the cryptocurrency mining company, worth $8.57 million. Of these, the majority were attributed to Ken Griffin’s Citadel Investment Group, which owns 1.05 million shares of the company as of March 31, 2022, and is the top shareholder.
6. Riot Blockchain, Inc (NASDAQ:RIOT)
Number of Hedge Fund Holders: 14
Riot Blockchain, Inc. (NASDAQ:RIOT) is a Colorado-based cryptocurrency mining company that focuses on Bitcoin mining operations in North America. The company operates through four business segments: Bitcoin Mining, Data Center Hosting, Electrical Products, and Engineering. As of December 31, 2021, the company operated roughly 31,000 miners. As of Q1 2022, 14 hedge funds have stakes in Riot Blockchain, Inc. (NASDAQ:RIOT) worth $28.58 million. This is compared to 18 hedge funds in the prior quarter with stakes worth $37.12 million.
On May 10, Riot Blockchain, Inc. (NASDAQ:RIOT) posted its performance for the fiscal first quarter of 2022. The company registered an EPS of $0.30, beating Wall Street estimates by $0.29. The company reported quarterly revenues of $79.80 million, up 244.01% year over year, but missed consensus by $1.98 million.
Along with its earnings release, Riot Blockchain, Inc. (NASDAQ:RIOT) also recorded a 186% gain in Bitcoin production quantity, and mined a record 1,405 Bitcoins in Q1 2022, up from 491 Bitcoins in the comparable quarter last year. Moreover, as of June 4, the stock has a forward PE ratio of 8.61, which makes it an undervalued pure-play in the crypto industry, and ranks it sixth among the best cryptocurrency stocks to buy now.
This June, BTIG analyst Gregory Lewis trimmed his price target on Riot Blockchain, Inc. (NASDAQ:RIOT) to $15 from $50 but maintained a Buy rating on the shares. The analyst’s price cut is reflective of the drop in Bitcoin value, which is trading near $30,000, down 35% year-to-date. However, Lewis remains bullish on large miners and believes they will continue to have access to capital at the expense of emerging miners.
Legendary investor Steve Cohen’s Point72 Asset Management raised its stakes in Riot Blockchain, Inc. (NASDAQ:RIOT) by 340% in the first quarter of 2022. As of March 31, the fund’s stakes in the company are valued at $10.36 million, making it the leading stakeholder in the company.
Riot Blockchain, Inc. (NASDAQ:RIOT) is one of the largest cryptocurrency miners in the world. Other prominent backers of cryptocurrency and blockchain technology are Visa Inc. (NYSE:V), JPMorgan Chase & Co. (NYSE:JPM), and Mastercard Incorporated (NYSE:MA).
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Disclose. None. 10 Best Cryptocurrency Stocks To Buy Now is originally published on Insider Monkey.
