10 Best Digital Currency and Payments Stocks To Invest In

6. Block Inc. (NYSE:SQ)

Number of Hedge Fund Holders: 64

Block Inc. (NYSE:SQ), previously known as Square Inc., is a prominent technology company focused on financial services. Its ecosystem includes Square, Cash App, TIDAL, and TBD, all designed to enhance access to the economy for various users. Square simplifies commerce for sellers with integrated solutions, while Cash App allows users to easily send, spend, and invest their money in stocks or even Bitcoin. Block Inc. (NYSE:SQ) is one of the best digital money stocks to invest in.

In the third quarter of 2024, Block Inc. (NYSE:SQ) reported impressive financial results. Gross profit grew by 19% year-over-year, reaching $2.25 billion. Square contributed $932 million to this figure, up 16%, while Cash App significantly increased its gross profit by 21%, totaling $1.31 billion. This growth reflects the company’s strong market position and effective strategies for expanding its services.

The company is also innovating with new features for sellers, including an enhanced point-of-sale experience for restaurants and a unified app for sellers expected to launch broadly in 2025. Additionally, Block Inc. (NYSE:SQ) is on track to transform 24 million Cash App Cards into a better alternative to credit cards when the company introduces Afterpay on Cash App Cards. Given these strategic moves and the robust financial performance demonstrated in Q3 2024, Block Inc. (NYSE:SQ) presents a compelling opportunity for investors looking at digital currency and payments stocks.