10 Worst Performing Crypto Stocks to Buy Now

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1. Block, Inc. (NYSE:XYZ)

Year-to-Date Performance: -21.21%

Number of Hedge Fund Holders: 81

Block, Inc. (NYSE:XYZ), previously known as Square, is an American technology company that is focused on financial services and has a significant involvement in the crypto space. In 2021, the company changed its name to reflect its growing focus on blockchain technologies and crypto. Block, Inc. (NYSE:XYZ) provides a variety of products and services. Through its main product, Square, the company helps businesses manage payments and operations. Cash App: allows users to buy, sell, and hold Bitcoin. Through TBD, the company is focused on building decentralized financial services by creating an open platform for accessing Bitcoin and other blockchain technologies.

The company operates a diverse business model that generates multiple revenue streams by serving various customer needs, from small businesses to individual users. Block, Inc. (NYSE:XYZ) is focused on innovation, particularly within the crypto space, where it is developing crypto mining hardware. In July 2024, Block, Inc. (NYSE:XYZ) announced an agreement to supply Core Scientific, one of the largest Bitcoin miners in North America, with new 3-nanometer (3nm) mining ASICs to enhance Bitcoin mining operations. The ASIC mining chip is built by the Proto team at Block, Inc. (NYSE:XYZ). The Proto team is developing a modular mining platform around its ASIC mining chip to provide an innovative, integrated Bitcoin mining solution that improves efficiency, reliability, and uptime in large-scale mining operations.

Overall, XYZ ranks first among the 10 worst-performing crypto stocks to buy now. While we acknowledge the potential of crypto companies, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than XYZ but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

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