20 Best Cryptocurrency Stocks to Buy According to Hedge Funds

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13. Robinhood Markets, Inc. (NASDAQ:HOOD)

Number of Hedge Fund Holders: 38

Robinhood Markets, Inc. (NASDAQ:HOOD) operates a financial services platform. The firm offers the lowest cost to trade crypto on average. It allows one to buy, hold, and sell popular cryptocurrencies and stablecoins including BTC, ETH, DOGE, SHIB, AVAX, LTC, UNI, ETC, LINK, XLM, and AAVE. Without being charged any deposit or withdrawal fees, one can transfer crypto from their Robinhood account to other crypto wallets. Other than cryptocurrency services, the company also provides brokerage services and clearing services.

Robinhood operates a distinct and commission-free business model which allows buying and selling stocks for free. The firm achieved new quarterly records for revenues and earnings per share in the year’s second quarter. Total net revenues climbed 40% year-over-year, with a 69% year-over-year rise in transaction-based revenues, a 161% rise in cryptocurrencies revenue, and a 60% rise in equities revenue. Net interest revenue was also up 22% as compared to last year. Robinhood recorded earnings per share of $0.2, beating EPS estimate by $0.06.

Furthermore, the firm reached a record 2 million subscribers. The firm’s announcement of the strategic acquisition of a globally-scaled crypto exchange Bitstamp in June and an AI-powered investment research platform Pluto Capital Inc. in July further demonstrate its roadmap to business expansion and growth.

Strong business results, delivery of profitable growth, and commission-free investing make Robinhood Markets, Inc. (NASDAQ:HOOD) a compelling choice for investors seeking exposure to the crypto industry. The company ranks among the 20 best cryptocurrency stocks to buy according to hedge funds since it is held by 38 hedge funds, as of Q2 2024. Thrive Capital stands as the most prominent shareholder in the company.

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