5 Best Bitcoin and Blockchain Stocks To Buy Now

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1. Amazon.com, Inc. (NASDAQ:AMZN)

Number of Hedge Fund Holders: 278

Amazon.com, Inc. (NASDAQ:AMZN) is involved in the retail of consumer products and subscriptions, both online and in physical stores, across North America and different international markets. Its operations are organized into three segments – North America, International, and Amazon Web Services. Amazon.com, Inc. (NASDAQ:AMZN) has made notable investments in blockchain technology. The company has introduced its own blockchain service called Amazon Managed Blockchain. The Amazon Managed Blockchain is a fully managed service designed to assist individuals in creating strong Web3 applications on both public and private blockchain networks. It also offers quick and serverless access to multiple blockchain platforms. Amazon.com, Inc. (NASDAQ:AMZN) is one of the best blockchain and bitcoin stocks to buy now.

On September 21, Wells Fargo & Company (NYSE:WFC) identified Amazon.com, Inc. (NASDAQ:AMZN) as a top choice due to the favorable pricing of its shares. The firm maintained an Overweight rating on the stock along with a price target of $165.

According to Insider Monkey’s second quarter database, 278 hedge funds were bullish on Amazon.com, Inc. (NASDAQ:AMZN). This number increased from the preceding quarter when 243 funds had invested in the stock. Harris Associates is a significant position holder in the company, with 15.62 million shares valued at $2.04 billion.

Diamond Hill Large Cap Strategy made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q2 2023 investor letter:

“Among our top contributors were insurance company American International Group (AIG), auto retailer CarMax and global online retailer Amazon.com, Inc. (NASDAQ:AMZN).

Amazon’s management team has been working to improve retail profitability, and Q1 results showed progress. In the case of Amazon’s web services (AWS), the market has shifted its focus from where growth will bottom in the near term to how AI can help accelerate the adoption of public cloud services in the future. We believe Amazon’s competitive advantages will continue to grow and that the business has the potential to grow faster than the overall economy in the coming years.”

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