5 Best Bitcoin Stocks to Invest in According to Hedge Funds

3. Paypal Holdings, Inc. (NASDAQ:PYPL)

Number of Hedge Fund Holders: 115

Paypal Holdings, Inc. (NASDAQ:PYPL) offers payment solutions through its fintech platform to users in various countries. The financial payment system of the company allows users to buy cryptocurrencies, including Bitcoin, through a bank account, debit card (Paypal compatible), or Paypal balance.

On April 11, Paypal Holdings, Inc. (NASDAQ:PYPL) announced that it will be partnering with Visa Inc. (NYSE:V) to launch Visa+ with Venmo. Through the service, the company’s users will be able to conduct transactions between multiple digital payment apps without needing any Visa card.

In Q4 2022, 115 hedge funds had stakes in Paypal Holdings, Inc. (NASDAQ:PYPL) worth $5.1 billion, and Citadel Investment Group was the biggest stakeholder in the company after increasing its stake by 412%.

Paypal Holdings, Inc. (NASDAQ:PYPL) was mentioned in the fourth-quarter 2022 investor letter of Renaissance Investment Management. Here is what it is:

“Another underperformer in the quarter was PayPal Holdings, Inc. (NASDAQ:PYPL). Despite reporting solid third quarter operating results and announcing new payment agreements with both Apple and Amazon.com, the company guided for a slowdown in e-commerce activity, partly reflecting weakened consumers who are dealing with heightened inflation. However, we still expect growth in PayPal’s core payments platforms to improve in upcoming quarters, driven by easier year-over-year comparisons.”