In this article, we’re going to take a look at 5 best blockchain stocks to buy now. For a more detailed analysis on blockchain technology and a more comprehensive list of companies, head over to 14 best blockchain stocks to buy now.
5. Visa Inc (NYSE:V)
Similarly to Mastercard Inc (NYSE:MA), which we mentioned in the previous article, Visa Inc (NYSE:V) does not remain on the sidelines when it comes to adapting to blockchain technology. In partnership with a cryptocurrency exchange, Visa Inc (NYSE:V) is providing settlement services in stablecoin USDC, which helped the exchange to eliminate the need to convert the cryptocurrency to fiat. This also provided more flexibility and lowered the costs. Visa Inc (NYSE:V)’s USDC settlement currently covers two blockchains: Ethereum and Solana. During the third quarter, the number of hedge funds tracked by Insider Monkey that held shares in Visa Inc (NYSE:V) fell by four to 167 and the aggregate value of their holdings declined to $2.44 billion from $2.49 billion.
4. NVIDIA Corp (NASDAQ:NVDA)
NVIDIA Corp (NASDAQ:NVDA) was in the limelight at the peak of Bitcoin and blockchain popularity. That’s because the Graphics Processing Units (GPUs), which NVIDIA dominates the market of, are the best processors for data mining due to their faster processing speed and efficiency compared to Central Processing Units (CPUs). In fact, at one point there was a shortage of GPUs and the company reported a significant increase in revenue (last year, it was fined for failing to disclose the impact of miners on its revenue to investors). In 2021 the company launched a chip dedicated to mining. For the fiscal third quarter (ended October 29), NVIDIA Corp (NASDAQ:NVDA) reported revenue of $18.12 billion (an increase of 206% on the year) and more than $2.0 billion higher than anticipated. The company’s EPS of $4.02 also topped the consensus by $0.63. At the end of September, there were 180 hedge funds bullish on NVIDIA Corp (NASDAQ:NVDA), up by five over the quarter.
3. Alphabet Inc (NASDAQ:GOOGL)
Then there’s Alphabet Inc (NASDAQ:GOOGL), which saw 221 funds hold shares at the end of September, up from 204 funds a quarter earlier. A 2022 study by Blockdata revealed that Alphabet Inc (NASDAQ:GOOGL) is one of the top investors in the industry, pumping more than $1.5 billion into blockchain companies. Moreover, Alphabet Inc (NASDAQ:GOOGL)’s Google Cloud has been storing Bitcoin data since 2018 and has since expanded into 10 other blockchains. Google Cloud also provides Blockchain Node Engine, which allows users to deploy a node and synchronize it with the blockchain.
2. Amazon.com, Inc. (NASDAQ:AMZN)
In Amazon.com, Inc. (NASDAQ:AMZN) there were 286 investors with long positions at the end of September, up by eight over the quarter. As part of its cloud computing segment, Amazon.com, Inc. (NASDAQ:AMZN) provides Amazon Managed Blockchain, a service that allows users to build applications on blockchain technology. The tech giant has more than 70 blockchain solutions that provide support to most major blockchain protocols including Hyperledger Sawtooth, Ethereum, Quorum, Blockstack, and others. One of the companies that took advantage of Amazon.com, Inc. (NASDAQ:AMZN)’s blockchain solution is Nestle, which relies on blockchain technology for its supply chain management.
1. Microsoft Corp (NASDAQ:MSFT)
As part of its Azure cloud platform, Microsoft Corp (NASDAQ:MSFT) provides solutions for Web3 (a common term used to describe the next iteration of Internet that will be built and run on blockchain technology) that helps developers and enterprises build decentralized applications or launch their own blockchain for more efficient and transparent transactions. Several years ago, Microsoft Corp (NASDAQ:MSFT) also offered Azure Blockchain solutions, which allowed running blockchain and ledger services on Azure cloud platform. However, the service was retired in 2021. At the end of September, Microsoft Corp (NASDAQ:MSFT) saw 306 funds from our database holding shares, up by six over the quarter, which makes Microsoft Corp (NASDAQ:MSFT) the most popular stock among hedge funds.
