5 Best Cryptocurrency Stocks to Buy According to Hedge Funds

3. Visa Inc. (NYSE:V)

Number of Hedge Fund Holders: 166

Visa Inc. (NYSE:V) operates as a payments technology company worldwide. Although Visa Inc. (NYSE:V) does not hold cryptocurrency on its balance sheet, it offers a crypto consulting service to clients and has made several investments in crypto platforms as the company continues to support the adoption of digital currencies. Visa Inc. (NYSE:V) is one of the best cryptocurrency stocks to buy. 

On August 16, Daiwa analyst Kazuya Nishimura downgraded Visa Inc. (NYSE:V) to Neutral from Outperform with a price target of $225, down from $230. Visa Inc. (NYSE:V) continues to deliver an upbeat growth case given a recovery in cross-border travel, but with border restrictions now almost fully lifted except in some parts of Asia, the analyst sees lower scope for earnings to exceed market expectations. However, he continues to highly regard Visa Inc. (NYSE:V)’s medium-to-long-term growth prospects.

Among the hedge funds tracked by Insider Monkey, Visa Inc. (NYSE:V) was part of 166 public stock portfolios at the end of June 2022, up from 159 in the prior quarter. Chris Hohn’s TCI Fund Management is the biggest stakeholder of the company, with roughly 20 million shares worth close to $4 billion. 

Here is what Baron Fintech Fund has to say about Visa Inc. (NYSE:V) in its Q2 2022 investor letter:

“The Fund’s holdings in the Payments and Information Services themes also contributed to relative performance. Within Payments, lower exposure to this lagging theme and outperformance of Visa, Inc. (NYSE:V). These global payment networks are viewed as safe havens during market downturns but are also benefiting from resilient payment volumes and a sharp rebound in international travel.”