5 Most Profitable Cryptocurrency Stocks

1. Visa Inc. (NYSE:V)

Trailing Twelve Months Net Income: $15.2 billion

Number of Hedge Fund Holders: 177

Visa Inc. (NYSE:V) is a payment technology company providing transaction processing services across the globe and is based in California, United States. The company operates VisaNet which enables authorization, clearing, and payment transactions along with products such as credit and debit cards. It has created partnerships with over 60 crypto companies including Coinbase Gloval, Inc. (NASDAQ:COIN) to release its own crypto cards using which consumers can use to spend their cryptocurrency directly.

Dan Dolev, a Mizuho analyst, maintained the firm’s Neutral rating on Visa Inc. (NYSE:V) on January 30 and raised the price target for the company from $240 to $220.

The company exceeded predictions of both revenue and adjusted earnings growth in the first fiscal quarter of 2023. It saw a net revenue of $7.94 billion which was $238 million above analyst expectations and was a year-on-year growth of 12.42% for the quarter. During the same quarter, its payments volume, total-cross border volume, and processed transactions increased by 7%, 22%, and 10% respectively. The company is the largest player in the payment volume market and had a market share of above 50% in 2021. Visa Inc. (NYSE:V) also has extremely high operating margins of above  60% which lead to a higher net income for the firm as well.

Insider Monkey’s survey at the end of the fourth quarter showed 177 out of 943 hedge funds held shares in Visa Inc. (NYSE:V), with a total stake value of $26.5 billion.

Here is what Baron Funds specifically said about Visa Inc. (NYSE:V) in its fourth-quarter 2022 investor letter:

“Shares of global payment network Visa Inc. (NYSE:V) increased after reporting strong quarterly results, with 19% growth in revenue and EPS despite currency headwinds and the suspension of operations in Russia. Payment volume grew 16% in local currency (excluding Russia and China) with notable strength in cross-border volumes driven by rebounding international travel. Management also provided encouraging guidance for the next fiscal year. We continue to own the stock due to Visa’s long runway for growth and significant competitive advantages.”

See also 10 Most Promising Blockchain Stocks According to Analysts and 13 Top Performing Bitcoin Stocks in January.