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As the rollercoaster ride of the cryptocurrency world continues, savvy investors will want to channel their focus on the best blockchain stocks to buy.
These stocks offer a smoother, more predictable path into the bustling realm of digital finance. Instead of riding the volatile wave of in the crypto market, it’s a wise strategy to zero in on those high potential blockchain stocks leveraging this technology’s robust capabilities.
Many of these companies are not pure plays, which means there’s the safety net of an established core business to fall back on. Today, many publicly traded companies are integrating blockchain into their operations, delivering blockchain-centric services to customers.
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Whether you’re eyeing blockchain stocks with explosive upside or scouting for the best blockchain stocks to buy with high potential, the market is ripe with opportunities extending far beyond mere crypto trading.
Riot Blockchain (RIOT)
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Investors seeking a robust play in the Bitcoin mining sphere should focus on Riot Blockchain (NASDAQ:RIOT).
Riot is positioned for aggressive long-term growth with an impeccable balance sheet, a hefty cash buffer of $390 million, and zero long-term debt on its books in the first quarter. Its attractiveness as a low-cost Bitcoin miner is worth emphasizing, and a potential sustained rally in BTC could take the stock to new heights in the upcoming quarters.
Witnessing a surge in mining capacity, Riot reported a capacity of 10.5EH/s in the first quarter, a stunning 144% year-on-year increment.
The company mined an impressive 676 BTC in May, a noteworthy bump from the 639 in April and 466 from the prior-year period. To top it off, 600 BTC were sold at an average net price of $27,568, raking in healthy net proceeds of $16.5 million.
Block (SQ)
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Block (NYSE:SQ), once known as Square, has become a force to be reckoned with in the fintech space. The tech giant has been making major waves by knitting together tools and services to create holistic ecosystems like Square and the Cash App.
A name change in 2021 signified more than a fresh moniker; it underscored a strategic pivot towards blockchain technology solutions, cementing its position as a significant player in this burgeoning space.
The company’s commitment to blockchain integration is clear. By the close of 2022, Block had $133 million nestled in Bitcoin investments, a testament to Block’s confidence in the blockchain sector.