S&P 500 ^GSPC
5,061.82
-1.20%
Tesla TSLA
$161.48
-5.59%
Nvidia NVDA
$860.01
-2.48%
Meta META
$500.23
-2.28%
Apple AAPL
$172.69
-2.19%
Microsoft MSFT
$413.64
-1.96%
Alphabet GOOG
$156.33
-1.80%
Amazon AMZN
$183.62
-1.35%

Crypto boom: 3 stocks to watch in new rally

Charles Sainsbury
12. 3. 2024
5 min read

The cryptocurrency market is resurgent, and with it comes opportunities to buy stocks that are closely linked to this dynamic area. The new crypto rally brings hope for gains and three companies offer interesting opportunities for investors. Indeed, cryptocurrencies are becoming increasingly attractive investments due to various factors, including the recent approval of bitcoin ETFs and upcoming events such as "Bitcoin halving."

These events are expected to maintain momentum and extend the current cryptocurrency rally. With the price of Bitcoin soaring to new all-time highs, investors are looking for ways to participate in this rising market. Here are three interesting stocks that may offer a gateway into the world of cryptocurrencies.

MicroStrategy $MSTR-9.7%

MicroStrategy has become a dominant player in the cryptocurrency space thanks to its massive bitcoin portfolio worth $13 billion. This pioneer in the world of digital currencies is no newcomer to the industry - it has been actively buying bitcoins since 2020. This year in particular was a pivotal point when revenue from its software business and the company decided to diversify its investments. Their average bitcoin purchase price is 31,544 dollars, giving their portfolio an impressive $13 billion based on current prices.

MSTR
$1,335.88 -$143.70 -9.71%
Target Price
255 (-80.91% Downside)

In February, the company announced the purchase of an additional 3,000 bitcoins, bringing the total number of digital tokens held to193,000. These actions indicate strong confidence in bitcoin's continued growth and long-term stability. With the price of bitcoin recently reaching an all-time high of$69,202, analysts predict further growth. It is expected tosurpass the $150,000 markby the end of the year , which would mark another significant increase in the value of the company's portfolio MicroStrategy.

MSTR
$1,335.88 -$143.70 -9.71%
1 Day
-0.1%
5 Days
+25.12%
1 Month
+145.31%
6 Months
+252.96%
YTD
+81.89%
1 Year
+438.46%
5 Years
+807.32%
Max.
+1,079.84%

Since its entry into the world of cryptocurrencies, MicroStrategy has become an icon in financial innovation. Its stock has become almost synonymous with the price of Bitcoin, attracting the attention of both traditional investors and those interested in digital assets. Over the past 12 months ,$MSTR-9.7%stock has risen 565%, an astounding result that shows the strength of the connection between the traditional market and the world of cryptocurrencies. With the rapid pace of innovation and the continued growth of bitcoin's market capitalization, MicroStrategy is emerging as a key player for investors looking for long-term growth in the sector.

Block $SQ-4.5%

Payments firm Square recently underwent a change when changed its name to Block to better reflect its core interest in cryptocurrencies and blockchain. This name change is not merely cosmetic, but rather reflects the strategic direction of the company as it seeks to actively engage in the dynamic world of digital assets. Block, while holding a smaller share of bitcoin compared to its competitors, recently reported a profit of $207 million in BTC holdings. This surprising financial result highlights the growing importance of cryptocurrencies in the company's portfolio.

SQ
$73.50 -$3.49 -4.53%
Target Price
158.46 (+115.59% Upside)

The end of 2023 brought Blockchain another success as the company reported a profit of $66 million from bitcoin sales, up 90% from the previous year. These numbers illustrate not only the growing interest in digital currencies, but also Block's ability to capitalize on this momentum. Shares of $SQ-4.5% are up 17% over the past 12 months, indicating a positive market reaction to the company's strategic transformation.

SQ
$73.50 -$3.49 -4.53%
1 Day
-0.05%
5 Days
-5.34%
1 Month
+10.57%
6 Months
+34.78%
YTD
+4.58%
1 Year
-3.22%
5 Years
+1.92%
Max.
+477.89%

One of the key factors supporting Block's growth is its popular banking platform Cash App. This platform not only provides ordinary users with easy access to digital currencies, but also creates opportunities for company growth. With the growing interest in cryptocurrencies and blockchain, Block is expected to continue to expand its operations in this sector and offer new innovative services to its users.

Coinbase Global $COIN-9.1%

Coinbase Global has become Leader among crypto exchanges in the U.S., and its performance in recent years only confirms this. The company recently announced its first profit in two years, an important milestone that signals the strength and stability of its business. In the fourth quarter of 2023, Coinbase achieved earnings per share of $1.04, which was significantly higher than expectedby 27 cents. This success was not overshadowed by the increase in revenue, which grew year-over-year by 58% to $953.80 million.

COIN
$223.36 -$22.39 -9.11%
Target Price
181.73 (-18.64% Downside)

The growth of cryptocurrency trading represents a significant boost to Coinbase a huge opportunity. Investor interest in digital assets continues to grow, especially after the Securities and Exchange Commission (SEC) approved a bitcoin spot ETF in January . The move has spurred interest in cryptocurrencies and increased trading on Coinbase's exchange, leading toan increase in the company'srevenue. Coinbase's recent successes, such as profit achievement and increased trading activity, are key indicators of future growth and success with digital currencies.

COIN
$223.36 -$22.39 -9.11%
1 Day
-0.09%
5 Days
+17.69%
1 Month
+95.42%
6 Months
+191.66%
YTD
+52.06%
1 Year
+285.44%
5 Years
-27.33%
Max.
-27.33%

Shares of $COIN-9.1% have posted impressive growth of more than320% over the past 12 months , wellabove the market average. This growth is attracting the attention of investors looking for growth investment opportunities. With the growing interest in cryptocurrencies and Coinbase's positive results, this trend is expected tocontinue.

Disclaimer: You will find a lot of inspiration on Bulios, however, stock selection and portfolio construction is up to you, so always conduct a thorough analysis of your own.

Source.


Pass the article on, or save it for later.