Janice R. Andrews
Investors are feeling both excited and nervous about the wild trip that Bitcoin has taken in recent months. Following a notable decline and an all-time high in March, the cryptocurrency market is garnering attention once more. Stocks that might profit from Bitcoin’s comeback are attracting investors’ attention as it navigates its volatility. These are five stocks that are all about Bitcoin and might rise over the next several months.
1. Global Inc. Coinbase (COIN)
In the cryptocurrency space, Coinbase is a prominent supplier of technology and financial infrastructure for institutional and individual investors alike. As a key component of the cryptocurrency ecosystem, Coinbase offers a wide range of services, including as a main bank account, liquidity pool, and development tools. Coinbase is projected to see growth in sales and profitability as long as Bitcoin’s popularity continues to increase. Zacks Rank #1: Coinbase is a strong investment with an expected earnings growth rate of more than 100% for the current year.
2. HOOD: Robinhood Markets Inc.
Millions of people have found investing more accessible because to Robinhood’s user-friendly platform, which gives them access to stocks, cryptocurrencies, and other assets. A prominent participant in the retail trading market, Robinhood has garnered a devoted fan base for its cryptocurrency ventures, which include Dogecoin, Ethereum, and Bitcoin. As retail investors’ interest in cryptocurrencies grows, Robinhood is well-positioned to profit from it with a Zacks Rank #2 and an estimated profits growth rate of more than 100% for the current year.
3. CLSK, Inc. CleanSpark
CleanSpark is a Bitcoin miner that prioritizes sustainability by using low-carbon energy sources to power its data centers. CleanSpark stands apart in the market thanks to its environmentally friendly mining methods as the demand for Bitcoin rises. CleanSpark, which has a Zacks Rank #2 and an expected profits growth rate of more than 100% for the current year, is well-positioned to grow significantly as Bitcoin gathers traction.
4. Hut 8 Corp (HUT)
With a particular focus on Bitcoin, Hut 8 specializes in the acquisition, construction, and operation of data centers for the mining of digital assets. Hut 8 has strengthened its mining skills through mergers and strategic alliances in an effort to significantly raise its overall hash rate. Hut 8 is well-positioned to benefit from the rising demand for Bitcoin mining infrastructure, as seen by its Zacks Rank #2 and projected profits growth rate of more than 100% for the current year.
5. Block Inc. (SQ)
With a focus on Bitcoin, Block—the parent firm of Square and Cash App—has grown to become a major force in the digital payment market. Users may purchase, trade, and deal in Bitcoin using its Cash App platform, meeting the increasing demand for bitcoin services. With a Zacks Rank #2 and an anticipated profits growth rate of 73.9% for the current year, Block is in a good position to profit from the widespread use of Bitcoin and decentralized financial applications.
With these five Bitcoin-focused stocks, investors have a rare chance to profit from the cryptocurrency market’s comeback as Bitcoin gets ready for its next spike. Coinbase Global Inc., Robinhood Markets Inc., CleanSpark Inc., Hut 8 Corp., and Block Inc. are well-positioned to generate substantial returns in 2024 due to their outstanding profit growth potential and favorable market dynamics.
