The cryptocurrency market has taken the world by storm, with the industry bellwether Bitcoin (BTC-USD) soaring by over 157% last year alone. This bullish trend has seamlessly spread to crypto stocks, encompassing businesses dealing in crypto exchanges, mining, and other related areas. These stocks are ticking in the green, mirroring the positive sentiment in the crypto market.
Beyond the immediate gains, the long-term potential of crypto stocks remains undeniable. According to Fortune Business Insights, the global blockchain technology market is projected to soar from $17.57 billion in 2023 and reach a staggering $469.49 billion by 2030. This immense growth indicates a thriving industry with vast opportunities for crypto-related stocks.
Considering the crypto stock market’s impressive performance and promising future, investors seeking high-growth opportunities shouldn’t ignore this dynamic space. With careful research and a strategic approach, wagering these three crypto stocks can be valuable to a diversified portfolio.
Block (SQ)
Block Inc (NYSE: SQ) remains at the forefront of digital payment solutions through its popular Cash App and has aggressively expanded in the crypto realm. Fueled by its hefty investment in Bitcoin, the company boasts a substantial portfolio of around 8,038 BTC worth a stellar $580 million at current prices.
Moreover, BTC was a major growth driver for the company in its most recent quarterly showing. Revenues from BTC rose an incredible 37% year-over-year (YOY) to $2.52 billion. Additionally, BTC’s gross profits were at a stellar $66 million, representing 3% of total BTC sales.
Furthermore, Block is forecasting a 2024 gross profit of $8.65 billion and an EBITDA of $2.65 billion, ahead of analyst estimates of $8.55 billion and $2.4 billion, respectively. Such promising projections make Block a lucrative crypto stock, offering a blend of innovation, growth, and potential for substantial long-term returns.
Marathon Digital (MARA)
Marathon Digital (NASDAQ:MARA), a leader in digital asset mining, has proven equally successful in the crypto stock space through its mining prowess. Mirroring Bitcoin’s 2023 surge, MARA stock surged a whopping 279% last year and is up 101% in the past six months. Last year’s record-breaking stride culminated in a staggering 4,242 Bitcoins (BTC) mined in the fourth quarter (Q4) alone, eclipsing prior achievements and setting a new company benchmark.
Financially, Marathon dazzled, with Q4 revenues hitting $157 million, beating estimates by $11.27 million. Moreover, it was the third consecutive quarter where its top line grew by triple-digit margins on a YOY basis. Additionally, adjusted EBITDA soared to an incredible $420 million for the year, backed by gains in production and the robustness in the digital asset market.
Moreover, Marathon stocks boast a substantial cache of 15,126 BTC, valued at more than $1.09 billion at current prices. Also, it has more than $1 billion in liquidity to continue aggressively expanding its presence further in the crypto sphere, promising lucrative long-term returns.
Bitframs (BITF)
Bitfarms (NASDAQ:BITF), a dynamic force in the crypto stocks realm, is making waves with its remarkable resilience and strategic growth initiatives. Mining an impressive 446 BTC and totaling 4,928 last year, Bitfarms showcased a strong finish last year by securing 1,236 BTC in Q4 alone.
Notably, in mid-February 2024, Bitfarms bolstered its capabilities by installing 12 Bitmain T21 miners for testing, which proved fruitful as they exceeded manufacturer specifications. This strategic investment underscores Bitfarms’ commitment to innovation expansion in the sector.
Financially, the company remains robust, boasting $118 million in liquidity backed by strong top-line growth. In Q4, revenues of $46.24 million blew past analyst expectations by $3.16 million. Hence, its solid financial footing, backed by its debt-free status, innovative initiatives, and strategic expansion, cements Bitfarms’ position in the crypto market.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines
