Stocks to buy

3 Blockchain Stocks to Decentralize Your Investments in 2024

Bitcoin’s(BTC-USD) staggering 58% surge over the past six months has sparked renewed and widespread interest in blockchain technology. This momentum, coupled with analysts’ predictions of Bitcoin reaching the $50,000 threshold, heralds an era for top blockchain stocks to buy.

The remarkable ascent of blockchain stocks, particularly those linked to crypto-centric public companies, owes much to the market’s optimism for the anticipated approval of a Bitcoin ETF. A prime example is the Grayscale Bitcoin Trust (OTCMKTS:GBTC), whose shares have skyrocketed by an impressive 312% since the year’s start, hitting $33.97. This uptrend reflects a broader acknowledgment of blockchain’s potential in reshaping financial landscapes.

Despite blockchain’s increasing prominence and its promise of decentralization, mainstream investment circles need to catch up to adapt. Recognizing this gap, it seems prudent to spotlight three blockchain stocks poised to contribute to a decentralized world significantly.

Riot Platforms (RIOT)

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Riot Platforms (NASDAQ:RIOT), a frontrunner in the crypto mining sector, represents an excellent choice for investors looking to capitalize on the crypto market’s fluctuations. The company has been methodically expanding its Bitcoin mining operations, aiming to maximize gains from potential future market upswings.

Central to Riot’s expansion is its current network hash rate of 12.4 EH/s. A higher hash rate means an enhanced capacity to earn Bitcoin through block rewards and transaction fees. As Riot’s hash rate grows, so does its Bitcoin production capability, paving the way for substantial future growth.

Recently, Riot has accelerated its expansion efforts. After securing a deal with MicroBT for 33,280 next-gen Bitcoin miners and adding another 66,560 via a secondary order, the company is on track to boost its self-mining hash rate by 26 EH/s. By mid-2025, this strategy will nearly triple Riot’s capacity to around 38 EH/s, magnifying its benefits from both rising Bitcoin prices and a growing market share.

Paypal (PYPL)

PayPal (NASDAQ:PYPL) was one the first major fintech companies to venture into the blockchain realm. Its strategic foray into digital assets, offering services for buying, selling, and holding cryptocurrencies like Bitcoin, Ethereum (ETH-USD), and Litecoin (LTC-USD), as well as offering its stablecoin, PayPal USD is a testament to its commitment to the burgeoning sector. This bold move showcases PayPal’s commitment to blockchain innovation.

Moreover, PayPal’s recent financial performance underscores its resilience. The company reported a notable third-quarter success, with non-GAAP earnings per share of $1.30, surpassing expectations by 7 cents. Additionally, its revenue climbed by a robust 8% year-over-year to $7.4 billion, exceeding projections by $20 million. These achievements highlight PayPal’s strong market presence, especially in services for large enterprises.

Reflecting these positive indicators, TipRanks analysts assign PayPal a moderate buy, with an astounding 21.1% upside potential. This assessment, coupled with PayPal’s proactive stance in the blockchain sector, marks it as a compelling investment for savvy investors.

Nvidia (NVDA)

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Nvidia (NASDAQ:NVDA) stands out as a somewhat overlooked gem in the blockchain sector, renowned for its high-performance GPUs and its significant role in AI technology. The company’s GPUs are critical in mining various types of cryptocurrencies, placing Nvidia at the forefront of the crypto industry. This influence extends to AI crypto tokens such as (FET-USD), whose performance is closely linked to Nvidia’s operational success, reflecting the company’s substantial impact on the sector.

Furthermore, Nvidia’s stock performance has been nothing short of stellar, with shares soaring over 250% year-to-date. This bump underscores the company’s robust financial health and technological dominance. The recent quarter’s report of a 206% year-over-year revenue growth and an astonishing 1,259% increase in net income further bolsters the case for NVDA as a strong investment option.

Consequently, Nvidia has attracted many investors due to its jaw-dropping performance and tremendous runway, a sentiment echoed by TipRanks analysts, assigning it a strong buy and projecting an impressive 32.5% upside potential.

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 Publishing Guidelines

Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.