As the world continues to embrace cryptocurrencies and blockchain technology, the demand for related services and investments is on the rise. In this blog post, we will discuss four crypto-related stocks to watch in 2023, including Block, Coinbase, Grayscale Bitcoin Trust, and Bitfarms Ltd.
Block Inc. (Ticker Symbol $SQ)
Founded in 2009, Block provides payment-acquiring services to merchants, along with related services. The company also launched Cash App, a person-to-person payment network. Block has operations in Canada, Japan, Australia, and the United Kingdom, with about 5% of revenue generated outside the U.S.
Block has seen significant growth in recent years, driven by the increasing popularity of Cash App and the overall growth of the cryptocurrency market. In 2022, the company reported revenue of $11.7 billion, up 125% from the previous year. www.block.xyz
Coinbase (Ticker Symbol $COIN)
Founded in 2012, Coinbase is the leading cryptocurrency exchange platform in the United States. The company offers a range of services, including buying and selling cryptocurrencies, digital wallet storage, and merchant payment processing.
Coinbase has benefited from the growing demand for cryptocurrencies, with the platform adding more than 13 million users in 2022 alone. In the same year, the company reported $7.4 billion in revenue, representing a 266% increase from the previous year. www.coinbase.com
Grayscale Bitcoin Trust (Ticker Symbol $GBTC)
Grayscale Bitcoin Trust (BTC) ("GBTC") is an investment vehicle that enables investors to gain access and exposure to Bitcoin in the form of a security without the challenges of buying, storing, and safekeeping Bitcoin directly. The trust holds Bitcoin and issues shares in exchange for investments, making it an attractive option for investors who want exposure to Bitcoin without the complexity of managing a cryptocurrency portfolio.
In 2022, GBTC saw significant growth, with its assets under management increasing by more than 500% to $35.7 billion. The trust also reported a return of 120% in the same year, driven by the growth of the cryptocurrency market and the increasing demand for Bitcoin. www.grayscale.com
Bitfarms Ltd. (Ticker Symbol $BITF)
Founded in 2017, Bitfarms is a global, publicly traded (NASDAQ/TSX: BITF) Bitcoin self-mining company. Bitfarms runs vertically integrated mining operations with in-house management and company-owned electrical engineering, installation service, and onsite technical repair.
In 2022, Bitfarms reported revenue of $626.9 million, up 313% from the previous year, driven by the growth of the cryptocurrency market and the increasing demand for Bitcoin. The company also reported a net income of $206.7 million, representing a significant increase from the previous year. www.bitfarms.com
These four crypto-related stocks have seen significant growth in recent years and are well-positioned to continue to benefit from the increasing popularity of cryptocurrencies and blockchain technology. Investors who are interested in the crypto market should keep an eye on these stocks and consider adding them to their portfolios.
The price action and technical analysis mentioned in this article are based on the period between January 1st, 2023, and March 23rd, 2023, and may not reflect the current market conditions. This article is for informational purposes only and should not be taken as investment advice.
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