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The 3 Best Blockchain Stocks to Buy in June 2024
As Bitcoin ETFs show robust performance, it’s worth considering these top blockchain stocks
That of Bitcoin (BTC-USD) surge above $71,000 warrants a look at the best blockchain stocks to buy. Consistency is usually rare in financial markets, but recent movements in the Bitcoin ETF market indicate a promising trend. Spot Bitcoin ETF they have recorded 15 consecutive days of earningsindicating a renewed dynamism in the crypto space.
Additionally, US-listed Bitcoin spot ETFs saw north $880 million in inflows on Tuesday. This solid activity points to a sustained rally ahead of post-halving, with potential rate cuts later this year bringing things up a notch.
Additionally, we have seen an intensification of activity coinciding with the approval of Ethereum (ETH-USD) Sports ETFs alongside a favorable outlook for cryptocurrencies amid the ongoing US presidential campaign. Therefore, there is a lot of activity in the blockchain space that deserves investors’ attention. That said, here are three blockchain stocks to buy that offer robust upside for those willing to bear the risk.
CleanSpark (CLSK)
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CleanSpark (NASDAQ:CLSK) is a thriving Nevada-based Bitcoin miner that has effectively pounced on the cryptocurrency boom. Boasting a formidable mining capacity of over 17 exahash per second, it operates and owns eight data centers in Georgia, Mississippi and upstate New York. Following the BTC price surge, CLSK increased by 290% over the past year and more than 45% year to date (YTD).
Its strength in the market is reflected in its financials, with second quarter (Q2) results showing that revenues rose 163% from the same period last year to $111.8 million. Furthermore, this financial recovery brought a net profit of $126.7 million, a massive rebound from the previous year’s loss of $18.5 million. These solid numbers are a testament to the company’s strategic agility and ability to grow rapidly during BTC bull cycles.
Recently, the company predicts to acquire 75 megawatts of Bitcoin mining sites in Wyoming, which, with an additional 55 MW expansion option, could increase their capacity by more than 23%, making it one of the top blockchain stocks.
Global X Blockchain ETF (BKCH)
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Blockchain technology covers fundamental hardware up to sophisticated software solutions critical for integration into existing or new blockchain systems. Therefore, the areas it covers can be overwhelming, but most offer enormous runway for future growth. Those who want to bet on blockchain technology and effectively cover the entire sector without committing to a single stock can invest in the Global X Blockchain ETF (NASDAQ:BKCH). With over $122 million in assets under management and leading players including To block (NYSE:m2) AND Coinbase (NASDAQ:CURRENCY).
Approximately 81% of the fund’s exposure is to US-based assets, in line with the sector’s huge market potential. Additionally, the ETF maintains an expense ratio of 0.50%, offering a Attractive dividend yield of 2.3% and a final period of twelve months (TTM) growth rate of 550%.
Therefore, the ETF’s approach to blockchain allows investors to effectively engage with the thriving blockchain market, while enjoying amazing benefits such as its healthy dividends.
Amazon (AMZN)
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Amazon’s omnipresence across multiple technology verticals is well known, and its foray into blockchain technology hardly raises an eyebrow. Through his cloud-based service in Amazon Managed Blockchain (AMB), the company is leading the way towards more streamlined and accessible blockchain applications. AMB aims to simplify complex setup and management tasks, allowing developers to focus on building robust applications for both public and private blockchains.
Additionally, it boasts multiple use cases, from creating token-based experiences to managing digital wallets. Additionally, AMB Query allows developers to quickly tap into real-time blockchain data, including transaction histories and wallet balances. With these initiatives, Amazon’s goal is to focus on the scalability and efficiency of blockchain technology, pushing the company to even greater heights.
Blockchain is another reason to invest in Amazon, and it never ceases to amaze. Its underlying businesses continue to perform at its best, and its powerful AI initiatives usher in an era of growth.
As of the date of publication, Muslim Farooque did not hold (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 InvestorPlace.com’s Publishing Guidelines
Muslim Farooque is a passionate investor and an optimist at heart. A longtime gamer and technology enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s degree in applied accounting from Oxford Brookes University.