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The 3 Smartest Blockchain Stocks to Buy Now with $6,000
The hunt for promising blockchain stocks to buy has become a priority for forward-thinking investors.
In June 2024, in a sea of technological innovation, some blockchain stocks stand out not only for their current value but for their explosive potential.
This focus is particularly relevant as we move beyond significant events such as the Bitcoin (BTC-USD) and the approval of spot Bitcoin ETFs, which should significantly fuel market growth.
Investing in blockchain stocks offers a strategic avenue to engage in the burgeoning cryptocurrency market without the direct risks associated with cryptocurrency ownership.
Such investments could amplify returns through equity capital of companies at the forefront of blockchain technology.
In this article, we will discuss how investors with $6,000 to invest can target modern, undervalued blockchain stocks that have a great future ahead of them.
So here are three blockchain stocks to buy for June this year.
Digital Marathon (MARA)
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Digital marathon (NASDAQ:MARA) operates one of the largest and most efficient mining fleets in North America.
In the first quarter of 2024, Marathon Digital reported record net profit of $337.2 million, marking an increase of 184% from the $118.7 million reported in the first quarter of 2023. This translated to earnings per share (EPS) of $1.26.
The company had revenue of $165.2 million in the quarter, up 223% year-over-year from $51.1 million in the first quarter of 2023.
This significant growth was driven by the higher average price of mined Bitcoin, increased Bitcoin production, and additional revenue from hosting services following the acquisition of GC Data Center Equity Holdings.
Marathon Digital continues to expand its operational capabilities and infrastructure. The company produced 2,811 Bitcoins in the first quarter of 2024, a 28% increase over the 2,195 Bitcoins produced in the same period a year earlier.
Marathon’s energetic hash rate reached 27.8 exahash per second, up 142% from 11.5 EH/s in Q1 2023.
Considering that Bitcoin and MARA stock have recently hit lows, I think this could be a good time to buy MARA stock.
Riot Control Blockchain (RIOT)
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Anti-riot blockchain (NASDAQ:REVOLT) operates one of the largest and most efficient Bitcoin mining fleets in North America, with facilities in Texas and Colorado.
In Q1 2024, Riot Blockchain recorded significant financial growth. The company reported net income of $211.8 million, or 82 cents per share, up substantially from net income of $18.5 million, or $0.11 per share, reported in the first quarter of 2023.
Riot’s revenue for the quarter was $79.3 million, which, while below analysts’ expectations of $92.15 million, represented a solid operating performance. Net income for the quarter was positively impacted by a change in Bitcoin’s fair value of $234.1 million.
Riot Blockchain continues to expand its operational capabilities and infrastructure. The Corsicana Facility substation has been successfully energized, becoming the largest known Bitcoin mining facility with a capacity of 1 GW.
Looking ahead, Riot Blockchain aims to reach a total auto-mining hash rate capacity of 31 EH/s by the end of 2024 and 41 EH/s by 2025.
Currency base (COIN)
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Monetary base (NASDAQ:CURRENCY) offers a reliable platform for trading, staking, custody and spending of cryptocurrencies, making it accessible to both individual consumers and institutional investors.
In the first quarter of 2024, Coinbase reported outstanding financial results, marking a significant rebound. The company had net income of $1.18 billion, or $4.40 per share, in stark contrast to the prior-year loss of $78.9 million, or $0.34 per share.
Total revenue for the quarter was $1.6 billion, reflecting a 72% increase quarter-over-quarter. This performance was driven by strong market conditions since the launch of the Bitcoin ETF.
THE Revenue from consumer transactions doubled to $935 million, while institutional transaction revenue grew 133% to $85 million.
The company’s institutional trading platform, Coinbase Prime, also saw a significant increase in trading volume, outperforming the US spot market.
The company plans to improve its service offerings and expand its market presence, particularly through international expansion and greater regulatory clarity.
As of the date of publication, Matthew Farley did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed are those of the writer, without prejudice to the InvestorPlace.com Publishing Guidelines.
Matthew began writing about financial markets during the cryptocurrency boom of 2017 and has also been a team member at several fintech startups. He then began writing about Australian and US stocks for various publications. His work has appeared in MarketBeat, FXStreet, Cryptoslate, Seeking Alpha, and New Scientist magazine, among others.