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The 3 Smartest Blockchain Stocks to Buy With $6,000 Right Now
Finding promising stocks in the blockchain sector has become a priority for forward-thinking investors.
In June 2024, amid a sea of technological innovation, some blockchain stocks stand out, not only for their current value, but also for their explosive potential.
This focus is particularly relevant now that we are moving past significant events such as the Bitcoin (BTC-USD exchange rate) the halving and the approval of spot Bitcoin ETFs, which should significantly fuel market growth.
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Investing in blockchain stocks offers a strategic way to enter the burgeoning cryptocurrency market without the direct risks associated with owning cryptocurrency.
Such investments could amplify returns through equity in companies at the forefront of blockchain technology.
In this article, we’ll discuss how investors with $6,000 to invest can invest in undervalued, modern blockchain stocks that have a great future ahead of them.
So here are three blockchain stocks to buy in June this year.
Digital Marathon (MARA)
Macro view of a miner working for bitcoin mining pool. Cryptocurrency mining devices and technology. Cryptocurrency mining concept. MARA action. Cryptocurrency mining.
Source: Yev_1234 / Shutterstock
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 posted record net income of $337.2 million, marking a 184% increase from the $118.7 million reported in the first quarter of 2023. This resulted in earnings per share (eps) of $1.26.
The company posted revenue of $165.2 million for 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 Bitcoin in Q1 2024, a 28% increase from 2,195 Bitcoin produced in the same period last year.
Marathon’s energized hash rate reached 27.8 exahashes 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.
Blockchain Revolt (RIOT)
In this photo illustration, the Riot Platforms (RIOT) logo is displayed on a smartphone screen.
Source: rafapress / Shutterstock.com
Blockchain of revolt (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 reported significant financial growthThe company reported net income of $211.8 million, or 82 cents per share, a substantial increase from net income of $18.5 million, or $0.11 per share, reported in the first quarter of 2023.
The story continues
Riot’s revenue for the quarter was $79.3 million, which, while below analysts’ expectations of $92.15 million, represented solid operating performance. Net income for the quarter was positively impacted by a $234.1 million change in Bitcoin’s fair value.
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.
Coinbase (COIN)
The Coinbase (COIN) app displayed on an iPhone screen.
Source: OpturaDesign / Shutterstock.com
Monetary base (NASDAQ:CURRENCY) offers a reliable platform to trade, stake, store and spend cryptocurrencies, making them accessible to both individual consumers and institutional investors.
In the first quarter of 2024, Coinbase reported exceptional financial results, marking a significant rebound. The company achieved a net income of $1.18 billion, or $4.40 per share, in stark contrast to the previous year’s 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 Consumer transaction revenues 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, outpacing the U.S. spot market.
The company intends to enhance its service offering and expand its market presence, in particular through international expansion and greater regulatory clarity.
As of the date of publication, Matthew Farley did not have (either directly or indirectly) any position in the securities mentioned in this article. The views expressed are those of the author, subject to InvestorPlace.com Posting 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.
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