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Wall Street Favorites: 3 Blockchain Stocks With Strong Buy Ratings for June 2024
If you’re looking to invest in blockchain stocks, these picks could be a great place to start
Looking to dive into blockchain? Here are some hot-buy blockchain stocks that might pique your interest.
Blockchain stocks are shares of companies that develop or use blockchain in one way or another.
Blockchain was introduced to the world by Satoshi Nakamoto, the creator of Bitcoin (BTC-USD) — as the underlying technology of cryptocurrency. Today, more and more companies are lining up to adopt this technology, among other things, for its ability to make systems tamper-proof revolutionary use cases.
Blockchain stocks are either pure plays or companies that focus exclusively on blockchain. They could also be companies integrating blockchain into their processes or investing in the technology. For the latter companies, it’s a classic case of “If you can’t beat them, join them,” as the relevance of blockchain becomes more undeniable than ever.
Here are our picks for some blockchain stocks to buy hard this season.
Mastercard (MA)
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MasterCard (London share:BUT) was included in Forbes’ 2023 Blockchain 50 list, a roster of billion-dollar companies making a strong bet on distributed ledger technology.
For Mastercard to push into blockchain in this way is entirely ironic, given that the technology was designed to power a monetary system that would wrest control from financial “establishment” supporters like the payments company.
But Mastercard’s venture into blockchain has the same motivations experimentation with artificial intelligence. The trains of these two phenomena have left the station and financial companies that do not jump on board risk being left behind. Mastercard knows it.
The company has historically been a strong buy. This is thanks to a global shift towards cashless transactions, a huge network of cardholders and merchants around the world, and continued innovation, such as with blockchain.
With its already strong fundamentals, plus technology integration, Mastercard is a blockchain stock to strongly buy at any time. Analysts agree. Out of 4030 rate Mastercard a “buy,” six rate it an “overweight,” and four give it a “hold” rating.
Microsoft (MSFT)
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Microsoft (NASDAQ:MSFT) was one of the first major American companies to prepare for the blockchain revolution.
The first is the technology company blockchain foray it was in 2015 with Microsoft Azure Blockchain as a Service (BaaS). The service is a partnership with the blockchain company Consents to offer developers a cloud-based environment, accessible with just one click.
Microsoft has continued to expand its blockchain offerings over the years with projects such as Consortium Confidential Framework (CCF) and his recent collaboration with Axelar.
CCF is an open-source tool that allows members to perform secure and verifiable computations without having to trust each other or a central authority. With the Axelar partnership, Microsoft seeks to create world-class blockchain ramps for startups and enterprises.
Microsoft would still be a successful company by any measure without blockchain. However, its onboarding of the technology has certainly helped it maintain a competitive edge, and it is a safe bet to buy blockchain stocks hard. Wall Street analysts crushing rate Microsoft shares a “Buy” with 47 “Buy” ratings versus eight “Overweight” and just three “Neutral” ratings.
Riot Platforms (RIOT)
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If you were to ever rely on strong buy ratings alone, Riot control platforms (the price:REVOLT) would definitely be a stock worth considering right now. The analysts currently give the company a consensus rating of “buy,” with everyone recommending buying the stock.
Riot Platforms is one of several companies profiting from the rise of Bitcoin. The Colorado-based company mines the pioneering cryptocurrency.
Revolt recorded $212 million of net income for Q1 this year, a 1,000% increase over last year and a record for the company. The company profited from BTC’s 131% surge, posting $74.6 million in revenue.
The company will maintain strong buy status in blockchain stocks for the foreseeable future. CoinTelegraph reported in April that Riot’s stock price climbed higher compared to other BTC mining companies after announcing a new facility in Corsicana, Texas. Once completed, it will be the largest BTC mining operation in the world, according to CEO Jason Les.
As of the date of publication, Hope Mutie did not hold (either directly or indirectly) any position in the securities mentioned in this article. The views expressed in this article are those of the writer, subject to those of InvestorPlace.com Publishing Guidelines.
Hope Mutie is an enthusiastic finance and cryptocurrency writer. At InvestorPlace, she keeps her finger on the pulse of the stock and cryptocurrency markets to create in-depth, informative content to help investors navigate the market with confidence.