The Best 5 Blockchain Stocks to buy in 2024

As cryptocurrencies continue to gain popularity, investors are looking for alternative ways to invest in them rather than directly buying them.

One of the best ways to do this is by buying blockchain stocks. Blockchain stocks are stocks that represent shares of companies that invest in cryptocurrencies such as Bitcoin. By investing in such stocks, you invest in crypto indirectly and you’ll gain whenever the company gains. 

There are many top companies that offer investors the opportunity to invest in their stocks and thereby participate in the crypto revolution without actually buying and managing assets. The advantage of this is that the investor doesn’t get to manage a bunch of volatile assets.

Instead, the company manages their investment. The following are the top blockchain stocks you should consider buying in 2024.

Coinbase Holdings 

Coinbase is a top global crypto exchange that went public in 2021. Since then, it has allowed many investors, both retail and institutional, to enter the crypto investment space without having to buy and manage assets themselves.

With close to 100 million users across 100 countries, the exchange has made a name for itself in the crypto space. The stocks recently declined due to a general crash of the crypto market, but good investors know that it is only an investment opportunity.

With the recent approval of spot Bitcoin ETFs in the USA, Coinbase stocks stand a good chance of doing well in the future, as more institutional investors gain the confidence to buy assets in the space.

Block

Block is a financial technology company formerly known as Square, and owned by former Twitter CEO Jack Dorsey. The company is known for its massive investments in Bitcoin which is the number one crypto asset by market cap.

The company invests in blockchain in two major ways. It allows users of Cash App — which is its personal finance platform — to seamlessly buy and sell Bitcoin. The company reported $10 billion in Bitcoin purchases in 2021 alone, which shows that Bitcoin trading is a significant part of the company’s business.

Secondly, Block has its own team of Bitcoin developers, known as Spiral which has many projects, as well as an open-developer platform for blockchain applications known as TBD. All of these show the company’s commitment to crypto and blockchain technology.

Nvidia

Nvidia is a leading manufacturer of graphics processing units (GPUs). While most people only know GPUs as critical components in gaming and artificial intelligence, GPUs are also critical hardware components for crypto mining. 

Crypto miners use specially made GPUs to process transactions on the blockchain and are rewarded with newly minted digital coins. While the sale of these GPUs has dropped recently due to the crash in the market, the market is expected to rebound as usual, and the sales could go up again so it’s still a good potential investment.

GlobalX Blockchain ETF

You may have heard of an exchange traded fund (ETF) before. The securities and exchange commission (SEC) in the USA recently approved 11 of them for Bitcoin. There are also blockchain ETFs, and GlobalX is one of them.

Investing in ETFs is always better, because instead of giving you access to one stock, you get access to a whole collection of them through a single investment. The ETF invests in 25 different companies including Coinbase.

If you see a bright future in blockchain technology but don’t want to go through the stress of picking out the best stocks yourself, this one’s for you.

Riot Blockchain 

Riot Blockchain is a Bitcoin Mining company that engages in large-scale bitcoin mining operations in the USA. Its current focus is on building energy-efficient mining operations, which it showed by acquiring the 300-megawatt Whinston facility in Texas.

The acquisition is expected to boost RIot Blockchain’s output to as much as 750 megawatts with a cost of just $0.025 per kilowatt per hour, making it one of the most efficient Bitcoin miners in the world.