10 Best Cryptocurrency Stocks to Buy Right Now

8. Robinhood Markets Inc (NASDAQ:HOOD)

Stock Upside Potential: 30.17%

Number of Hedge Fund Holders: 83

Robinhood Markets Inc (NASDAQ:HOOD) is among the best cryptocurrency stocks to buy right now. The stock has gained more than 70% over the past 12 months.

Robinhood Markets Inc (NASDAQ:HOOD) continues to expand internationally and bolster its existing operations. On April 23, Bloomberg reported that Robinhood has received in-principal regulatory approval to launch its securities brokerage service in Singapore. With this regulatory greenlight, Robinhood can start offering trading in stocks and other financial securities to retail investors in the Asian city-state.

The report quoted Robinhood’s head of Asia operations, Patrick Chan, as saying that the growing population of retail investors and rapid digital adoption in Singapore make the city-state the ideal hub for their mission.

Robinhood announced its Asia expansion plan in 2024 and chose Singapore as its regional headquarters. The company previously secured a license to offer its crypto trading service in Singapore. The latest regulatory approval for securities trading paves the way to expand its operations in the country and the region.

Robinhood’s overseas expansion comes as it also works to strengthen its offerings. On April 22, the company announced that its venture fund has taken a stake in ChatGPT maker OpenAI. Through this fund, Robinhood gives its retail investors exposure to private companies. The fund, known as Robinhood Venture Fund I, has stakes in companies like Stripe, Revolut, and Databricks.

On April 21, KeyBanc reaffirmed its Overweight rating on Robinhood Markets Inc (NASDAQ:HOOD) but lowered the price target to $110 from $120. The price target reduction was based on the firm’s concerns around Robinhood’s crypto business. The firm lowered its estimates for Robinhood’s trading volume, take rate, and interest margin.

California-based Robinhood Markets Inc (NASDAQ:HOOD) operates a platform for trading a variety of financial products, including stocks, crypto, and options. Robinhood also offers various other financial services, including a cash management account that allows users to earn interest on their idle cash.