10 Most Promising Blockchain Stocks According to Analysts

Published on February 19, 2023 at 8:52 am by Omer Farooq in Hedge Funds, News

In this article, we will discuss the 10 most promising blockchain stocks to buy now according to analysts. If you want to explore similar stocks, you can also take a look at 5 Most Promising Blockchain Stocks According to Analysts.

The blockchain industry is a rapidly growing sector of the technology market that is revolutionizing the way businesses and individuals interact with each other. Blockchain technology, which is a distributed ledger system, is a form of digital ledger technology that records and stores information in a secure and immutable way. This technology is used to create digital assets, such as cryptocurrencies, and to facilitate smart contracts, which are self-executing digital agreements.

Some Use Cases of Blockchain Technology

While blockchain and crypto are often used interchangeably, cryptocurrency is just a popular use case of blockchain technology. Blockchain technology has many other use cases. Blockchains can be used to create secure identities and records, such as digital passports, birth certificates, and medical records. Blockchains can also be used in financial services to facilitate transactions, streamline accounting and regulatory compliance, and to protect data from malicious actors. Moreover, blockchain technology can also be used in supply chain management to track the origin and quality of products. Overall, blockchain technology has the potential to revolutionize the way we store and transfer data. Its use cases are vast and varied, and its potential is only just beginning to be explored.

Blockchain Industry Outlook and Future Growth Prospects

On February 13 Algorand Foundation CEO, Staci Warden, appeared in an interview on Yahoo Finance Live where she discussed her outlook for blockchain technology and the value proposition it presents for managing personal finance as well as cater to other diverse use cases. According to Staci Warden, blockchain technology is expected to revolutionize 5 industries as it matures. First and foremost, blockchain technology is revolutionizing the smart payments industry. Staci Warden gave an example about how if two people living in different countries have to share media, they can do it via WhatsApp instantaneously. However, if two people living in different countries had to make a financial transaction, then “it has to travel through the correspondent banking system of the U.S., clear at the Fed, somebody takes in between 6% and 8% off the top and it might get there 4 days later”. According to Staci Warden, “the fundamental value proposition of blockchain is actually that that currency doesn’t move at all, it’s that it’s one ledger” and so it allows for a transaction between two individuals living in different countries to “happen immediately”.

Warden pointed out that blockchain technology can be leveraged for many other use cases including identity verification, supply chain management, creating a more efficient and transparent democratic governance system, and can also be used for creating digital tokens of real-world assets to increase their liquidity.

The blockchain industry has seen tremendous growth in recent years, with many companies and organizations adopting this technology as a way to securely store data and facilitate transactions. According to a report by Grand View Research, the global blockchain technology industry was worth $10.02 billion in 2022 and is expected to grow at a compound annual growth rate of 87.7% from 2023 to 2030. The blockchain industry is expected to reach a value of $17.46 billion by the end of 2023, and is projected to grow to $1.43 trillion by 2030.

The blockchain industry is still in its early stages, and there is a lot of potential for growth in the years to come. For early-stage investors, blockchain stocks can become potential multi-baggers as the sector continues to mature. Some of the most promising blockchain stocks to buy now include Hut 8 Mining Corp. (NASDAQ:HUT). Applied Digital Corporation (NASDAQ:APLD), and Canaan Inc. (NASDAQ:CAN).

Our Methodology

To determine the most promising blockchain stocks, we primarily focused on pure-play blockchain technology companies. We also considered companies that are investing heavily in blockchain technology and are developing their native blockchain services. For these companies we picked blockchain stocks that have received wide coverage from Wall Street analysts and had consensus positive ratings. Finally, we narrowed down our selection to blockchain stocks that had the highest upside potential based on average analyst price targets. We have ranked our picks in ascending order of their average upside potential, as of February 15.

Most Promising Blockchain Stocks According to Analysts

10. Block, Inc. (NYSE:SQ)

Number of Hedge Fund Holders: 75

Average Upside Potential as of February 15: 18.21%

Block, Inc. (NYSE:SQ), formerly Square, Inc (NYSE:SQ), is a leading player in the blockchain industry. The company rebranded itself as Block, Inc. (NYSE:SQ) to reflect the company’s product offerings that are more diverse than just crypto. The company has been at the forefront of the blockchain revolution since its founding in 2009, and its products are being used by millions of customers worldwide. The company’s Cash App is one of the most widely used payment services and offers a digital wallet that can be used to send and receive money, pay bills, and even buy and sell Bitcoin.

On January 23, Barclays analyst Ramsey El-Assal raised his price target on Block, Inc. (NYSE:SQ) to $103 from $100 and maintained an Overweight rating on the shares. The stock has received 11 Buy ratings from Wall Street analysts over the past 3 months and has an average price target of $89.07, which represents an upside of 18.21% from its closing price on February 15. Block, Inc. (NYSE:SQ) is one of the most promising blockchain stocks to buy now, according to analysts.

At the end of Q3 2022, 75 hedge funds held positions in Block, Inc. (NYSE:SQ) worth $3.41 billion. As of December 31, Cathie Wood’s ARK Investment Management is the largest investor in Block, Inc. (NYSE:SQ) and has disclosed a position worth $565.7 million in the company.

In addition to Block, Inc. (NYSE:SQ), other blockchain stocks that analysts see promising upside to include Hut 8 Mining Corp. (NASDAQ:HUT), Applied Digital Corporation (NASDAQ:APLD), and Canaan Inc. (NASDAQ:CAN).

9. PayPal Holdings, Inc. (NASDAQ:PYPL)

Number of Hedge Fund Holders: 126

Average Upside Potential as of February 15: 30.63%

Payments giant PayPal Holdings, Inc (NASDAQ:PYPL) is a leader in the blockchain industry and a pioneer in the payments space. The company has been at the forefront of the digital payments revolution and has been actively involved in the development of blockchain technology. PayPal Holdings, Inc (NASDAQ:PYPL) has invested heavily in blockchain initiatives and has been one of the earliest adopters of cryptocurrency. The company offers users the ability to transact cryptocurrencies natively on its app. PayPal Holdings, Inc (NASDAQ:PYPL) is well-positioned to take advantage of the growth of the blockchain industry and to continue to be a leader in the space.

In addition to being one of analysts’ most promising blockchain stock picks, PayPal Holdings, Inc. (NASDAQ:PYPL) is also one of the most undervalued blockchain stocks to buy now.

This February, Wells Fargo analyst Jeff Cantwell raised his price target on PayPal Holdings, Inc. (NASDAQ:PYPL) to $97 from $95 and maintained an Overweight rating on the shares. Over the past 3 months the stock has received 19 Buy ratings from Wall Street analysts and has an average price target of $101.77. The stock’s average price target represents a potential upside of 30.63% from its closing price on February 15.

At the end of the third quarter of 2022, 126 hedge funds were long PayPal Holdings, Inc (NASDAQ:PYPL) and disclosed positions worth $6.79 billion in the company. As of December 31, Citadel Investment Group is the top investor in the company and holds a stake worth $481 million.

Here is what RGA Investment Advisors had to say about PayPal Holdings, Inc. (NASDAQ:PYPL) in its fourth-quarter 2022 investor letter:

“PayPal Holdings, Inc. (NASDAQ:PYPL) suffered with the slowdown in e-commerce, yet still will have outgrown e-commerce when we see final 2022 numbers. Much like Amazon, PayPal invested far too aggressively on the expectation of sustained elevated growth rates in e-commerce and unfortunately, unlike with Amazon, PayPal’s investment was on ancillary product excursions from which the company is already retrenching. The good news is that with this retrenchment, the company should once again return to its recipe of healthy top line growth and incremental margin leverage, but rather than grow back into their old margin structure they will have to cost-cut their way there.”

8. Robinhood Markets, Inc. (NASDAQ:HOOD)

Number of Hedge Fund Holders: 24

Average Upside Potential as of February 15: 30.97%

Robinhood Markets, Inc. (NASDAQ:HOOD) is a leading innovator in the blockchain industry, offering commission-free trading for both cryptocurrencies and traditional stocks. The company has quickly become a major player in the blockchain space, and its platform is used by millions of traders around the world. Robinhood Crypto has become a popular way for users to buy, sell, and store cryptocurrencies. With its continued focus on innovation and expansion, Robinhood Markets, Inc. (NASDAQ:HOOD) is well-placed to continue to be a major player in the blockchain industry.

Over the past 3 months Robinhood Markets, Inc. (NASDAQ:HOOD) has received 3 Buy ratings and 5 Hold ratings from Wall Street analysts and has an average price target of $12.94. The stock’s average price target represents an upside of 30.97% from current levels and places it among the most promising blockchain stock picks of Wall Street analysts.

On February 9, Deutsche Bank analyst Brian Bedell raised his price target on Robinhood Markets, Inc. (NASDAQ:HOOD) to $11 from $9 and reiterated a Hold rating on the shares.

Robinhood Markets, Inc. (NASDAQ:HOOD) was a part of 24 investors’ portfolios at the end of Q3 2022. The total stakes of these hedge funds amounted to $740.19 million. As of December 31, ARK Investment Management is the top shareholder in the company and has a position worth $238 million.

7. Riot Platforms, Inc. (NASDAQ:RIOT)

Number of Hedge Fund Holders: 11

Average Upside Potential as of February 15: 40.09%

Riot Platforms, Inc. (NASDAQ:RIOT) is a leading Bitcoin mining company based in Colorado. The company has 3 business divisions: Bitcoin Mining, Data Center Hosting, and Electrical Products & Engineering. Riot Platforms, Inc. (NASDAQ:RIOT) is a pioneer in blockchain technology and is well-positioned to benefit from the tailwinds that are propelling the industry’s growth.

On February 7, Roth MKM analyst Darren Aftahi updated his price target on Riot Platforms, Inc. (NASDAQ:RIOT) to $12 from $13 and maintained a Buy rating on the shares. Riot Platforms, Inc. (NASDAQ:RIOT) is placed among the most promising blockchain stock picks of Wall Street analysts.

Riot Platforms, Inc. (NASDAQ:RIOT) has a consensus Strong Buy rating among Wall Street analysts. The stock has received 5 Buy ratings from analysts over the past 3 months and has an average price target of $9.33, which implies an upside of 40.09% from current levels.

At the end of Q3 2022, 11 hedge funds were long Riot Platforms, Inc. (NASDAQ:RIOT) and disclosed positions worth $29.36 million in the company. As of December 31, Ken Griffin’s Citadel Investment Group is the largest shareholder in the company and has disclosed a stake worth $6.6 million.

6. Marathon Digital Holdings, Inc. (NASDAQ:MARA)

Number of Hedge Fund Holders: 8

Average Upside Potential as of February 15: 50.94%

Marathon Digital Holdings, Inc. (NASDAQ:MARA) is a Vegas-based tech company that is involved in cryptocurrency mining operations across the United States. The company is dedicated to the development and advancement of blockchain technology and is expected to gain significantly as the blockchain industry matures.

On February 2, Marathon Digital Holdings, Inc. (NASDAQ:MARA) announced that it produced 687 Bitcoin in January 2023, up 45% from 475 which was the company’s Bitcoin production in December 2022. The company also reportedly increased its installed Hash Rate to 11.0, up 206% year over year.

This January, DA Davidson analyst Christopher Brendler revised his price target on Marathon Digital Holdings, Inc. (NASDAQ:MARA) to $12 from $18 and reiterated a Buy rating on the shares. Over the past 3 months, Marathon Digital Holdings, Inc. (NASDAQ:MARA) has received 2 Buy ratings and 1 Hold rating from Wall Street analysts and is one of the most promising blockchain stocks to buy now. The stock has an average price target of $12 which represents an upside of 50.94% from its share price on February 15.

At the close of the third quarter of 2022, 8 hedge funds were bullish on Marathon Digital Holdings, Inc. (NASDAQ:MARA) and held stakes worth $9.19 million in the company.

Marathon Digital Holdings, Inc. (NASDAQ:MARA) is expected to benefit from the growth of the blockchain industry. Other stocks that can benefit from the secular tailwinds propelling this sector include Hut 8 Mining Corp. (NASDAQ:HUT). Applied Digital Corporation (NASDAQ:APLD), and Canaan Inc. (NASDAQ:CAN).

Click to continue reading and see 5 Most Promising Blockchain Stocks According to Analysts.

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Published on April 11, 2024 at by Inan Dogan, PhD

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