14 Best Blockchain Stocks To Buy Now

Published December 3, 2023 at 6:11 am EST Updated August 31, 2026 at 8:46 pm EDT

In this article, we’re going to take a look at 14 best blockchain stocks to buy now.

Is Blockchain Still Around?

Let’s go back to 2016. Trump was yet to win the election despite a lot of people saying there was no way in hell that could happen and pandemic was a word only used in history books. Around the same time, another word has started to catch on and that word was blockchain. Bitcoin had been around for 8 years already and Ethereum was picking up steam as a platform for decentralized applications. As Bitcoin’s price started to surge and ended up gaining more than 2,000% the following year, something akin to a craze emerged around blockchain.

Of course, many saw blockchain as a way to get rich quickly, since in order for a blockchain to function (i.e. to continue adding data to the decentralized ledger) it needs some sort of cryptocurrency to power it. That’s why in the following years we saw a waterfall of various cryptocurrencies that were used in hundreds of blockchain projects, with almost every one claiming to be the “next Bitcoin” or promising to revolutionize an industry that probably didn’t even need revolutionizing anyways. Blockchain has made its way into healthcare, government, real estate, supply chain, finance and other industries.

However, most projects died as the interest towards them dwindled. And it seems that the hype around blockchain has also died down. According to Google Trends, the peak popularity for blockchain was around December 2017. Currently the numbers are less than a third from their peak.

So, should I invest in Blockchain?

Even though the interest towards blockchain is far from the peak of its popularity, there are still many projects that deserve attention. Even Bitcoin, the cryptocurrency that lies at the beginning of the “blockchain revolution,” is still getting a lot of traction. In fact it’s been considered some sort of a digital Store of Value, despite the price fluctuations. Moreover, Bitcoin has been in the limelight recently, as evidence suggests that the US Securities and Exchange Commission is on track to approve a number of Exchange Traded Funds tied to Bitcoin, which would allow more retail investors exposure to the cryptocurrency.

Also, Bitcoin ETFs will likely mark a new milestone for the whole blockchain and cryptocurrency sector. Bringing Bitcoin into the mainstream investing will open up a path where the government will have to impose regulations that will ensure more transparency for both the currencies and their underlying projects. This in turn will allow to projects with strong development teams and solid backgrounds to stand out, which is bound to attract more investors.

In the meantime, until we see Bitcoin ETFs trading on the stock exchange, there are plenty of stocks to choose from that have exposure both to blockchain technology and to Bitcoin cryptocurrency in particular. If you are looking for best blockchain stocks to buy now, you should know that the three tech giants, Microsoft Corp (NASDAQ:MSFT), Amazon.com, Inc. (NASDAQ:AMZN), and Alphabet Inc (NASDAQ:GOOGL), have made public their interest to blockchain technology and even included it in their portfolio of offerings in the cloud computing segment. If you are interested in more of a “pick-and-shovel” approach, then look no further than the largest chipmakers like NVIDIA Corp (NASDAQ:NVDA) and Intel Corporation (NASDAQ:INTC), both of which manufacture chips that are widely used in cryptocurrency “mining”.

As a conclusion, in order to invest “correctly” in blockchain, you should look beyond the hype and understand what is the inherent value of blockchain. It is a way to store data, in a centralized or decentralized way and it’s best used for data that should not be corrupted or moved. That’s why one of the most useful applications for blockchain is in finance and that’s why companies like Mastercard Inc (NYSE:MA) and Visa Inc (NYSE:V) have also expressed interest in this technology.

Photo by Pascal Bernardon on Unsplash

Our methodology

To identify the best blockchain stocks to buy now, we scoured our database for companies that have exposure to blockchain in one way or another, either by providing blockchain-based solutions, like Microsoft Corp, Amazon.com, Inc., and Alphabet Inc, providing hardware that has applications in blockchain like NVIDIA Corp and Intel Corporation, or are interested in applying blockchain technology in their business operations, such as Mastercard Inc and Visa Inc. We also identified a number of publicly-traded companies that are involved in Bitcoin mining. After compiling the list we narrowed it down to 14 best blockchain stocks to invest in based on hedge fund interest towards them.

14. Hut 8 Mining Corp (NASDAQ:HUT)

Let’s kick off with Hut 8 Mining Corp (NASDAQ:HUT), in which three hedge funds tracked by Insider Monkey reported owning long positions as of the end of September, down by three over the quarter. Among the investors bullish on the company are Ken Griffin’s Citadel Investment Group and Aaron Weitman’s CastleKnight Management. Hut 8 Mining Corp is focused on digital asset mining, such as Bitcoin and its stock has nearly trippled since the beginning of the year, although it’s still far from the all-time highs of $15 recorded in November 2021. The company is currently in the merger process with US Data Mining Group (doing business as US Bitcoin Corp). In the third quarter, Hut 8 Mining Corp mined 330 Bitcoin, down by 66% on the year. The company said the decrease was due to increase in network difficulty, suspension of operation at one of its facilities and ongoing electrical issue at another facility. Overall, Hut 8 Mining posted revenue of $12.51 million and a net loss of $0.24 per share.

13. Cipher Mining Inc (NASDAQ:CIFR)

Next in line in our list of best blockchain stocks to buy now is Cipher Mining Inc (NASDAQ:CIFR), which, similar to Hut 8 Mining Corp is engaged in Bitcoin mining. In October, the company operated 70,000 mining rigs and obtained 428 Bitcoin, which represents an increase of 3% from the previous month. Cipher Mining Inc sold around 466 Bitcoin last month and has a balance of 516 Bitcoin. At the end of the third quarter, there were nine funds tracked by Insider Monkey that held shares of Cipher Mining Inc, down by two funds over the quarter.

12. CleanSpark Inc (NASDAQ:CLSK)

In CleanSpark Inc (NASDAQ:CLSK) there were 11 funds owning shares at the end of September, unchanged over the quarter. Among these investors, CleanSpark Inc is a Bitcoin mining company, which has around 89,000 rigs as of the end of October. During the fiscal third quarter (ended June 30), CleanSpark Inc generated revenue of $45.5 million, up by 47% on the year. The company also narrowed its net loss to $14.2 million from $29.3 million recorded in the same period of the last year.

11. Riot Platforms Inc (NASDAQ:RIOT)

Riot Platforms Inc (NASDAQ:RIOT) is the last Bitcoin miner in this list of best blockchain stocks to buy now. The company saw 17 hedge funds from our database holding long positions with a total value of $56.90 million as of the end of September. During the third quarter, Riot Platforms Inc mined 1,106 Bitcoin. It ended the quarter with 98,694 miners, up by 77% on the year, and had a balance of 7,327 Bitcoin. For the quarter, Riot Platforms Inc reported revenue of $51.9 million and a net loss of $0.25 per share, versus revenue of $46.3 million and a loss of $0.21 per share registered in the same period of last year.

10. Coinbase Global Inc (NASDAQ:COIN)

If you live in the US and have any relationship with the cryptocurrency space, then you’ve definitely heard about Coinbase Global Inc (NASDAQ:COIN) as it operates one of the largest cryptocurrency exchanges in the US. Coinbase went public in 2021 at a price of $381. As cryptocurrency markets were in a full-swing bull market at the time, the IPO was one of the most hyped at the time. However, since then Coinbase Global Inc saw its stock price drop by 75%. Year-to-date, Coinbase Global Inc’s shares have surged by 155% as the company managed to beat the top- and bottom-line estimates for the first two quarters of its fiscal 2023. For the third quarter, Coinbase Global Inc reported $674.15 million in revenue, beating the estimates by $20.6 million, but its net loss of $0.57 per share, was $0.04 lower than expected. At the end of the third quarter, there were 27 hedge funds tracked by Insider Monkey that held shares of Coinbase Global Inc.

9. International Business Machines (NYSE:IBM)

Then there’s International Business Machines, which saw 53 funds holding $843.12 million worth of its stock at the end of September. As one of the leading tech companies, International Business Machines (NYSE:IBM) is quick to adapt new technologies and blockchain is no exception. The company provides a suite of blockchain-based products such as Supply Chain Control Tower, which also leverages Artificial Intelligence and allows companies from various industries, such as healthcare, to keep track of their inventory. Another prominent example is IBM Food Trust, which connects stakeholders from food industry and creates a network that helps producers, sellers, and consumers to keep track of every step of the production process. One of the clients that is taking advantage of the blockchain-based IBM Food Trust is Walmart Inc (NYSE:WMT).

8. Block Inc (NYSE:SQ)

Block Inc (NYSE:SQ) was previously known as Square Inc and the company renamed itself a couple of years ago to signal its commitment towards new technologies including blockchain. As a payments company, Block Inc could definitely benefit from adapting blockchain technologies into its products. Meanwhile, its CashApp platform allows depositing and withdrawal of Bitcoin and Block Inc holds Bitcoin both for itself and its customers. Block Inc also maintains a separate entity called Spiral that contributes to Bitcoin development, TBD, a developer platform focused on decentralized finance, as well as a bitcoin mining system and a bitcoin hardware wallet. During the third quarter, the number of funds bullish on Block Inc declined by six to 60.

7. Intel Corporation (NASDAQ:INTC)

The chipmaking giant Intel Corporation also jumped on the blockchain bandwagon and last year launched a processor dedicated specifically to be used in Proof-of-Work consensus networks, although in April this year the product was discontinued. The chip called Blockscale ASIC (application-specific integrated circuit) was supposed to help with mining Bitcoin and other cryptocurrencies compatible with the SHA-256 hashing algorithm. Currently it is not known whether Intel Corporation plans to release any new versions of the so-called “blockchain” chip. Nonetheless, given the company’s leading position on the CPU market, we still consider Intel Corporation one of the best blockchain stocks to buy now. At the end of September, 71 hedge funds in our database held shares of Intel Corporation.

6. Mastercard Inc (NYSE:MA)

In Mastercard Inc, there were 140 hedge funds with long positions at the end of the third quarter, holding in aggregate $1.53 million worth of stock. As one of the leading payment processors, Mastercard Inc is closely involved in blockchain technology from various avenues. For one, the company offers a dedicated crypto card which facilitates everyday transactions in cryptocurrencies. In addition, Mastercard Inc has an accelerator program aimed at digital assets and blockchain projects. Moreover, in October, Mastercard Inc announced a pilot project in partnership with the Reserve Bank of Australia and the Digital Cooperative Research Centre that would enable central bank digital currency (CDBC) use.

5. Visa Inc (NYSE:V)

Similarly to Mastercard Inc, which we mentioned in the previous article, Visa Inc does not remain on the sidelines when it comes to adapting to blockchain technology. In partnership with a cryptocurrency exchange, Visa Inc is providing settlement services in stablecoin USDC, which helped the exchange to eliminate the need to convert the cryptocurrency to fiat. This also provided more flexibility and lowered the costs. Visa Inc’s USDC settlement currently covers two blockchains: Ethereum and Solana. During the third quarter, the number of hedge funds tracked by Insider Monkey that held shares in Visa Inc fell by four to 167 and the aggregate value of their holdings declined to $2.44 billion from $2.49 billion.

4. NVIDIA Corp (NASDAQ:NVDA)

NVIDIA Corp was in the limelight at the peak of Bitcoin and blockchain popularity. That’s because the Graphics Processing Units (GPUs), which NVIDIA dominates the market of, are the best processors for data mining due to their faster processing speed and efficiency compared to Central Processing Units (CPUs). In fact, at one point there was a shortage of GPUs and the company reported a significant increase in revenue (last year, it was fined for failing to disclose the impact of miners on its revenue to investors). In 2021 the company launched a chip dedicated to mining. For the fiscal third quarter (ended October 29), NVIDIA Corp reported revenue of $18.12 billion (an increase of 206% on the year) and more than $2.0 billion higher than anticipated. The company’s EPS of $4.02 also topped the consensus by $0.63. At the end of September, there were 180 hedge funds bullish on NVIDIA Corp, up by five over the quarter.

3. Alphabet Inc (NASDAQ:GOOGL)

Then there’s Alphabet Inc, which saw 221 funds hold shares at the end of September, up from 204 funds a quarter earlier. A 2022 study by Blockdata revealed that Alphabet Inc is one of the top investors in the industry, pumping more than $1.5 billion into blockchain companies. Moreover, Alphabet Inc’s Google Cloud has been storing Bitcoin data since 2018 and has since expanded into 10 other blockchains. Google Cloud also provides Blockchain Node Engine, which allows users to deploy a node and synchronize it with the blockchain.

2. Amazon.com, Inc. (NASDAQ:AMZN)

In Amazon.com, Inc. there were 286 investors with long positions at the end of September, up by eight over the quarter. As part of its cloud computing segment, Amazon.com, Inc. provides Amazon Managed Blockchain, a service that allows users to build applications on blockchain technology. The tech giant has more than 70 blockchain solutions that provide support to most major blockchain protocols including Hyperledger Sawtooth, Ethereum, Quorum, Blockstack, and others. One of the companies that took advantage of Amazon.com, Inc.’s blockchain solution is Nestle, which relies on blockchain technology for its supply chain management.

1. Microsoft Corp (NASDAQ:MSFT)

As part of its Azure cloud platform, Microsoft Corp provides solutions for Web3 (a common term used to describe the next iteration of Internet that will be built and run on blockchain technology) that helps developers and enterprises build decentralized applications or launch their own blockchain for more efficient and transparent transactions. Several years ago, Microsoft Corp also offered Azure Blockchain solutions, which allowed running blockchain and ledger services on Azure cloud platform. However, the service was retired in 2021. At the end of September, Microsoft Corp saw 306 funds from our database holding shares, up by six over the quarter, which makes Microsoft Corp the most popular stock among hedge funds.