5 Best Bitcoin and Blockchain Stocks To Buy Now

In this article, we discuss 5 best bitcoin and blockchain stocks to buy. If you want to read our detailed analysis and updates on the blockchain and cryptocurrency industries, head over to 10 Best Bitcoin and Blockchain Stocks to Buy Now.

5. Advanced Micro Devices, Inc. (NASDAQ:AMD)

Number of Hedge Fund Holders: 112

Advanced Micro Devices, Inc. (NASDAQ:AMD) is a global semiconductor company based in California, operating through four segments – Data Center, Client, Gaming, and Embedded. Advanced Micro Devices, Inc. (NASDAQ:AMD)’s technology enhances the speed and security of blockchain transactions by combining CPU and GPU capabilities. The company collaborates with existing partners to offer blockchain computing solutions for different applications and explores opportunities with new blockchain-based platforms. Advanced Micro Devices, Inc. (NASDAQ:AMD) is one of the best blockchain and bitcoin stocks to buy.

According to Insider Monkey’s second quarter database, 112 hedge funds were bullish on Advanced Micro Devices, Inc. (NASDAQ:AMD). Comparatively, 91 funds had invested in the stock in the previous quarter. Philippe Laffont’s Coatue Management held a significant position in the company, with 13.97 million shares valued at $1.6 billion.

Artisan Global Opportunities Fund made the following comment about Advanced Micro Devices, Inc. (NASDAQ:AMD) in its Q2 2023 investor letter:

“Among our top contributors were Advanced Micro Devices, Inc. (NASDAQ:AMD), NU Holdings and Netflix. AMD’s data center CPUs are used in the cloud service provider (CSP) servers. In addition to the broader secular tailwind from cloud adoption, the company has a performance and pricing advantage over Intel, which we believe will enable it to continue capturing market share. However, the recent stock price rally was due to growing excitement around the company’s AI exposure. It will launch its new MI300 graphics processing unit (GPU) chip later this year to compete against the dominant market leader NVIDIA. Similar to its approach that won market share from Intel within the CPU market, AMD’s product will aim to provide similar performance at a more attractive price. AMD is already working with Microsoft and Meta, while Amazon publicly stated that it is evaluating AMD’s inferencing chips. Using assumptions around the total GPU market size, potential market share gains and price points, our research indicates this could be a $20 billion opportunity for AMD. That would nearly double its revenue. While the company has not historically missed many deadlines, there is execution risk as it works to manufacture and distribute these complex chips at scale, which, combined with an elevated valuation after the stock’s strong performance run, led us to trim the position.”

4. Mastercard Incorporated (NYSE:MA)

Number of Hedge Fund Holders: 139

Mastercard Incorporated (NYSE:MA), a prominent player in the crypto space, offers transaction processing and a range of payment-related services globally. Through its extensive global network, Mastercard Incorporated (NYSE:MA) is contributing to the accessibility and security of cryptocurrencies for a number of consumers, as well as businesses and governments. The company is actively developing essential capabilities to enhance the security, interoperability, and scalability of transactions within digital asset and blockchain ecosystems, ultimately aiming to facilitate more efficient payment and commerce applications.

On September 19, Mastercard Incorporated (NYSE:MA) declared a $0.57 per share quarterly dividend, in line with previous. The dividend is to be paid on November 9 to class A shareholders, and on October 9 to class B shareholders.

According to Insider Monkey’s second quarter database, 139 hedge funds were bullish on Mastercard Incorporated (NYSE:MA), compared to the last quarter when 138 funds had invested in the stock. Charles Akre’s Akre Capital Management held the largest position in the company, with 5.87 million shares worth $2.31 billion.

Baron FinTech Fund made the following comment about Mastercard Incorporated (NYSE:MA) in its second quarter 2023 investor letter:

“We modestly trimmed Visa Inc., Mastercard Incorporated (NYSE:MA), and Accenture plc to manage the position sizes and raise capital to fund purchases elsewhere. These stocks remain full-sized positions and high-conviction ideas in the Fund.

Another fintech industry trend we’re seeing is a pickup in M&A activity, most notably in the payments sector. The year started with Nuvei’s $1.3 billion acquisition of Paya announced in January. In April, Network International received an initial takeover offer from a group of private equity firms, which was then topped by Brookfield Asset Management whose $2.8 billion offer was accepted by the Board in June. Following reports earlier this year of a bidding war between Visa Inc. and Mastercard Incorporated to acquire cloud-based issuer processor and core banking software provider Pismo.”

3. Visa Inc. (NYSE:V)

Number of Hedge Fund Holders: 171

Visa Inc. (NYSE:V) functions as a global payment technology firm. Its operations include VisaNet, a transaction processing network that facilitates the approval, processing, and settlement of payment transactions. Visa Inc. (NYSE:V), in collaboration with partners, created a financial platform that enables farmers to securely finance and sell their crop yields through blockchain technology. Visa Inc. (NYSE:V) has also introduced its own blockchain network, known as Visa B2B Connect, for cross-border payment processes. The company ranks high among the best blockchain and bitcoin stocks to buy.

On September 19, Visa Inc. (NYSE:V) announced a partnership with Swift, a financial industry messaging network for international transactions. As part of the collaboration, Visa Inc. (NYSE:V) plans to utilize Swift’s developed features to enhance the speed of cross-border fund transfers.

According to Insider Monkey’s second quarter database, 171 hedge funds were bullish on Visa Inc. (NYSE:V), compared to 173 funds in the previous quarter. Chris Hohn’s TCI Fund Management is the largest position holder in the company, with approximately 17.8 million shares worth $4.2 billion.

Baron FinTech Fund made the following comment about Visa Inc. (NYSE:V) in its second quarter 2023 investor letter:

“We modestly trimmed Visa Inc. (NYSE:V), Mastercard Incorporated, and Accenture plc to manage the position sizes and raise capital to fund purchases elsewhere. These stocks remain full-sized positions and high-conviction ideas in the Fund.

Another fintech industry trend we’re seeing is a pickup in M&A activity, most notably in the payments sector. The year started with Nuvei’s $1.3 billion acquisition of Paya announced in January. In April, Network International received an initial takeover offer from a group of private equity firms, which was then topped by Brookfield Asset Management whose $2.8 billion offer was accepted by the Board in June. Following reports earlier this year of a bidding war between Visa Inc. and Mastercard Incorporated to acquire cloud-based issuer processor and core banking software provider Pismo, Visa announced its intention to acquire the Brazilian company for $1 billion in late June.”

2. NVIDIA Corporation (NASDAQ:NVDA)

Number of Hedge Fund Holders: 175

NVIDIA Corporation (NASDAQ:NVDA) offers graphics, computing, and networking tools in the United States, Taiwan, China, and globally. The company’s Graphics Processing Units are widely used for cryptocurrency mining, making NVIDIA Corporation (NASDAQ:NVDA) one of the best bitcoin stocks to buy.

On September 25, UBS expressed confidence in NVIDIA Corporation (NASDAQ:NVDA)’s DGX cloud revenue, estimating it to be around $1 billion. Discussions with customers suggest that the company has potential to generate more than that. Analyst Timothy Arcuri, who holds a Buy rating and a $560 price target on NVIDIA Corporation (NASDAQ:NVDA), believes in the company’s ability to achieve annual revenue as high as $10 billion from this division.

According to Insider Monkey’s second quarter database, 175 hedge funds were bullish on NVIDIA Corporation (NASDAQ:NVDA), up from 132 funds in the prior quarter. Rajiv Jain’s GQG Partners held a significant position in the company, with 13.94 million shares worth $5.9 billion.

Harding Loevner Global Equity Strategy made the following comment about NVIDIA Corporation (NASDAQ:NVDA) in its Q2 2023 investor letter:

NVIDIA Corporation (NASDAQ:NVDA) has been the biggest beneficiary this year in terms of its stock run and projected revenue gains. More companies- including, perhaps, some not yet in existence-will certainly join the ranks over time.

In the meantime, NVIDIA has emerged as the unrivaled global leader in providing the technologies at the center of the Al arms race. NVIDIA’s competitive advantage is the result of investments that began two decades ago, when it recognized an early opportunity to repurpose its video-game graphics chips for the heavy-load computing done in scientific research. This led management to expand the GPU business. It also spent years and significant resources developing a free software platform that’s exclusive to its chips called CUDA that allows developers to easily program its GPUs for a variety of computationally intensive applications. Researchers then began using both NVIDIA’s chips and CUDA to train the human-brain-inspired neural networks that power Al models.

Now, due to an explosion of demand related to generative Al and LLMs from across its customer base, NVIDIA projects that data-center revenue for its fiscal second quarter ending in July will surge to US$11 billion. Not only is that more than double last quarter’s total, but the forecast also shattered the average analyst estimate that called for about US$7 billion. Taking advantage of the stock’s meteoric rise, we reduced our holding (it has risen tenfold since we first purchased in 2018)…”

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

Number of Hedge Fund Holders: 278

Amazon.com, Inc. (NASDAQ:AMZN) is involved in the retail of consumer products and subscriptions, both online and in physical stores, across North America and different international markets. Its operations are organized into three segments – North America, International, and Amazon Web Services. Amazon.com, Inc. (NASDAQ:AMZN) has made notable investments in blockchain technology. The company has introduced its own blockchain service called Amazon Managed Blockchain. The Amazon Managed Blockchain is a fully managed service designed to assist individuals in creating strong Web3 applications on both public and private blockchain networks. It also offers quick and serverless access to multiple blockchain platforms. Amazon.com, Inc. (NASDAQ:AMZN) is one of the best blockchain and bitcoin stocks to buy now.

On September 21, Wells Fargo & Company (NYSE:WFC) identified Amazon.com, Inc. (NASDAQ:AMZN) as a top choice due to the favorable pricing of its shares. The firm maintained an Overweight rating on the stock along with a price target of $165.

According to Insider Monkey’s second quarter database, 278 hedge funds were bullish on Amazon.com, Inc. (NASDAQ:AMZN). This number increased from the preceding quarter when 243 funds had invested in the stock. Harris Associates is a significant position holder in the company, with 15.62 million shares valued at $2.04 billion.

Diamond Hill Large Cap Strategy made the following comment about Amazon.com, Inc. (NASDAQ:AMZN) in its Q2 2023 investor letter:

“Among our top contributors were insurance company American International Group (AIG), auto retailer CarMax and global online retailer Amazon.com, Inc. (NASDAQ:AMZN).

Amazon’s management team has been working to improve retail profitability, and Q1 results showed progress. In the case of Amazon’s web services (AWS), the market has shifted its focus from where growth will bottom in the near term to how AI can help accelerate the adoption of public cloud services in the future. We believe Amazon’s competitive advantages will continue to grow and that the business has the potential to grow faster than the overall economy in the coming years.”

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