5 Best Blockchain Stocks To Buy in 2022

3. Paypal Holdings, Inc. (NASDAQ:PYPL)

Number of Hedge Fund Holders: 110

Paypal Holdings, Inc. (NASDAQ:PYPL) made its first move in the blockchain industry back in 2019 when it invested in Cambridge Blockchain, a pioneer in blockchain-based enterprise solutions, to explore for the potential of blockchain technology. Then in 2021, the company led a $300 million investment round with Visa Inc. (NYSE:V) for Blockchain Capital, a cryptocurrency venture capital firm. The company is reportedly working on its very own stable coin as an alternative for fiat currencies and has added functionalities to its platform which allows PayPal account holders to use cryptocurrencies such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, to purchase goods and services. The company is relatively new to the blockchain scene but is ambitious and poised to grow, making it rank among the top 3 blockchain stocks to buy in 2022.

According to Insider Monkey’s database, 110 elite hedge funds held long positions in Paypal Holdings, Inc. (NASDAQ:PYPL) at the end of the fourth quarter of 2021. These funds had collective stakes of $9.93 billion in the company. Of these, the majority stakes were attributed to Fisher Asset Management which was the largest stakeholder in the company owning over 14.4 million shares of the stock. As of December 31, 2021, Fisher Asset Management’s stakes in Paypal Holdings, Inc. (NASDAQ:PYPL) are valued at $2.72 billion.

Wedgewood Partners, an investment management firm, published its first-quarter 2022 investor letter in which it mentioned Paypal Holdings, Inc. (NADAQ:PYPL). Here is what the firm said:

“PayPal also detracted from performance during the quarter as investors panicked in the face of the well-telegraphed run-off of eBay’s revenues. We have been aware of the runoff of eBay’s revenues since at least the third quarter of 2017.2 Although markets are supposedly efficient, maybe markets are only as efficient as long as the same shareholders are in the stock. When a shareholder base turns over several, if not dozens, of times over a 5-year time frame, perhaps old news periodically becomes “new” to a market riddled with transient shareholders. In any case, we increased our weightings in the stock for the first time since 2018 as the only thing “new”to us was the highly attractive multiple for a competitively wellpositioned business in the e-commerce industry.”