5 Best Blockchain Stocks To Buy Now

In this article, we will discuss the 5 best blockchain stocks to buy now. If you want to see our analysis of the blockchain industry and explore similar stocks, you can read 13 Best Blockchain Stocks To Buy Now.

5. Block, Inc. (NYSE:SQ)

Number of Hedge Fund Holders: 75

Block, Inc (NYSE:SQ) is one of the leading companies in the blockchain industry. It is a payment processing company that provides mobile payment processing services to customers across the globe. The company has been actively involved in blockchain technology since its inception and has garnered a significant amount of market share over its 13 year history. Block, Inc (NYSE:SQ) has integrated its services with numerous blockchain platforms and is one of the few companies that have adopted Bitcoin as a payment method. The company’s Cash App is built on the Bitcoin blockchain network and allows users to purchase and sell Bitcoin. Block, Inc. (NYSE:SQ) is one of the best blockchain stocks to buy now.

On November 16, Mizuho analyst Dan Dolev raised his price target on Block, Inc. (NYSE:SQ) to $69 from $57 and maintained a Neutral rating on the shares. This December, Deutsche Bank analyst Bryan Keane maintained a Buy rating on Block, Inc. (NYSE:SQ).

At the end of Q3 2022, 75 hedge funds were bullish on Block, Inc. (NYSE:SQ) and disclosed positions of $3.41 billion in the company. Of those, ARK Investment Management is the dominant shareholder in the company and has stakes worth $505.4 million.

Here is what Baron Funds has to say about Block, Inc. (NYSE:SQ) in its second-quarter 2022 investor letter:

“Block, Inc. provides point-of-sale technology to small businesses and operates the Cash App ecosystem of financial services for individuals. Shares fell due to mixed quarterly results with more modest growth in the Seller business offsetting strength in Cash App. While integration of recently acquired Afterpay is progressing well and credit metrics remain healthy, the buy-now-pay-later business slowed due to greater competitive intensity. We continue to own the stock due to Block’s long runway for growth, sustainable competitive advantages, and unique corporate culture.”