5 Best Cryptocurrency Stocks to Buy According to Hedge Funds

4. Mastercard Incorporated (NYSE:MA)

Number of Hedge Fund Holders: 137

Mastercard Incorporated (NYSE:MA) is an American multinational financial services corporation that offers a Crypto Card Program, which is designed to help customers with simple and real-time use of digital currency for everyday transactions. Mastercard’s Start Path program also helps high-potential blockchain and digital asset companies scale across the world. Mastercard Incorporated (NYSE:MA) is one of the top cryptocurrency stocks to buy. 

On September 27, Deutsche Bank analyst Bryan Keane reaffirmed a Buy rating on Mastercard Incorporated (NYSE:MA) with a $440 price target after a discussion with Raj Dhamodharan, the company’s EVP of Blockchain and Digital Currencies. Despite the recent plummeting of cryptocurrency values, Mastercard Incorporated (NYSE:MA) believes the underlying blockchain technology is here to stay and expects multiple blockchain networks to exist with several use cases, the analyst told investors in a research note. 

According to Insider Monkey’s Q2 data, 137 hedge funds were bullish on Mastercard Incorporated (NYSE:MA), with collective stakes worth $14.9 billion, compared to 136 funds in the prior quarter worth $15.4 billion. Charles Akre’s Akre Capital Management is the largest stakeholder of the company, with 5.8 million shares valued at $1.8 billion. 

Here is what Baron Fintech Fund has to say about Mastercard Incorporated (NYSE:MA) in its Q2 2022 investor letter:

“The Fund’s holdings in the Payments and Information Services themes also contributed to relative performance. Within Payments, lower exposure to this lagging theme and outperformance of Mastercard Incorporated (NYSE:MA) added the most value. These global payment networks are viewed as safe havens during market downturns but are also benefiting from resilient payment volumes and a sharp rebound in international travel.”