5 Best Cryptocurrency Stocks to Buy According to Hedge Funds

2. Visa Inc. (NYSE:V)

Number of Hedge Fund Holders: 165

Visa Inc. (NYSE:V), an American payments technology company, offers a crypto consulting service to its clients and has made multiple investments in crypto platforms as a way to mainstream the adoption of digital currencies. On October 7, Visa disclosed that it is partnering with global crypto exchange FTX to provide debit cards in 40 countries in Latin America, Asia, and Europe. This has resulted in more than 70 crypto partnerships. Visa Inc. (NYSE:V) is one of the best cryptocurrency stocks to monitor. 

On November 28, Baird analyst David Koning said Visa Inc. (NYSE:V) offered updated operating metrics through November 21 which demonstrated that quarter-to-date trends are higher than his Q1 estimates. He said he likes it a lot given numerous benefits amid macro uncertainty including inflation, rising rates on big cash balances, recovery in the Asia Pacific, and easy comps on Russia in the second half of 2023. The analyst reaffirmed his Outperform rating and a $250 price target on Visa Inc. (NYSE:V) shares.

Among the hedge funds tracked by Insider Monkey, Visa Inc. (NYSE:V) was part of 165 public stock portfolios at the end of September 2022, up from 166 in the prior quarter. Ken Fisher’s Fisher Asset Management is a prominent stakeholder of the company, with a position worth $1.5 billion. 

Baron Funds made the following comment about Visa Inc. (NYSE:V) in its Q3 2022 investor letter:

“Shares of global payment network Visa Inc. (NYSE:V) fell despite reporting financial results that beat Street forecasts and sustained volume growth in recent months. Revenue grew 19% and EPS grew 33% in the most recent quarter, and double-digit payment volume growth persisted through August. Share price weakness represented a reversal of outperformance earlier this year and may be due to foreign exchange headwinds and concerns about a potential weakening of consumer spending. We continue to own the stock due to Visa’s long runway for growth and significant competitive advantages.”