5 Best Digital Currency Stocks To Buy Now

Page 1 of 5

In this article, we discuss the 5 best digital currency stocks to buy now. If you want to read about some more digital currency stocks to buy now, go directly to 10 Best Digital Currency Stocks To Buy Now.

5. Block, Inc. (NYSE:SQ)

Number of Hedge Fund Holders: 72  

Block, Inc. (NYSE:SQ) creates tools that enable sellers to accept card payments and provides reporting, analytics, and next-day settlement. It is one of the premier digital money stocks to invest in. On September 22, the company announced that it would be integrating with Afterpay in Canada in order to provide enhanced functionality to sellers using the e-commerce products of the former. The integration will allow Square sellers in Canada to provide Afterpay BNPL offerings to their customers. The firm said the strategy would help to attract new shoppers and increase revenue.

On September 23, JPMorgan analyst Tien-tsin Huang maintained an Overweight rating on Block, Inc. (NYSE:SQ) stock with a price target of $115, backing the firm to do the right thing with regards to managing growth and profitability. 

Among the hedge funds being tracked by Insider Monkey, Florida-based investment firm ARK Investment Management is a leading shareholder in Block, Inc. (NYSE:SQ), with 9.1 million shares worth more than $799.5 million. 

In its Q2 2022 investor letter, Baron Funds, an asset management firm, highlighted a few stocks and Block, Inc. (NYSE:SQ) was one of them. Here is what the fund said:

“Block, Inc. (NYSE:SQ) 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.”

Page 1 of 5