5 Crypto Stocks for 2022

3. Block, Inc. (NYSE:SQ)

Number of Hedge Funds: 98

Block, Inc. (NYSE:SQ), formerly known as Square, Inc., has been at the forefront of the cryptocurrency revolution. Back in 2017, Cash App allowed users to buy, sell or hold Bitcoins. According to the Q3 2021 results published on November 4, Block, Inc. (NYSE: SQ) revealed that it generated $1.82 billion in revenue through Bitcoin via its Cash App. Meanwhile, the total revenue for the three months was $3.84 billion.

The company is also buying Bitcoin as its CEO Jack Dorsey is bullish on cryptocurrency. Block, Inc. (NYSE:SQ) has bought $50 million and $170 million worth of Bitcoin in October 2020 and February 2021, respectively.

In July 2021, Block, Inc. (NYSE:SQ) announced that it is launching a business unit focused on DeFi (Decentralized Finance). The former CEO of Twitter, Inc. (NYSE:TWTR) revealed that the San Francisco, California-based digital payment processing company is working on coming up with an open developer platform with the single intention of creating a “non-custodial, permission-less, and decentralized financial services.” The new business unit will comprise the Seller, Cash App, and recently bought assets of the Tidal business. According to DeFi Pulse, $55.21 billion is locked into DeFi-based contracts around the world.