“Blockchain is the biggest opportunity set we can think of over the next decade or so,” said Bob Greifeld, Nasdaq Chief Executive on Blockchain technology. Many companies in several industries now have capitalized on the technology and have started integrating blockchain into their processes to improve efficiency.
There are several ways to invest in blockchain stocks, either by investing in companies with exposure to the innovation, or by investing in ETFs that includes a basket of companies in the filed. Examples include Amplify Transformational Data Sharing ETF (BLOK), Siren NASDAQ NexGen Economy ETF (NASDAQ:BLCN), and Global X Blockchain ETF (NASDAQ:BKCH).
Here are some of the top blockchain stocks to watch in 2023.
Riot Blockchain Inc. (RIOT)
Riot Platforms Inc. is a publicly traded company that focuses on building, supporting, and operating blockchain technologies and cryptocurrency mining farms . The stock’s performance since the beginning of the year has been strong, with a YTD growth of more than 490%, as seen below. The company recorded a total revenue of $260M in 2022 with an increase of around 22% YoY, driven by the increase in demand for their services.
Figure 1: Riot Blockchain Inc. (RIOT) YTD Price Chart| Source; TradingView as of 14/07/2023
Marathon Digital Holdings Inc. (MARA)
Marathon Digital, founded on 2010, is one of the largest Bitcoin miners in North America. It is a digital asset technology company engaging in cryptocurrency mining, with a focus on the blockchain ecosystem and the generation of digital assets. The stock is performing strongly with a YTD growth of 235.65% with an average volume of 39.99M. The financial results of the company showed significant growth in which it reported a YoY growth in the diluted earnings per share of 63% during Q1 of 2023, and is expected by analysts to grow significantly during Q2 by almost 99%.
Figure 2: Marathon Digital Holdings Inc. (MARA)YTD Price Chart| Source; TradingView as of 14/07/2023
International Business Machines Corporation (IBM)
The International Business Machines Corporation is an American multinational technology corporation headquartered in Armonk, New York and is present in over 175 countries. IBM has been actively involved in the development and application of blockchain to transform its sectors including finance, supply chain management, and healthcare. The company’s revenues increased by 6% to record a total of $16.7 billion, representing their highest revenue growth in 10 years. However their net income declined by 76% due increase in expenses.
Figure 3: International Business Machines Corporation (IBM) YTD Price Chart | Source; TradingView as of 14/07/2023
NVIDIA Corporation (NVDA)
Nvidia Corporation is another giant in the technology field that is interested in blockchain technology. Nvidia Corporation accelerates computing to help solve computational problems. The company has two segments: the Compute & Networking segment and the Graphics segment. The stock recorded a YTD growth of 214.61% with an average volume of 47M. It is expected to report significant growth in EPS of 300% YoY during Q2 2024 (as per the company’s fiscal year), and expected revenues YoY growth of 65% during Q2 of 2024.
Figure 5: Nvidia Corporation (NVDA) YTD Price Chart| Source; TradingView as of 14/07/2023
The content published above has been prepared by CFI for informational purposes only and should not be considered as investment advice. Any view expressed does not constitute a personal recommendation or solicitation to buy or sell. The information provided does not have regard to the specific investment objectives, financial situation, and needs of any specific person who may receive it, and is not held out as independent investment research and may have been acted upon by persons connected with CFI. Market data is derived from independent sources believed to be reliable, however, CFI makes no guarantee of its accuracy or completeness, and accepts no responsibility for any consequence of its use by recipients.