Crypto stocks will likely continue doing well this year as demand for Bitcoin rises. Bitcoin price has already jumped to a record high of over $11,000, while odds of it rising above $150,000 have risen to 47% from a low of 11% in April. This article looks at some of the best crypto shares to buy to take advantage of this rally.
Best crypto stocks to buy this year
There are many crypto stocks in the US, including publicly traded exchanges, mining, technology providers, and investors. Some of the best ones to invest in are Coinbase, Robinhood, and CleanSpark (CLSK).
Coinbase (COIN)
Coinbase is the best crypto stock to invest in today because of its role in the industry as the biggest player in the United States. It has millions of users and has continued to diversify the way it makes money.
In addition to the regular transaction costs, the company makes money in other ways. For example, it generates millions of dollars a quarter in staking and stablecoin revenue. Also, it has become the biggest custodian of Bitcoin and Ethereum ETFs.
Coinbase is also expanding its business in other areas. It recently announced its acquisition of Deribit, a company that offers derivatives. It is also in talks to acquire Circle, the creator of USD Coin, the second-biggest stablecoin provider,
Most notably, Coinbase owns Base, the biggest layer-2 network in the crypto industry. For example, protocols on the Base network have handled over $365 billion in transactions since 2023.
Users love Base because of its lower fees compared to Ethereum and other layer-2 networks. As such, while Base does not make a lot of money for Coinbase, it is a highly valuable platform. If Coinbase launched an airdrop, it would have a fully diluted valuation of over $5 billion.
Coinbase will also benefit now that the SEC has dropped one of the lawsuits it launched under Gary Gensler. Therefore, the Coinbase stock price will likely do well as Bitcoin price keeps going up.
Robinhood (HOOD)
Robinhood is one of the top US crypto stocks to consider. While the company is known for offering commission-free stock trades, it has become one of the most popular players in the crypto industry.
Robinhood’s user growth is continuing, with the number of funded customers growing to 25.8 million in the last quarter from 23.9 million the same period last year. It also has a growing subscription plan called Robinhood Gold, which has over $3.19 million users.
Robinhood is a good crypto stock because its business is growing and becoming profitable. Its annual revenue rose to $927 million last quarter, up from $618 million a year earlier. Its crypto transaction revenue rose to $258 million.
CleanSpark (CLSK)
Investing in Bitcoin mining stocks is a good way to gain exposure in the crypto market. There are many such companies available to American investors. One of the best way to look at the best one to buy is the cost it takes to mine a coin.
CleanSpark has one of the lowest mining costs in the industry because it mostly relies on clean energy. It also runs one of the biggest fleets of Bitcoin mining machines in the industry.
As a result, it mined 1,957 coins in the last quarter, with an average revenue per coin of over $90,000. The company also holds 12,101 coins in its balance sheet. At the current price, these coins are worth over $1.36 billion, a substantial figure for a company worth almost $3 billion.
Other top crypto stocks to consider are MicroStrategy, Core Scientific, Hive Digital, and Bitfarms.
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