The price of Bitcoin has surged back above the $70,000 mark and that is going to drive a lot of interest into Bitcoin stocks. Our aggressive growth stock strategist Brian Bolan is going to take a look at three names in the space and then talk about one of the paid for services that is run by Zacks professional David Bartosiak.
Brian starts off with the chart of Bitcoin and talks about how the AI surge might have held the price steady at the beginning of the year. But since that time there has not only been a new ETF that tracks the price of Bitcoin but there was also the talk of the having of Bitcoin making it harder to mine.
Some Bitcoin miners talked about how they were going to transition from Bitcoin mining to providing computing power for AI companies. This could have caused a shift in supply as some of the mining capabilities came off the market. Over the last couple of months however the price of Bitcoin has steadily been increasing and today we see it over $70,000.
The first stock that Brian takes a look at is Coinbase COIN and Brian highlights how it is up 5% as Bitcoin moves higher. COIN is the exchange that a lot of people use to buy and sell cryptocurrencies. With the price moving higher there is likely to be more transactions and that means more revenue for COIN.
Next up is Cleanspark CLSK which is a Zacks Rank #2 (Buy). The company is notable in the Bitcoin mining space as it looks to use renewable energy sources to power it's Bitcoin rigs. Mining of Bitcoin takes a lot of electricity and companies that were focused on ESG wanted to be able to say that their Bitcoin was responsibly mined.
Bit Digital BTBT is a very small BTC miner with a market cap of roughly $200M but as the price of BTC gets over $70K it has seen a big boost. The stock is up 10% and should be considered a more speculative play on the space.
Blockchain Innovators is managed by “Buy and Hold” David Bartosiak and he finds the best bitcoin and blockchain stocks and adds them to his portfolio. A few years ago Nvidia NVDA was one of the biggest beneficiaries of the boom in cryptocurrency and David added the stock to his portfolio at a split adjusted price of roughly $43. NVDA is going to split again on June 10 and his entry will look amazing at just $4.30. Be sure to check that service out.
5 Stocks Set to Double
Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2024. While not all picks can be winners, previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%.
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Today, See These 5 Potential Home Runs >>NVIDIA Corporation (NVDA) : Free Stock Analysis Report
Cleanspark, Inc. (CLSK) : Free Stock Analysis Report
Bit Digital, Inc. (BTBT) : Free Stock Analysis Report
Coinbase Global, Inc. (COIN) : Free Stock Analysis Report
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