CLSK - The 3 Best Blockchain Stocks to Buy in June 2024

2024-06-10 07:10:00 ET

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Bitcoin’s ( BTC-USD ) surge past the $71,000 warrants a look at the best blockchain stocks to buy. Consistency is usually rare in financial markets, but recent movements in the Bitcoin ETF market point to a promising trend. Bitcoin spot ETFs have posted 15 consecutive days of gains , pointing to renewed dynamism in the crypto space.

Moreover, U.S.-listed spot Bitcoin ETFs saw north of $880 million in inflows on Tuesday. This robust activity points to a sustained rally ahead post-halving, with potential rate cuts later this year taking things up a few notches.

Also, we’ve seen heightened activity coinciding with the approval of Ethereum ( ETH-USD ) sport ETFs along with a favorable outlook for crypto amidst the ongoing U.S. presidential campaign. Therefore, there’s a lot of activity within the blockchain space which warrants investor attention. That said, here are three blockchain stocks to buy offering robust upside ahead for those willing to stomach the risk.

CleanSpark (CLSK)

CleanSpark (NASDAQ: CLSK ) is a thriving Nevada-based Bitcoin miner that has effectively pounced on the crypto boom. Boasting a formidable mining capacity of over 17 exahash per second, it operates and owns eight data centers across Georgia, Mississippi, and upstate New York. Following the surge in BTC prices, CLSK stock has been up 290% in the past year and upwards of 45% year-to-date (YTD).

Its robustness in the market is reflected in its financials, with its second-quarter (Q2) results showing revenues jumping 163% from the prior-year period to $111.8 million. Moreover, this financial upturn brought in net income of $126.7 million, a massive rebound from a loss of $18.5 million a year earlier. These solid numbers are a testament to the firm’s strategic agility and ability to grow rapidly during BTC bull cycles.

Recently, the company plans to acquire 75 megawatts of Bitcoin mining sites in Wyoming, which, with an additional 55 MW expansion option, could increase its capacity by more than 23%, making it one of the best blockchain stocks.

Global X Blockchain ETF (BKCH)

Blockchain technology covers foundational hardware to sophisticated software solutions pivotal for integration into existing or new blockchain systems. Hence, the areas it covers can be overwhelming, but most offer a tremendous growth runway ahead. Those looking to wager on blockchain technology and effectively cover the entirety of the sector without committing to a single stock can invest in the Global X Blockchain ETF (NASDAQ: BKCH ). With over $122 million in assets under management and leading players including Block (NYSE: SQ ) and Coinbase (NASDAQ: COIN ).

Roughly 81% of the fund’s exposure is to U.S.-based assets, aligning with the sector’s massive market potential. Additionally, the ETF maintains a 0.50% expense ratio, offering an attractive dividend yield of 2.3% and a trailing twelve-month ( TTM ) growth rate of 550%.

Therefore, the ETF approach to blockchain enables investors to effectively engage with the burgeoning blockchain market while enjoying surprising perks such as its healthy dividend payouts.

Amazon (AMZN)

Amazon’s omnipresence in multiple tech verticals is well-known, and its foray into blockchain technology hardly raises an eyebrow. Through its cloud-based service in Amazon Managed Blockchain (AMB) , the company is leading the charge towards more streamlined and accessible blockchain applications. AMB aims to simplify complex setup and management tasks, allowing developers to focus on building robust applications for both public and private blockchains.

Moreover, it boasts multiple use cases, from creating token-gated experiences to managing digital wallets. Also, AMB Query allows developers to quickly tap into real-time blockchain data, including transaction histories and wallet balances. With these initiatives, Amazon’s goal is to focus on the scalability and efficiency of blockchain technology, propelling the firm to even greater heights ahead.

Blockchain is another reason to invest in Amazon, and it never ceases to amaze. Its underlying business continues to fire on all cylinders, and its powerful AI initiatives usher in an era of growth.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines

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