10 bitcoin and blockchain-related stocks with the highest price upsides, according to
Whether you love or hate it, bitcoin has been one of the best-performing assets, up by about 130% in the past year and over 500% in the past five years.
The round of spot bitcoin ETFs approved by the Securities and Exchange Commission in January helped increase flows into the asset. Major Wall Street firms like BlackRock, Franklin Templeton, and Fidelity launched their versions of the ETFs that invest in bitcoin directly, opening the doors for more investors to participate, including institutional ones.
As the Bitcoin 2024 conference kicked off on Thursday, one thing became clear: bitcoin is even more mainstream. Politicians from both sides of the spectrum, including presidential candidate Donald Trump, were expected to speak.
If you’re very bullish on bitcoin or the underlying technology of blockchain that powers it and other cryptocurrencies, you may be hunting for additional ways to gain exposure. One route is hunting for stocks related to the development of digital assets. These could include miners, internet platforms that accept payment in bitcoin, or even financial technology companies that provide access to it.
If you don’t know where to start, the stocks below were derived from TipRanks, a financial data firm that compiles and aggregates market information, including analysts’ ratings and sentiment.
The price upsides posted for each stock are based on top analysts’ average price targets. TipRanks designates four or five-star ratings to top analysts based on three main criteria:
- An analyst’s average returns
- Profits or losses on recommendations
- The volume of corrections and transactions they make
These stocks also have so-called smart scores above eight, with a few scoring at 10. The smart score is a TipRanks proprietary scoring system that ranks stocks from one to 10 based on eight metrics pinpointing highly favored stocks. These metrics include Wall Street analyst ratings, insider transactions, financial blogger opinions, individual investor and news sentiment, hedge fund manager activity, technicals, and fundamentals. Stocks with scores above eight have historically outperformed. And those ranking 10 had a total return of 286% since 2016, with an average annualized return of 17.3%, according to TipRanks.
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