This China-based company sells mining equipment and in April set up a crypto exchange. Whatever the real story is - and with Chinese companies it's always hard to say - investors have better choices than SOS. The reports inspired a class action lawsuit and took a big bite out of the share price, which has tumbled further since. The firms said they suspected SOS doesn't own the mining rigs it claimed.
26, two short-seller research companies, Culper Research and Hindenburg Research, questioned whether SOS is even a legitimate crypto business. But despite the prestigious NYSE listing (as an American depository receipt), this is a troubled company. SOS is a Chinese cryptocurrency mining company. But if company guidance can be trusted, 2021 will be a strong year. As a China-based cryptocurrency stock, CAN warrants caution. It also turned a profit of $200,000 versus losing money last year.
Revenue in the first quarter was $61.5 million - not much less than the $68.6 million the firm earned in all of 2020. Canaan struggled to meet demand last year, but that appears to be fixed. This is the "pick and shovel" business of Bitcoin mining. Miners need to relentlessly buy newer, more powerful versions of these machines in order to keep up with the steadily rising difficulty of mining Bitcoin. The company is expected to post a profit of $0.29 in the current quarter.Ĭanaan is a China-based maker of crypto mining equipment called ASICS (application-specific integrated circuit). In its defense, Marathon has spent heavily on buying mining equipment ($170 million on 70,000 mining rigs in December alone). Despite the huge rise in the price of Bitcoin, MARA still managed to lose $0.20 a share in the first quarter of the year - worse than the $0.12 loss in the same quarter in 2020. Marathon is a cryptocurrency miner with a focus on Bitcoin. If the Bitcoin rally resumes, however, RIOT shares will jump higher. RIOT peaked at just under $78 in February but has plunged to about $30 since. All that power will mean more Bitcoins mined, but the massive capex spending tends to void profits. Riot has about 23,000 "Antminer" rigs right now with plans to ramp up to 70,000 by the end of 2022. Like many of the stocks in this list, Riot mines cryptocurrency, mainly Bitcoin. At about $112, SI stock is trading well below its 52-week high $187.86 - making now a good time to buy. It's also perfectly positioned to benefit from the larger migration of financial services into blockchain-based solutions. That's given Silvergate a huge first-mover advantage in the crypto banking space. That's when it shifted away from traditional banking so it could focus on cryptocurrency-related services. Silvergate is a bank that saw the opportunity in crypto way back in 2013. Anything below that level is a pretty good entry point. The stock overshot at its debut, briefly trading over $400, but has since slipped below its reference price of $250. As an ideal on-ramp for new and inexperienced crypto investors, Coinbase is likely to reward investors well over the next few years. Coinbase makes money by charging its customers fees. It went public via a direct listing April 14. (NASDAQ: MSTR).Ĭoinbase is the most popular U.S. This list also does not include companies that simply own crypto but don't operate businesses primarily focused on cryptocurrencies or blockchain technology such as Tesla Inc. Here we excluded any company with a market cap of under $500 million. This list is an overview of the cryptocurrency stocks you can buy now along with a brief summary of the company and any red flags we see. Most of the current batch of cryptocurrency stocks have genuine potential, although the pickings will get markedly better after we have a few more major crypto IPOs. Today those early crypto stocks have lost nearly all their value or are out of business.įortunately, the world of crypto has matured a great deal since then. Most were penny stocks with poor business models. Still, the crypto stocks available today, modest as they are, represent a vast improvement over the poor choices investors had a few years ago. Until then, there's no lack of cryptocurrency stocks to buy, although most of the companies are relatively small and the space is still very risky.Īnother caveat: Cryptocurrency prices usually have a direct impact on these stocks, which means most are unusually volatile as well. A wave of crypto IPOs will likely follow over the next several years. (NASDAQ: COIN), the first bona fide initial public offering (IPO) of a cryptocurrency-based company in the U.S. The flagship for now, of course, is Coinbase Global Inc.
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