Bitcoin is Hot: 2 Stocks to Buy Now
Here are 2 lesser-known crypto stocks that I think will benefit from Bitcoin’s bull run.
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Mike Sakuraba graduated with double major of English and Economics. Part time writer, part time investor, full time dad. Mike loves writing about technology, sports, and investing.
2024-03-02 11:30

Bitcoin is Hot: 2 Stocks to Buy Now
I don’t know if anyone expected Bitcoin to be this hot this fast. It’s hard to believe the price has risen by more than 40% already in 2024. With the Bitcoin halving coming up in April, we can expect this bullish momentum to continue through March. One thing I admit that I overlooked was how impactful the spot Bitcoin ETFs would be. The top ETF, the iShares Bitcoin Trust (NASDAQ: IBIT) has already taken in over $10 billion in AUM. It took the iShares Gold Trust (GLD) three years to reach that mark. It’s only been seven weeks and these institutions are already causing a supply shock to the Bitcoin market.Bitcoin is Hot: 2 Stocks to Buy Now
So how can we invest in Bitcoin on the stock market? I’ve written a lot about Coinbase (NASDAQ: COIN) in the past and that’s already run up quite a bit this year. Here are 2 lesser-known crypto stocks that I think will benefit from Bitcoin’s bull run.

CleanSpark (NASDAQ: CLSK)
CleanSpark is a Bitcoin mining company that has been making a lot of headlines lately. Bitcoin mining stocks are highly impacted by the day-to-day price of Bitcoin itself. It should come as no surprise that CleanSpark is already up more than 64% in 2024.

The Bitcoin halving event immediately cuts the rewards from mining in half which will have a huge impact on the revenue for these companies. But CleanSpark is already thinking ahead and has already made plans to purchase four Bitcoin mining facilities. As long as Bitcoin’s price continues higher, the halving event should not affect CleanSpark as much as other miners.

CleanSpark also mines using sustainable energy sources which is a nice ethical point in their favour. If you want to look at Bitcoin mining stocks to play this rally, look at CleanSpark which is my favourite one.

Robinhood (NASDAQ: HOOD)
Robinhood is another stock that has been on fire as of late. But you know what? I still like it for as long as crypto is on fire and equities are in a bull market. Shares of HOOD have already gained more than 34% in 2024. It has broken out of a multi-year consolidation following its IPO in 2021.

Why do I like Robinhood? It has a major percentage of the millennial demographic using its application. What do millennials like to invest in? Stock options and cryptos. This makes Robinhood’s app the ideal place to start trading. The app itself is also one of the cleanest interfaces to use on either desktop or mobile.

Robinhood is doing some great things including paid premium tiers and high-yielding cash accounts when you transfer in from a different institution. With crypto trading up exponentially so far this year, I really think Robinhood is going to continue to reap the rewards. It also turned a surprise profit last quarter and is on pace to have its best year yet as a publicly-traded company. The stock is red-hot, but I think it can still run higher this year and even has a chance to hit new all-time highs in 2025.


Disclaimer: I have no positions in any of the stocks mentioned. I wrote this article myself, and it expresses my own opinions. I have no business relationship with any company whose stock is mentioned in this article. All information should be independently verified and should not be relied upon for purposes of transacting securities or other investments. See terms for more info.

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2024-03-02 11:30

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About the Author
Mike Sakuraba graduated with double major of English and Economics. Part time writer, part time investor, full time dad. Mike loves writing about technology, sports, and investing.


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