3 Under the Radar Crypto Plays
Let’s take a look at a couple companies that are right in the thick of the Bitcoin industry.
avatar
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.
2021-02-17 18:24

There is no investment hotter than Bitcoin right now as the digital currency continues to hit new all-time highs nearly every week. It recently reached the $50,000 price point and shows no real signs of slowing down. But many investors are unsure or hesitant in putting their money behind the cryptocurrency and are trying to find ways of investing in the Bitcoin craze through the stock market. Many of these companies are Bitcoin miners, so whatever they can mine from the blockchain, they store and hold as the value of Bitcoin rises. Obviously this can lead to volatility in the company’s capital reserves, as well as have a direct impact on the price of the stock. Let’s take a look at a couple companies that are right in the thick of the Bitcoin industry.

3 Under the Radar Crypto Plays

HIVE Blockchain Technologies (OTC:HVBTF): A Canadian Bitcoin and Ethereum miner that is based in Vancouver, HIVE has one of the lower valuations so far as it trades on the OTC market in America and the TSXVenture exchange in Canada. But for a micro-cap stock it has surged to have a market cap of over $2 billion recently, and is primed to continue to capitalize on the rising price of cryptocurrencies. It’s nice to see that HIVE is involved in Ethereum as well which means it is a little more diversified than companies that solely mine Bitcoin. HIVE has recently expanded its mining infrastructure in countries such as Sweden and Iceland, which put an emphasis on clean and renewable energy outputs.

Ebang International Holdings Inc. (NASDAQ:EBON): This is a China based Bitcoin miner which has recently announced that it plans to launch its Bitcoin mining business as well as making investments into data centers to support further Bitcoin mining potential. This is combined with their existing business of manufacturing and selling Bitcoin mining machines, and you can quickly see how Ebang is setting itself up for multiple revenue streams to capitalize on the cryptocurrency craze. Ebang now has a $1.45 billion market cap, but rapid growth could be in store for the Hangzhou based firm.

Hut 8 Mining Corp (TSE:HUT): Another Canadian Bitcoin mining play, Hut 8 may be positioned as one of the most promising miners for the future. Since Hut 8 and HIVE trade on the Canadian exchanges, they have not yet received the fanfare that other companies like Riot (NASDAQ:RIOT) or Mara (NASDAQ:MARA) have seen recently. Hut 8 recently announced it has accumulated an impressive 3,012 Bitcoins valued at nearly $186 million in total, and yet Hut 8 has the smallest market cap of all three of these companies.

Each company here has a relatively small valuation compared to some of the more prominent American miners, but may have more room to run as some of the companies, like Riot, have already hit astronomical price levels. Crypto stocks are inherently risky, but if investors are looking to get in without paying a fortune for stocks that have already run up, these three provide some potential value in a market that could continue to reach new highs.


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.

Rate this article

positive
negative
Published On
2021-02-17 18:24

avatar
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.


buy-coffee
You've read 1 article in the last year
..thank you for supporting us and for visiting our site. Unlike many other sites, The Dog of Wall Street is available for everyone to read. Our focus is to provide great content for free. Do you like what we are doing? Buy us a cup coffee. It is the fuel that keeps us going..

Looking Ahead to Tesla's Earnings: What Can We Expect?
Is there any stock that has been more talked about than Tesla (NASDAQ: TSLA) as of late? It’s a company that is always in the spotlight but the stock is under some heavy scrutiny this year and deservedly so.
By Mike Sakuraba | 1 month ago

2 Stocks to Load Up On During This Correction
Another volatile week for markets and investors are starting to feel a little uncomfortable.
By Mike Sakuraba | 1 month ago

2 Earnings to Watch for Next Week
This article is merely meant to talk about two companies that I’ll have my eyes on for earnings.
By Mike Sakuraba | 1 month ago

2 Stocks That Could Explode in Q2
Here are two stocks that I think could explode in the second quarter.
By Mike Sakuraba | 1 month ago

2 Trillion Dollar Companies in the Making
One thing for certain about these two companies is that I see the potential in how they can grow.
By Mike Sakuraba | 1 month ago

Is Tesla Back? Has TSLA Stock Finally Bottomed?
Tesla Stock Analysis: Robo Taxis to the Rescue?
By Mike Sakuraba | 2 months ago

2 Stocks to Buy During an April Pullback
Here are 2 stocks I’d buy during an April pullback.
By Mike Sakuraba | 2 months ago

TSM Stock: Is This The True Winner of the AI Race?
TSM’s stock has gained nearly 40% this year which is about half of NVIDIA has returned.
By Mike Sakuraba | 2 months ago