Digital currencies have gained significant prominence and popularity over the past few years. And after China pulled the plug on the Chinese crypto market by banning Bitcoin—the largest cryptocurrency—the United States has become the new…
mining capital, with a 35% share of the global hashrate, which is the collective computational power of miners.
Recently, many cryptocurrencies have been soaring. Bitcoin nearly hit the $67,000 mark, closing with a 28% monthly gain in October. The social media-driven puppy crypto, Shiba Inu, rose 777% in the 30 days ending October 29. Given these stellar rallies, miners have been stockpiling bitcoin, driving price predictions toward the $100,000 mark and setting crypto up for further gains.
Given this setting, we think cryptocurrency stocks of Marathon Digital Holdings, Inc. (MARA – Get Rating), Bakkt Holdings, Inc. (BKKT – Get Rating), and Bit Digital, Inc. (BTBT – Get Rating), which gained significantly over the past month, could be good additions to one’s watchlist.
Click here to check out our Cryptocurrency Industry Report for 2021
Marathon Digital Holdings, Inc. (MARA – Get Rating)
MARA is a digital asset technology company that is focused primarily on mining cryptocurrencies on the blockchain ecosystem and operates as a digital asset generator in the United States. MARA is based in Las Vegas.
On September 9, MARA announced that Canadian blockchain and cryptocurrency technology company DMG Blockchain Solutions Inc. (DMGGF) would join MaraPool, MARA’s bitcoin mining pool. The partnership is expected to cater to the needs of North American miners and enhance the mining experience.
On September 1, the company declared its collaboration with financial services and technology firm New York Digital Investment Group LLC (NYDIG) to provide members of MaraPool with NYDIG’s institutional-grade services. The collaboration might benefit MARA by providing MaraPool miners with world-class solutions and valuable expertise.
For its second fiscal quarter, ended June 30, MARA’s total revenues increased 10,146.6% year-over-year to $29.32 million. Its non-GAAP income from operations came in at $20.06 million, registering a substantial increase from its negative year-ago value.
A $0.74 consensus EPS estimate for the current quarter (ending December 2021) indicates a 1,025% year-over-year increase. Likewise, the $119.07 million consensus revenue estimate for the current quarter reflects a 4,403.4% improvement from the prior-year quarter.
The stock has gained 2,812.6% in price over the past year to close yesterday’s trading session at $64.66. It gained 65.42% in October. The stock is currently trading above its 50-day and 200-day moving averages of $42.71 and $33.31, respectively.
Bakkt Holdings, Inc. (BKKT – Get Rating)
Atlanta, Ga.-based BKKT is a subsidiary of Intercontinental Exchange Holdings, Inc., operating as a digital asset platform that enables consumers to buy, sell, spend, and redeem digital assets.
The company debuted on the New York Stock Exchange after a reverse merger with Special Purpose Acquisition Company (SPAC), VPC Impact Acquisition Holdings, on October 18, 2021. The transaction generated aggregate gross proceeds of approximately $448 million, which was earmarked for financing its operational capabilities and marketing efforts.
On October 25, financial technology services company Fiserv, Inc. (FISV) announced a strategic relationship with BKKT to enable practical uses of crypto and the emergence of asset classes. Regarding the partnership, Sheela Zemlin, Chief Revenue Officer at BKKT, said, “This partnership with Fiserv marks an important moment as we together create opportunities for consumers to seamlessly and at their own pace introduce digital assets into their daily habits.”
Also in October, Mastercard Incorporated (MA) and BKKT announced a multi-faceted partnership to make it easier for financial organizations to offer cryptocurrency services. The new offerings are expected to cater to the growing…
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