If you are looking for a way to make money on a whim, consider a cryptocurrency stock. These investments offer high potential returns for investors. Here are four companies to consider: Canaan, Block Inc., Galaxy Digital, and Voyager Digital. These companies are generating a lot of buzz lately for their innovative technology. But what makes these companies different? Read on to discover how you can profit from them. They are also relatively unknown, so you’ll need to do your research and learn as much as you can about them.
Canaan
Canaan (CAN) is a company deeply integrated with the Bitcoin and cryptocurrency markets. It creates integrated circuits that help miners mine Bitcoin. Because of its deep integration, Canaan is subject to the hype levels among the general populace. Generally, when crypto mining is in demand, the general public heads toward the company, and when things are not so good, they exit. This tends to trend downward. Therefore, investors should be aware of the risks and rewards associated with Canaan.
The company’s EBITDA stands at $2.4 billion. EBITDA is a measurement of overall profitability and performance. Currently, there is no dividend expected from Canaan in the next 12 months. Furthermore, the value of Canaan’s shares has fluctuated over the past year, from $2.56 to $11.5. Beta is one popular metric used to determine the risk level of a stock, and Canaan’s beta is 3.9507.
Block Inc.
The company, formerly known as Square, created Cash App, a sales and register service, and recently changed its name to Block Inc. The name change was prompted by the fact that Block has many associated meanings, from building blocks to local businesses. For those unfamiliar with the concept, blocks also represent obstacles. This name change has created a buzz among investors and analysts, who are looking for a new company name that will capture the imagination and attract new customers.
Since its initial public offering in 2015, Block has grown exponentially to become one of the largest payment services companies in the U.S. However, Block only recently achieved profitability. The company reported a net loss for the fourth quarter of FY 2021, compared with a profit of $274 million in the year-ago quarter. Block’s quarterly revenue increased 47.1% YOY to $1.1 billion. The company’s growth rate is encouraging.
Galaxy Digital
Earlier this month, Galaxy Digital announced plans to buy back more than 10 million of its own shares over the next year. While the news caused its stock price to spike initially, its plunge accompanied the overall crypto market decline. A recent board meeting approved the buyback program, and the company will now file a notice with the Toronto Stock Exchange. While the company expects to lose more than $300 million during the current quarter, Michael Novogratz still believes in the long-term value of cryptocurrency. While he’s cautious, he says that he believes in the potential of cryptocurrencies and that investors should invest cautiously if they want to make a profit.
The information provided by the company on this site is provided “as is” and is not intended to represent investment advice. Although Galaxy Digital makes every effort to ensure the accuracy of the information, it disclaims any liability or warranty. All information provided is for informational purposes only and does not constitute investment, tax, or legal advice. If you are looking for investment advice, you should consult a financial advisor or an investment professional. In addition, the information and opinions provided on this website are subject to change without notice.
Voyager Digital
Recently, the publicly traded Voyager Digital cryptocurrency stock was downgraded by boutique investment firm Compass Point. The firm cited headwinds across the cryptocurrency industry, including increased regulatory scrutiny on crypto lending companies. The firm lowered its earnings estimates and cut its share price target to C$8 from C$14. Despite the downgrade, Voyager’s shares have risen 5% on Tuesday. The stock has lost 75% this year.
Investors should note that while the cryptocurrency industry is new, it is growing much faster than the Internet did in the 1990s. The early adopters have largely benefited from the influx of money. As a result, you should expect to hold your Voyager Digital cryptocurrency stock for several years. The company has written extensively about the Bitcoin halving cycle. To put it another way, Voyager earned $164 million over a three-month period ending December 31st, 2021. During the crypto bear market last November, this amount fell by 45%.
Ebang
Today, investors took a beating on the Ebang cryptocurrency stock (NASDAQ:EBON). This Chinese company manufactures machines for mining cryptocurrencies, and has big plans to move into the cryptocurrency business. Although the company rarely issues press releases, it is still a relatively new public company. The stock has lost over 90% since going public, and it is trading nearly 85% below its 52-week high. The stock price has been a dud since then, but today, it has caught a bid, rising nearly 24% as of 3:15 p.m. ET.
In October, Ebang International Holdings Inc. reported that its revenue would grow 66% from 2020 to 2021. However, the company posted a net loss of $4.3 million. At the time, the company was gearing up to launch a cryptocurrency exchange. It is headquartered in Hangzhou, China. EBON’s latest financial update did not show earnings results for this quarter, but the company has promised to release quarterly updates in the future.