The Best Blockchain Stocks to Buy Now (2023)
Ready to invest in blockchain stocks? Now that you're aware of the process and have an understanding of the basics, let's take a look at some of the best blockchain companies to invest in during 2023.
Anyone who knows Nvidia is aware of the company's impressive portfolio when it comes to computer graphics cards. It was the first to introduce revolutionary GPU technology, and it remains at the forefront of innovation in terms of artificial intelligence and computing power.
In the blockchain space, Nvidia made waves with a GPU designed specifically for mining cryptocurrency. Mining is an energy-intensive process that requires a lot of computing power – which is the issue Nvidia addressed in their release of the CMP HX chip.
Nvidia has a substantial market capitalization of $552.55 billion, which isn't surprising, but it also has great returns: a 5-year annualized return of 27.6% and a 10-year return of 49.8%. It's hard to go past Nvidia when the company has been, and remains, such a prominent player in the blockchain and tech hardware space.
Coinbase Global Inc (COIN)
Coinbase was founded in 2012 and is now the United States' biggest cryptocurrency exchange. It's considered the go-to platform for most American traders and investors, which is an impressive feat considering the competition. Coinbase stays ahead of the curve by introducing new features and products that cater to the changing crypto landscape.
The road has been slightly rocky for Coinbase in recent months due to a couple of legal issues as well as the general decline in crypto prices – but with crypto exchanges, lows rarely stick around for long. Coinbase is so heavily entrenched in blockchain technology that it's likely to remain a strong investment option as the technology evolves.
COIN has a market cap of $16.21 billion and saw a 90% surge in January for a promising start to the year. It will be interesting to see how Coinbase fares in the next couple of years as blockchain technology continues to grow.
Riot Platforms Inc (RIOT)
Founded in 2000, Riot Platforms has become a key technology company in the crypto mining space. The company primarily supports the Bitcoin blockchain via its substantial mining operations throughout the United States. Riot blockchain projects employ the latest in mining technology to ensure that its operations remain competitive and efficient.
Since January 2022, Riot reports a 62% increase in BTC production and a holding of 6,978 BTC. A few minor setbacks in production have derailed the company's Q1 goals; however, operations move ahead with optimism from key stakeholders.
Riot has a market cap of $1.1 billion and is projected to see a median $10 stock price increase over the next twelve months (subject, of course, to market conditions).
IBM Corp (IBM)
IBM is one of the oldest tech companies in the world and has a proven track record in terms of innovation. The company saw its hay day producing and selling powerful computer hardware; the floppy disc, UPC hard drive, and hard disk drive are all inventions owing to IBM.
The company began to struggle when faced with contenders like Nvidia, however, and responded by moving into the blockchain space with IBM Blockchain. This is an enterprise blockchain solution aimed at making data exchange and workflow automation more seamless for businesses.
IBM has a market cap of $122.82 billion. While it hasn't started the year off as strong as other stocks, it could still be an attractive option for investors looking for a long-term investment in the blockchain space. Companies with a proven track record of reinvention can be more flexible when shifts in the market occur.
Amazon Inc (AMZN)
Amazon is a behemoth in the e-commerce space and has been for years. The company started as an online bookseller and quickly grew to encompass other goods. Now, Amazon supplies almost anything you'd need from groceries to video game consoles.
The company has recently made moves into the blockchain space with the introduction of AWS Amazon Managed Blockchain. Recognizing that many companies opt out of blockchain due to its complexity, Amazon launched a fully managed service that allows companies to have their own blockchain networks without having to set up and maintain infrastructure.
Unsurprisingly, Amazon has a market cap of $1.05 trillion and an average volume of $79.34 million. The company leaders are exceptional innovators with a ball in every court – so if its blockchain solution doesn't take off, the company still has many other sources of growth.