News

Top 20 Most Valuable Blockchain Companies in 2024

Published

12 months ago

7 May, 2024

In this piece, we will take a look at the top 20 most valuable blockchain companies in 2024. If you want to skip our overview of the global blockchain industry, its current status, and the latest news, then you can take a look at the Top 5 Most Valuable Blockchain Companies in 2024.

With the first quarter of the 21st century about to be over, the Internet of today is vastly different from the one that had taken shape at the tail end of the dotcom era of the late 1990s and the early 2000s. Now, the Internet proliferates every aspect of life, whether it’s transportation, work, entertainment, leisure, or even buying groceries. Additionally, two and a half decades after the start of the new century, a handful of players since the dotcom era have survived and now reign supreme in the stock market.

These bigwigs include Microsoft Corporation (NASDAQ:MSFT), Amazon.com, Inc. (NASDAQ:AMZN), Apple Inc. (NASDAQ:AAPL), and Alphabet Inc. (NASDAQ:GOOG). However, 2024 is turning out to be a year that appears to be challenging the dominance of big technology as the market value of the semiconductor designer NVIDIA Corporation (NASDAQ:NVDA) has started to rival that of the world’s biggest electronic commerce company Amazon and Alphabet, whose search engine reigns supreme in nearly every country in the world.

The significant transformation that the Internet has undergone over the course of the past decades also means that now, there are new technologies and industries that were un-thought of when Jeff Bezos first started delivering books. One such technology is blockchain, a secure ledger that gained popularity along with Bitcoin, the world’s premier cryptocurrency. The emergence of blockchain technologies, companies, and stocks comes as technology permeates not only our daily lives but also the business operations of giants belonging to crucial industries such as financial services and logistics.

A blockchain, for those out of the loop, is a collection of computers that store information. And since running a business requires storing copious amounts of information, it offers companies and management a secure ledge that is stored on multiple computers at the same time to ensure that even if one node of the network goes out of operation, the record integrity remains unaffected.

Naturally, this utility that the blockchain industry has slowly grown to be worth quite a bit. For instance, as part of our coverage of 11 Most Promising Blockchain Stocks According to Analysts, we discovered several blockchain stocks that had impressive share price upside. The top three stocks in this list, which ranked the companies by the percentage upside of their average analyst share price targets as of mid December 2023, were Canaan Inc. (NASDAQ:CAN), Applied Digital Corporation (NASDAQ:APLD), and Cipher Mining Inc. (NASDAQ:CIFR). The share price upside percentage for these blockchain stocks all stood in either double or triple digits, indicating that when it comes to selecting blockchain stocks for investment purposes, at least analysts believe that they offer at least some potential.

Story continues

Delving deeper into the business operations of these top blockchain stocks, it appears that at least when it comes to the top of the food chain for investment recommendations, either companies that sell hardware for blockchain use or those that engage in Bitcoin mining reign supreme. Bitcoin and blockchains are closely tied to each other, since at its simplest level, a Bitcoin is simply a reward token to a miner given for computing resources spent powering up a blockchain network.

The next step in our analysis of the blockchain industry and the biggest blockchain companies is to see whether this trend also holds for the most valuable blockchain companies in the world in terms of market capitalization. Some of the most valuable companies, when it comes to either operating blockchains or offering software based products that use the technology are International Business Machines (NYSE:IBM), Microsoft Corp (NASDAQ:MSFT), Amazon.com, Inc. (NASDAQ:AMZN), and Alphabet Inc (NASDAQ:GOOGL).

This is unsurprising since all these companies are leaders in the cloud computing space, and each of them offers blockchain based services as well. So while Microsoft is one of the biggest proponents of Web3, a ‘new’ internet that seeks to run on the blockchain, Alphabet’s Google Cloud has been storing Bitcoin mining data for years and the firm itself has invested billions of dollars in the blockchain industry. Similarly, IBM is one of the biggest players in the blockchain industry since it offers companies the ability to build blockchain systems across a myriad of industries such as supply chain management and food product sourcing.

As a whole, now that Bitcoin has touched the coveted $1 trillion mark, the next Bitcoin halving is due soon to allow even more miners to profit in the industry, retail players are able to access Bitcoin through exchange traded funds, new areas such as decentralized finance (DeFi) capture the public attention, and GPU supply chain stabilizes in the wake of increased A.I. demand, the blockchain industry might be in for some favorable tailwinds in the coming months.

So, with these details in mind, let’s take a look at the biggest blockchain companies in the world. Some notable names are International Business Machines Corporation (NYSE:IBM), NVIDIA Corporation (NASDAQ:NVDA), and PayPal Holdings, Inc. (NASDAQ:PYPL).

Top 20 Most Valuable Blockchain Companies in 2024

A cryptocurrency wallet on a modern touchscreen device displaying a graph of the company’s assets.

Our Methodology

To make our list of the biggest blockchain companies in the world, we first made a list of the firms that either mine Bitcoin, offer data center space to Bitcoin or associated companies, or offer blockchain related services. Then, the firms were analyzed to see whether blockchain or blockchain related products and services represent their key business operations or if the industry would find it difficult to function if their products went off the market. This meant that while Microsoft and Amazon do offer these products, they were excluded since their core business operations focus on other industries; but, it also meant that a GPU firm made the cut. Finally, the remaining companies were ranked by their market capitalization and the biggest blockchain companies were as follows.

Top 20 Most Valuable Blockchain Companies in 2024

2o. Bit Digital, Inc. (NASDAQ:BTBT)

Latest Market Capitalization: $326 million

Bit Digital, Inc. (NASDAQ:BTBT) is a Bitcoin mining company headquartered in New York City. The firm took an active approach to informing investors about its plans for 2024 in February 2024, when it shared that this year Bit Digital, Inc. (NASDAQ:BTBT) will expand its Bitcoin mining operations as well as focus on its A.I. division. Given that Bitcoin is up 17.20% year to date. Along with International Business Machines Corporation (NYSE:IBM), NVIDIA Corporation (NASDAQ:NVDA), and PayPal Holdings, Inc. (NASDAQ:PYPL), it is one of the most valuable blockchain companies in the world.

19. HIVE Digital Technologies Ltd. (NASDAQ:HIVE)

Latest Market Capitalization: $338 million

HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is a Canadian technology company that mines Bitcoin and operates its data centers. Its third quarter earnings results, revealed in February 2024 saw the firm benefit from the uptick in global Bitcoin prices as HIVE Digital Technologies Ltd. (NASDAQ:HIVE)’s revenue jumped to $31 million to mark a 37% annual growth. However, like several other blockchain stocks, the firm nevertheless remained unable to turn a profit.

18. Canaan Inc. (NASDAQ:`)

Latest Market Capitalization: $404 million

Canaan Inc. (NASDAQ:CAN) is a backend Bitcoin company whose products are used by miners to produce Bitcoin. Despite the fact that it has missed analyst EPS estimates in all four of its latest quarters, Canaan Inc. (NASDAQ:CAN) scored a win in January 2024 when it won orders for a whopping 17,000 miners as Bitcoin stocks start to come to life this year. Not only has the Bitcoin price increase injected optimism into the companies, but the SEC’s Bitcoin ETF approval also means that the industry can look forward to expanding its operations.

17. Iris Energy Limited (NASDAQ:IREN)

Latest Market Capitalization: $464 million

Iris Energy Limited (NASDAQ:IREN) is an Australian company that owns and operates data centers used in Bitcoin mining and other operations. The firm made a big announcement in February 2024 when it revealed that it was expanding its data center portfolio by buying more than 500 NVIDIA GPUs to beef up its artificial intelligence capabilities.

16. TeraWulf Inc. (NASDAQ:WULF)

Latest Market Capitalization: $527 million

TeraWulf Inc. (NASDAQ:WULF) is an American company with Bitcoin mining facilities in Pennsylvania and New York state. Despite the fact that winter months are tough for the Bitcoin industry as higher power costs push down margins, TeraWulf Inc. (NASDAQ:WULF)’s January Bitcoin production marked only a slight decrease to 313 self mined coins.

15. Applied Digital Corporation (NASDAQ:APLD)

Latest Market Capitalization: $543 million

Applied Digital Corporation (NASDAQ:APLD) is a diversified data center company that offers capacity to the blockchain industry as well as others. The firm joined Meta and NVIDIA’s artificial intelligence alliance in 2024 as it sought to expand its data center offerings to also include A.I. computing. The shares are rated Buy on average, and the average analyst share price target is $13.86.

14. Hut 8 Corp. (NASDAQ:HUT)

Latest Market Capitalization: $758 million

Hut 8 Corp. (NASDAQ:HUT) is a Florida based company that provides computing resources to customers seeking to mine Bitcoin or establish networks. The firm has been at the center of the cryptocurrency industry’s troubles in the wake of Bitcoin’s recent price drops. After the multi billion dollar New Jersey based cryptocurrency lender Celsius Holdings declared bankruptcy in 2022, Hut 8 Corp. (NASDAQ:HUT) was allowed by the court to form a new mining company to succeed Celsius and operate it for four years. February 2024 saw Hut 8 Corp. (NASDAQ:HUT) chief commercial officer depart the firm and become the new mining company’s CEO.

13. Bitdeer Technologies Group (NASDAQ:BTDR)

Latest Market Capitalization: $885 million

Bitdeer Technologies Group (NASDAQ:BTDR) is a diversified cryptocurrency mining products and services provider. The stock has picked up in February 2024 to reverse most of its year to date losses, even as Bitcoin ETF approvals did not inject any optimism into the shares.

12. Cipher Mining Inc. (NASDAQ:CIFR)

Latest Market Capitalization: $899 million

Cipher Mining Inc. (NASDAQ:CIFR) is an American firm that operates Bitcoin mining data centers. While the earnings performance has been disappointing as of late through four three consecutive and four overall misses, Cantor Fitzgerald is a fan of the stock and has reiterated an Overweight rating multiple times over the past couple of months.

11. Bitfarms Ltd. (NASDAQ:BITF)

Latest Market Capitalization: $974 million

Bitfarms Ltd. (NASDAQ:BITF) is a Canadian company that manages computing resources for Bitcoin blockchains. While some other cryptocurrency companies have failed to deliver share price growth year to date so far in 2024, Bitfarms Ltd. (NASDAQ:BITF) is an exception as the stock is up by 24.6% year to date.

10. Galaxy Digital Holdings Ltd. (TSE:GLXY.TO)

Latest Market Capitalization: $2.85 billion

Galaxy Digital Holdings Ltd. (TSE:GLXY.TO) is the first billion dollar company in our list of the largest blockchain companies in the world. What makes it special? Well, rather than just simply mining Bitcoin, Galaxy Digital Holdings Ltd. (TSE:GLXY.TO) is present in several industries such as blockchain, asset management, and investment banking.

9. CleanSpark, Inc. (NASDAQ:CLSK)

Latest Market Capitalization: $3.1 billion

CleanSpark, Inc. (NASDAQ:CLSK) is an American Bitcoin mining company headquartered in Henderson, Nevada. The firm was out with a blockbuster set of results for its first quarter of fiscal 2024 in February 2024 when it revealed that during the three months, revenue growth stood at a whopping 165%.

8. Riot Platforms, Inc. (NASDAQ:RIOT)

Latest Market Capitalization: $3.189 billion

Riot Platforms, Inc. (NASDAQ:RIOT) is a diversified Bitcoin and blockchain mining company that provides computing sites as well as service based solutions to miners and other customers. The stock seems to have found favor with Wall Street, as despite recent earnings misses, the shares are rated Strong Buy on average.

7. Marathon Digital Holdings, Inc. (NASDAQ:MARA)

Latest Market Capitalization: $5.72 billion

Marathon Digital Holdings, Inc. (NASDAQ:MARA) is a pureplay blockchain based digital asset miner based in Florida. It’s one of the more interesting blockchain stocks on our list, as more than a fifth of Marathon Digital Holdings, Inc. (NASDAQ:MARA)s shares are sold short. Additionally, ahead of the much overdue Bitcoin halving this year, the firm’s management has shared that multiple capacity overhauls have increased its mining capacity by triple digit percentages.

6. Robinhood Markets, Inc. (NASDAQ:HOOD)

Latest Market Capitalization: $10.57 billion

Robinhood Markets, Inc. (NASDAQ:HOOD) is the trading platform of the new era of retail trading. Its been at the center of several stock market controversies, and the firm is also a leading player in the blockchain industry as it allows users to trade in several different cryptocurrencies.

Robinhood Markets, Inc. (NASDAQ:HOOD), International Business Machines Corporation (NYSE:IBM), NVIDIA Corporation (NASDAQ:NVDA), and PayPal Holdings, Inc. (NASDAQ:PYPL) are some of the most valuable blockchain companies in the world.

Click here to continue reading and check out Top 5 Most Valuable Blockchain Companies in 2024.

News

Ether Drops Further After ETF Launch

Published

9 months ago

23 July, 2024

Blocksight Staff

Bitcoin Surpasses $66,000 Thanks to Strong ETF Flows

Key points

Spot ether ETFs began trading in the U.S. today, with the funds initially having more than $10 billion in collective assets under management.
Analysts expect the launch of spot ether ETFs to have a net negative impact on the underlying price of ether in the near term, due to expected outflows from the pre-existing Grayscale Ethereum Trust.
Spot Bitcoin ETFs continue to see strong inflows, with BlackRock’s IBIT alone seeing more than $500 million in inflows on Monday.
Franklin Templeton, a spot ETF issuer on bitcoin and ether, has invested in a project that intends to bring Ethereum technology to Bitcoin.

Nine-point ether exchange-traded funds (ETFs)) started trading on the stock market on Tuesday, but all the optimism ahead of their approval did not translate into gains for the cryptocurrency markets.

Ether (ETH), the native cryptocurrency of the Ethereum blockchain, dropped less than 1% around the $3,400 level as of 1:30 PM ET, while Bitcoin (BTC) fell more than 2% to around $66,000.

Ether ETFs’ Debut Isn’t as Flashy as Bitcoin ETFs’

Spot ether ETFs began trading at just over $10 billion assets under management (AUM)), according to Bloomberg Intelligence analyst James Seyffart, most of that money is in the current Grayscale Ethereum Trust (ETHE) which has now been converted into an ETF.

“In the long term, Grayscale will simultaneously have the highest and lowest fees in the market. The asset manager’s decision to keep its ETHE fee at 2.5% could lead to outflows from the fund,” Kaiko Research said in a note on Monday.

Outflows from ETHE, if they occur, would be similar to those faced by Grayscale’s Bitcoin Trust (GBTC) after spot bitcoin ETFs began trading in January of this year, most likely due to high fees for the two original funds. Grayscale’s existing fund charges 2.5% fees, while a new “mini” ether ETF will charge 0.15% and commissions for other ETFs are set at 0.25% or less.

Such outflows could impact the price of ether and market sentiment.

“There could be a pullback shortly after the launch of Ethereum spot ETFs, i.e. outflows from Grayscale Ether Trust could dampen market sentiment in the short term,” Jupiter Zheng, a partner at Hashkey Capital’s liquid fund, told The Block.

But Grayscale remains optimistic.

“Compared to the splashy debut of spot bitcoin ETPs in January, the launch of ethereum ETPs has been relatively muted,” said Zach Pandl, Grayscale’s head of research, adding that investors may be “undervaluing” ether ETFs that are “coming to the U.S. market in tandem with a shift in U.S. cryptocurrency policy and the adoption of tokenization by major financial institutions.”

Bitcoin ETF Inflows Continue to Rise

As for bitcoin, there is clearly no lack of demand for spot ETFs, such as BlackRock’s iShares Bitcoin Trust (IBITS) recorded its sixth-largest day of inflows in its short history on Monday, at $526.7 million, according to data from Farside Investors. Daily inflows for the overall spot bitcoin ETF market also hit their highest level since June 5.

In particular, asset manager Franklin Templeton, which has issued both bitcoin and ether ETFs, appears to have decided to cover its back when it comes to Ethereum by investing in Bitlayer, a way to implement Ethereum technology on a second-layer Bitcoin network, according to CoinDesk.

Fuente

News

Spot Ether ETFs Start Trading Today: Here’s What You Need to Know

Published

9 months ago

23 July, 2024

Blocksight Staff

Spot Ether ETFs Start Trading Today: Here's What You Need to Know

Key points

Spot ether ETFs will begin trading on U.S. exchanges on Tuesday. Nine ETFs will trade on Cboe BZX, Nasdaq and NYSE Arca.
Ether ETFs offer investors exposure to the price of their underlying assets.
Commissions on these new ETFs generally range from 0.15% to 0.25%.
These ETFs do not provide exposure to Ethereum staking.

The U.S. Securities and Exchange Commission (SEC) has officially approved nine ether spots (ETH)exchange-traded funds (ETFs) for trading on U.S. exchanges. Trading for these new cryptocurrency investment vehicles begins today. Here’s everything you need to know.

What new ether ETFs are starting to trade today?

Spot ether ETFs starting trading today can be found at Quotation, NYSE Arkand Cboe BZX. Here’s a breakdown of each ETF you can find on these three exchanges, along with the fund tickers:

Cboe BZX will list the Invesco Galaxy Ethereum ETF (QETH), the 21Shares Core Ethereum ETF (CETH), the Fidelity Ethereum Fund (FETH), the Franklin Ethereum ETF (EZET) and the VanEck Ethereum ETF (ETHV).

Nasdaq will have the iShares Ethereum Trust ETF (ETHA) created by BlackRock, which also operates the largest spot bitcoin ETF under the ticker IBIT.

NYSE Arca will list the Bitwise Ethereum ETF (ETHW) and the Grayscale Ethereum Trust (ETHE). The Grayscale Ethereum Mini Trust (ETH), which will begin trading on the same exchange.

How does an ether ETF work?

Spot ether ETFs are intended to offer exposure to the price of ether held by the funds. Ether is the underlying cryptocurrency of the Ethereal network, the second largest crypto network by market capitalization.

ETF buyers are buying shares of funds that hold ether on behalf of their shareholders. Different spot ether ETFs use different data sources when it comes to setting the price of ether. Grayscale Ethereum Trust, for example, uses the CoinDesk Ether Price Index.

None of the ETFs launching today include pointed etherwhich represents a potential opportunity cost associated with choosing an ETF over other options such as self-custody or a traditional cryptocurrency exchange.

Ether staking currently has an annual return of 3.32%, according to the Compass Staking Yield Reference Index Ethereum. However, it is possible that the SEC will eventually approve Ether staking held by ETFs.

How can I trade Ether ETFs?

ETFs can simplify the trading process for investors. In the case of cryptocurrencies, instead of taking full custody of the ether and taking care of your own private keysSpot ether ETFs allow investors to purchase the cryptocurrency underlying the Ethereum network through traditional brokerage accounts.

Today, not all brokers may offer their clients spot ETFs on cryptocurrencies.

What are the fees for ether ETFs?

The fees associated with each individual spot ether ETF were previously revealed In the S-1 OR S-3 (depending on the specific ETF) deposit associated with the offerings. These fees are 0.25% or less for all but one.

The Grayscale Ethereum Trust, which converts to an ETF, has a fee of 2.5%. The Grayscale Mini Ethereum Trust has the lowest fee at 0.15%. These fees are charged on an annual basis for the provider’s management of the fund and are in line with what was previously seen with spot bitcoin ETFs.

Brokers may also charge their own fees for cryptocurrency trading.

Fuente

News

Kamala Harris Odds Surge Amid $81M Fundraise. What Does It Mean for Bitcoin and Cryptocurrencies?

Published

9 months ago

23 July, 2024

Blocksight Staff

Kamala Harris Odds Surge Amid $81M Fundraise. What Does It Mean for Bitcoin and Cryptocurrencies?

Market odds and memecoins related to US Vice President Kamala Harris have soared as the latest round of donations tied to the Democratic campaign raised $81 million in 24 hours, bolstering sentiment among some traders.

The odds of Harris being declared the Democratic nominee have risen further to 90% on cryptocurrency betting app Polymarket, up from 80% on Monday and setting a new high.

Previously, in early July, bettors were only betting on 8%, but that changed on Saturday when incumbent President Joe Biden announced he would no longer run in the November election. Biden then approved Harris as a candidate.

Polymarket traders placed $28.6 million in bets in favor of Harris, the data showsThe second favorite is Michelle Obama.

Somewhere else, Memecoin KAMA based on Solanaa political meme token modeled after Harris, has jumped 62% to set a new all-time high of 2 cents at a market cap of $27 million. The token is up a whopping 4,000% from its June 18 low of $0.00061, buoyed primarily by the possibility of Harris becoming president.

As such, Harris has yet to publicly comment on cryptocurrencies or her strategy for the growing market. On the other hand, Republican candidate Donald Trump has expressed support for the cryptocurrency market and is expected to appear at the Bitcoin 2024 conference on Saturday.

However, some expect Harris or the Democratic Party to mention the sector in the coming weeks, which could impact price action.

“While he has not yet received the official nomination, there is consensus that last night’s development is in line with current Democratic strategy,” cryptocurrency trading firm Wintermute said in a Monday note emailed to CoinDesk. “Keep an eye on Democrats’ comments on this issue in the coming days.

“The prevailing assumption is that Harris will win the nomination and any deviation from this expectation could cause market volatility,” the firm added.

Fuente

News

Top 30x Cryptocurrency and Coin Presales Today: Artemis Coin at #1, Others Are: BlockDAG, 99Bitcoin, eTukTuk, and WienerAI

Published

9 months ago

23 July, 2024

Blocksight Staff

Top 30x Cryptocurrency and Coin Presales Today: Artemis Coin at #1, Others Are: BlockDAG, 99Bitcoin, eTukTuk, and WienerAI

The cryptocurrency market has seen a lot of growth and imagination lately, with new ventures popping up regularly. A critical pattern in this space is the rise of crypto pre-sales, which give backers the opportunity to get involved with promising projects early on. Artemis is a standout option for crypto investors looking to expand their portfolios amid the many pre-sales currently underway.

Cryptocurrency presales, commonly referred to as initial coin offerings (ICOs), allow blockchain ventures to raise capital by offering their local tokens to early backers before they become available on open exchanges. Investors can take advantage of these presales by purchasing tokens at a lower price. If the project is successful and the token’s value increases, investors stand to receive significant returns.

>>> Explore the best cryptocurrency pre-sales to buy now <<

The Ultimate List of the Top 5 Cryptocurrency Pre-Sales to Invest In

Artemis: The aim of Artemis (ARTMS) will become the cryptocurrency equivalent of eBay or Amazon. The upcoming Phase 4 will see the launch of the Artemis Framework, which will serve as a stage for digital money exchanges where buyers, sellers, specialized organizations and those seeking administration can participate in coherent exchanges.
DAG Block: uses Directed Acyclic Graph technology to increase blockchain scalability.
99bitcoin: operates as a crypto learning platform
WienerAI uses AI-powered trading bots for precise market analysis.
eTukTuk focuses on environmentally sustainable transportation options, such as electric vehicle charging infrastructure.

We have determined that Artemis is the best new cryptocurrency presale for investment after conducting extensive research. It presents itself as the unrivaled cryptocurrency presale choice currently open.

>> Visit the best cryptocurrency pre-sale to invest in now <<

Top 5 Crypto Pre-Sales and Best Cryptocurrencies for Investment Today

Artemis (ARTMS) is attempting to establish itself as the cryptocurrency version of eBay or Amazon. The Artemis Crypto System, which will act as a platform for cryptocurrency transactions, will be launched in Phase 4. Buyers, sellers, service providers, and requesters will all benefit from seamless trading with this system. Customers will be able to purchase things, such as mobile phones using digital money, as well as sell products such as involved bicycles and get paid in cryptocurrency. Additionally, crypto money can be used to pay for administrations such as clinical consultations, legitimate care, and freelance work. Artemis Coin will act as the main currency of the ecosystem, with Bitcoin and other well-known cryptocurrencies from various blockchain networks backing it.

Artemis Coin has increased in price from 0.00055 to 0.00101 from 0.00094. Artemis may be attractive to individuals looking to recoup losses in Bitcoin, as predicted by cryptocurrency analysts. At this point, it seems to present an interesting presale opportunity.

>>> Visit the best cryptocurrency pre-sale to invest in now <<

The world of digital currency pre-sales is an exciting and exciting opportunity that could open the door to game-changing blockchain projects. Projects in this article, like Artemis Coin, offer the opportunity to shape the future of various industries and the potential for significant returns as the industry develops.

However, it is imperative to approach these investments with caution, thorough research, portfolio diversification, and awareness of the risks. You can explore the digital currency pre-sale scene with greater certainty and increase your chances of identifying and profiting from the most promising venture opportunities by following the advice and methods in this article.

>>> Join the best cryptocurrency pre-sale to invest in now <<

Fuente