Best Cryptocurrency Stocks 2023
2009 was the year when cryptocurrency started its journey with Bitcoin. Today, the crypto market has grown exponentially to challenge the traditional financial system and encompass a dizzying array of blockchain ETFs, coins, payment processors and crypto exchanges. With crypto investment pouring in, investors are hunting for the best cryptocurrency stocks 2023 to maximize their profits.
During the bull run of 2021, many companies invested significant amounts in cryptocurrency, thus making it a record-breaking year for the crypto market cap. However, it proved a bubble that busted and wiped away gains.
Despite setbacks in TerraUSD and FTX, public companies expanded their investments in cryptocurrency, thus offering handsome returns to risk-seeking investors, as the crypto market is highly volatile.
Here are the best cryptocurrency stocks to look for in 2023 to make good yields in the long term.
- Visa Inc.
- Market Cap – $444 billion
- Forward P/E – 24.6
- 3-Year Avg. Annual Return – 5.49%
Visa does not need any introduction as it is a world leader in digital payments and credit cards. In addition to offering traditional financial services, Visa has partnered with numerous crypto exchanges like Coinbase and Crypto.com to support crypto trade.
Moreover, Visa offers diversified and liquid exposure to crypto users in a highly volatile environment. The platform has offered crypto debit cards and credit cards. Similarly, it has filed trademark applications for digital wallets and NFTs (non-fungible tokens).
- PayPal
- Market Cap – $103 billion
- Forward P/E – 19.08
- 3-Year Avg. Annual Return – -4.8%
PayPal support merchants and consumer by offering a platform for digital and mobile payments. It has launched its dedicated crypto wallet for buying, selling and transferring top cryptocurrencies, including Bitcoin, Ethereum, Litecoin etc.
Moreover, PayPal supports crypto payments on millions of global merchants. Its mobile wallet Venmo, allows users to buy and sell cryptocurrency.
Although, in 2022, like other stocks, PayPal had a big hit. However, its third quarter’s earnings alone were sufficient to get back on track with its annual targets.
- Block Inc. (SQ)
- Market Cap – $34.3 billion
- Forward P/E – 35.2
- 3-Year Avg Annual Returns – -2.8%
Block is another popular mobile payment option serving millions of customers and merchants. The company is continuously and actively investing in blockchain and other crypto-related technologies. Its parent organization is Square and Cash App.
One of the key features of the Block is that it allows users to build DeFi (decentralized finance) applications in addition to buying, selling, and to receive Bitcoins.
Moreover, it is one of the largest Bitcoin investors and currently holds around $136 million in Bitcoin. At the same time, Block reported $1.76 billion in Bitcoin revenue in its Cash App unit.
- CME Group (CME)
- Market Cap – $66 billion
- Forward P/E – 22.4
- 3-Year Avg Annual Returns – 1.0%
Formerly known as the Chicago Mercantile Exchange, CME trades advance financial roles, including derivatives, options and futures. It was one of the first networks to offer Bitcoin futures trading facilities in late 2017.
Although Bitcoin futures were available for trade in the crypto market, CME regularized the trade by offering fully compliant solutions. Moreover, CME’s entrance opened floodgates of cryptocurrency investment and attracted new investors and ETFs to join the crypto community.
CME maintains a wide moat about its business model as it is one of a few regulated platforms in the U.S. Therefore, making it among the best cryptocurrency stock 2023.
- Coinbase Global, Inc. (COIN)
- Market Cap – $13 billion
- Forward P/E – N/A
- 3-Year Avg Annual Returns – -84.0%
One of the largest pure-play cryptocurrency exchange stocks, supporting retail and institutional investors to trade cryptocurrencies. It also has a good share in Bitcoin and holds roughly $153 million of BTCs.
However, 2022 was not kind to Coinbase, as the platform lost around 700K monthly transactions, which caused a revenue drop of more than 50%. Despite these huge financial setbacks, Coinbase is committed to returning to its better past performances.
With a strong customer base and market share, Coinbase remains competitive, and the company’s long-term outlook remains bright.
- Marathon Digital (MARA)
- Market Cap – $1.1 billion
- Forward P/E – 11.7
- 3-Year Avg Annual Returns – 100%
Marathon is one of the largest digital assets companies specializing in pure-play Bitcoin mining stocks. The platform has 69,000 active miners who mined 616 BTC coins in a single quarter, while it owns 10,054 Bitcoins worth $171 million.
Although mining costs are rising, Marathon was still cost-effective by mining a single BTC for about $6,200. Moreover, the company is under the radar of the U.S. Securities and Exchange Commission (SEC) regarding recent joint ventures.
But, users remain confident about the future of Marathon Digital.
- MicroStrategy Inc. (MSTR)
- Market Cap – $1.9 billion
- Forward P/E – 48.3
- 3-Year Avg Annual Returns – 1.93%
The platform is an industry leader in enterprise business intelligence and analytics software. However, it is famous for being a public company with more than $2.2 billion in Bitcoins.
The platform is among the best cryptocurrency stocks in 2023 as it is heavily involved in Bitcoin.
Frequently Asked Questions
What is a crypto stock?
These stocks are highly involved in the cryptocurrency market, its related blockchain technology, ETFs, and NFTs. The examples include all crypto exchanges, miners, blockchain tech specialists etc.
How to choose crypto stocks?
The following are key metrics to check in a crypto stock.
- Price-to-Earnings (P/E) ratio
- Price-to-Sales ratio
- Market cap
Where can I buy cryptocurrency stocks?
You can buy crypto stocks from the above-discussed platforms or the U.S. on the Nasdaq Composite or New York Stock Exchange.
Parting Thoughts
The key feature of cryptocurrency stocks is that they are not pure plays, thus offering investors ample diversification. Since the crypto market is highly volatile, thus having exposure to stable financial platforms is key for long-term survival.
With crypto investment pouring in and shooting market cap, investors keep looking for new avenues for investment maximization and diversification. It is where the best cryptocurrency stocks 2023 come in handy.
We have thoroughly discussed and chalked out Visa, PayPal, and CME groups as the best crypto stocks, as these options have the excellent financial muscle and have withered storms.
Moreover, users can check other stock options, as provided in the article can prove a good option. However, we recommend seeking professional advice and running in-depth homework based on the market study before choosing a crypto investment.
Please leave feedback in the comments section and good luck with your crypto stocks.