Top Blockchain Stocks in 2024

In 2021, a handful of blockchain stocks shot up in price. While some investors made a killing, others were left thinking about what could have been. 

But the tides may be turning. With the artificial intelligence (AI) boom and the spot Bitcoin exchange-traded funds (ETFs) inching closer to becoming reality, the hype for blockchain and crypto may be coming back. If you are bullish on crypto for 2024, here are a few stocks to consider.

Blockchain Stocks vs. Cryptocurrencies 

Blockchain stocks and cryptocurrencies often move together as a market, but they have large differences in terms of the underlying operations and pricing mechanisms. 

Stocks’ value is derived from supply and demand, but also future cash flows and income. This is because future income contributes to dividends and some valuation methods. Stocks represent ownership in a company and give the owners certain rights in the event of a liquidation. The price of cryptocurrency is also determined by supply and demand, but cryptocurrencies don’t directly translate to ownership of a company. Instead, value is accrued from mechanisms baked into the code, or from DAOs associated with the token. Many cryptocurrencies, however, don’t have any value accrual mechanisms, and their prices are widely based on speculation. 

Cryptocurrency also is less regulated. While the Securities and Exchange Commission (SEC) is still debating where it stands on crypto, there is very little regulation. As such, many large transactors use crypto because they do not have to report the transactions and can be anonymous. These large transactors are known as whales, and they play a large part in where cryptocurrencies trade. 

Many traders simply follow the whales and play the large price changes the whales cause. Stocks, on the other hand, are subject to much more scrutiny, especially in terms of large transactions. The prices often are less volatile on a day-to-day basis because of this, but this is not the case in all situations. 

Top Blockchain Stocks In 2024 

Take a look at some of the most discussed blockchain stocks of 2024:

Coinbase (COIN)

Market cap: $28.65 billion
All-time high: $357.39 (November 2021)

One of the leaders in crypto trading platforms, Coinbase was founded in 2012 by Brian Armstrong and Fred Ehrsam. The company went to a remote-first workplace model after the pandemic, cutting its operating costs by a sizable margin. The company makes money on the transaction fees it charges its users. In 2022, the company reported revenue of $3.19 billion and net income of negative $2.6 billion.

HIVE Digital Technologies (HIVE)

Market cap: $253 million
All-time high: $7.28 (August 2022)

Formerly known as HIVE Blockchain Technologies, HIVE Digital Technologies rebranded in June to better encapsulate the company's focus on AI and data solutions. HIVE primarily focuses on cryptocurrency mining. This involves using powerful computers to help verify transactions on the blockchain in exchange for a small fee. The company operates out of Canada, Iceland and Sweden, because of their low temperatures and energy costs. The company posted 2022 revenue of $33.6 million and net income of negative $236.4 million

Riot Blockchain (RIOT)

Market cap: $2.44 billion
All-time high:  $3,587.04 (September 2007)

Riot Blockchain is similar to HIVE, but it places a stronger emphasis on mining in terms of future operations. Riot has a host of its own mining operations, but it also earns revenue from helping other companies create the necessary infrastructure for their own mining operations. For this service, Riot primarily focuses on government and commercial users. It also offers services ranging from data centers to power. In 2022, it earned revenue of $259.2 million and net income of negative $494.1 million.

Marathon Digital (MARA)

Market cap: $2.51 billion
All-time high: $134.72 (December 2014)

Although it is another Bitcoin mining company, Marathon attempts to differentiate itself in several ways. First, it focuses more on supplying the Bitcoin network with the necessary computing power. It also has a large Bitcoin Treasury, which it uses to hold Bitcoin because of its “long-term view on Bitcoin’s value.” Finally, it incorporates environment, social and governance (ESG) into its mission. In 2022, Marathon saw revenue of $117.7 million and net income of negative $686.7 million.

Block (SQ)

Market cap: $37.04 billion
All-time high: $276.57 (February 2021)

Formerly known as Square, Block changed its name in December 2021 to reflect the company’s emphasis on blockchain technology. The company operates as a payment platform, powering point-of-sale (PoS) and peer-to-peer transactions through Cash App. Users can also buy, sell and send Bitcoin and several other cryptocurrencies on the app. While Block is the least blockchain-integrated company on this list, it is still involved in the space. In 2022, Block had revenue of $17.5 billion and net income of negative $540.7 million. 

Where to Buy Blockchain Stocks 

With several prominent blockchain stocks under your belt, you may be interested in looking for a place to purchase them. They are easy to purchase, and there are multiple platforms to choose from.

Robinhood and Webull are among the best brokerages to purchase blockchain stocks. To get started, create an account, fund it and get started trading. They also offer the ability to purchase crypto directly. 

Is Investing in Blockchain Worth the Risk?

While blockchain has experienced extreme hype in the past — most notably in 2021 — it has died down in recent years. With talks of spot Bitcoin ETFs and AI, the hype might be coming back. If you believe in the potential for blockchain and the companies above, then they could be a good investment opportunity.