Investing in blockchain-related stocks can prove to be a lucrative opportunity in the year 2024. Let’s discover together the three must-watch stocks for the month of July.
What are the 3 blockchain stocks not to miss in July 2024?
With the continued rise of blockchain and cryptocurrencies, investors are actively seeking the best opportunities to maximize their returns. In July 2024, certain companies stand out particularly. Let’s examine three stocks that should attract your attention.
CleanSpark
CleanSpark (NASDAQ: CLSK) is a Bitcoin mining company known for its commitment to sustainability. The majority of its data centers operate on low-carbon energy, providing a greener approach to mining.
In the second quarter of fiscal year 2024, CleanSpark reported record revenues of $111.8 million, marking a 163% increase from the previous year. Net income soared to $126.7 million, translating to earnings per share of 59 cents, in stark contrast to a loss of 23 cents the previous year.
CleanSpark stands out due to its recent acquisitions, including two sites in Wyoming and five in Georgia, aimed at increasing its hashrate to over 20 exahashes per second (EH/s). Their target is to reach 50 EH/s by 2025. Furthermore, the announced acquisition of GRIID Infrastructure further strengthens its market position.
iShares Blockchain and Tech ETF
The iShares Blockchain and Tech ETF (NYSEARCA: IBLC) is an interesting option for those looking to diversify their investments in the blockchain sector. Launched in April 2022, this ETF tracks the NYSE FactSet Global Blockchain Technologies index, primarily investing in companies developing blockchain and cryptocurrency technologies.
- Net assets: Over $23.5 million
- Allocation: 77% in information technology, 22% in finance
- Number of stocks: 35
In 2024, the IBLC has recorded a 15% increase, complemented by a dividend yield of 1.2%. However, note an expense ratio of 0.47% if you are considering investing in this ETF for exposure to blockchain stocks.
Mastercard
Mastercard (NYSE: MA) is a major player in global payments, investing in distributed ledger technologies. The company is featured on Forbes’ 2023 Blockchain 50 list, showcasing companies highly involved in blockchain.
In May 2024, Mastercard announced solid results for the first quarter with a net revenue of $6.3 billion, an increase of 11% on a currency-neutral basis. Adjusted diluted earnings per share also rose, reaching $3.31 compared to $2.80 the previous year.
Mastercard is focusing its efforts on digital payments, including contactless and tokenized transactions. The company aims to fully implement e-commerce tokenization in Europe by 2030, thereby enhancing the security and accessibility of transactions.
In addition, Mastercard is utilizing generative AI to detect fraud, doubling the speed of identifying compromised cards. Since January, MA shares have risen by 5% in 2024, with potential for a further 14% increase, according to analysts.
