3 Millionaire-Maker Blockchain Stocks to Buy in February 2024

Stocks to buy

Blockchain stocks stand on the cusp of a revolutionary leap, leading the digital era forward.

Beyond Bitcoin’s (BTC-USD) 94% surge in the last six months, blockchain is reshaping industries with unparalleled transparency and efficiency. With its market value expected to soar from $4.8 billion in 2022 to $2.3 trillion by 2032, blockchain presents a compelling investment opportunity.

Moreover, blockchain’s potential to boost the global GDP by more than $2 trillion by 2030 underscores its economic significance. Amidst this backdrop, the real value of blockchain technology extends far beyond the immediate allure of cryptocurrencies. It heralds a new chapter in digital innovation, offering a solid foundation for future tech ecosystems.

Consequently, several tech firms with substantial investments in blockchain need to be more valued and understood. Despite their critical role in this burgeoning field, they fly under the radar of many investors. With that said, here are three blockchain stocks poised for massive long-term growth.

Blockchain Stocks: CleanSpark (CLSK)

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CleanSpark (NASDAQ:CLSK) is redefining the Bitcoin mining landscape with its innovative approach to sustainability and growth. Last year, the company doubled its Bitcoin production to 6,903 and saw a 28% increase in revenue, underlining its robust performance. This success stems from a deal to acquire up to 160,000 new miners from Bitmain, highlighting CleanSpark’s aggressive expansion and commitment to renewable energy.

Moreover, CleanSpark’s financial performance has been outstanding, with first-quarter earnings exceeding expectations. The company announced GAAP earnings-per-share of 14 cents, outperforming estimates and demonstrating an impressive year-over-year (YOY) revenue increase of 165.5% to $73.8 million. Additionally, the company’s shares have experienced a remarkable surge of 426.8% over the past year. Hence, CleanSpark’s innovative and sustainable tactics establish it as a leader in cryptocurrency mining.

Block (SQ)

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Block (NYSE:SQ) has transformed into a blockchain leader, effectively embracing the transformative potential of blockchain technology. Launching Web5 in 2022, a platform for decentralized identity and data, and a Web5 toolkit, Block has simplified the creation of decentralized apps, demonstrating solid progress in blockchain technology.

Financially flourishing, Block has defied expectations, flaunting a stellar third-quarter earnings report boasting a $5.62 billion revenue, a resounding 24.3% surge compared to the preceding year. Moreover, the company set its 2024 guidance at $2.40 billion for adjusted EBITDA, surpassing the $1.94 billion estimate, with an adjusted operating income of $875 billion.

Furthermore, under the visionary leadership of Jack Dorsey, Block introduced a Bitcoin wallet, enabling users to self-custody their tokens on a hardware device. This move empowers users with enhanced security while aligning with Block’s mission to democratize financial services, reinforcing its commitment to user-centric innovation in the blockchain realm.

Bitfarms (BITF)

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Bitfarms (NASDAQ:BITF) is decisively scaling its operations, eyeing an increase in hash rate capacity from 6.5EH/s in January to a robust 12EH/s in the coming months. Under its contract, Bitfarms holds the potential to reach 17 EH/s and 23 w/TH in fleet efficiency by 2024’s end.

Moreover, Bitfarms is going full-steam ahead with its expansion plans by securing a prime 100 MW facility in Yguazu along with critical equipment zooming towards Paso Pe. Furthermore, Bitfarms’ stock skyrockets by 243.8% YOY, setting the stage for further expansion, with Bitcoin’s potential climb to $120,000.

In December 2023, Bitfarms struck crypto gold by mining an unprecedented 446 bitcoins, contributing to an enviable annual haul of 4,928. Fueling this triumph was a dazzling 44% YOY surge in hash rate growth, elevating Bitfarms as a standout success story in the booming crypto sphere. Bolstering this bullish outlook, TipRanks analysts assign Bitfarms a ‘strong buy’ rating, forecasting a robust 7.7% upside potential.

On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines

Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.

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