2 Crypto Related Stocks To Buy Now

by Average Joe Crypto
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These Two Crypto Related Stocks Could Boost Your 2021 Stock Portfolio

 

Stock investors are looking for exposure to crypto. Some investors are still too nervous to actually buy crypto tokens directly, but don’t want to miss the gains. These two crypto related stocks will give you exposure to the bitcoin and crypto markets, and you can easily trade them from your brokerage account.

For those still skeptical, I understand. Crypto and bitcoin can be quite volatile and the prices go up and down, sometimes violently. However, bitcoin is still here! Even though it drops, it always comes back stronger. If you still need some convincing, consider this:

  • “MassMutual’s Bitcoin purchases represent another milestone in the Bitcoin adoption by institutional investors,” JPMorgan strategists wrote in a recent note to clients. “One can see the potential demand that could arise over the coming years as other insurance companies and pension funds follow MassMutual’s example.”
  • Scott Minerd, chief investment officer of Guggenheim Investments, which has $233 billion in total assets under management, said he believes Bitcoin should be worth $400,000.
  • Mike McGlone, a Bloomberg analyst, shared another bullish view on Bitcoin. He thinks a level of $170,000 is a BTC price target for 2022.
  • There are many others, like Paul Tudor Jones, and Raoul Pal, who are also bullish.

I have put my money where my mouth is with these 2 stock recommendations. I own them both. One is a more recent addition, and one I have held for over a year.

Under The Radar Crypto Stocks

Both of these stocks are what I would consider to be under the radar, and have very little coverage in the media, or by stock analysts. They both trade on the TSX in Canada. You can purchase them though in the US on the Pink Sheets.

I expect they both may uplist on the US exchanges in 2021. Giving them more exposure. The fact that they are trading in Canada, and are less known, is just one reason why I like both for upside.

Hive Blockchain Technologies

First, Hive Blockchain Technologies (HIVE.V and HVBTF) has traded in the C$1.00 to C$2.86 range and only recently broke-out above C$2.40 for multiple days. The bounce appears to be consolidating now. The stock then appears to be ready to move higher once again.

Crypto miners and blockchain firms have done well this year. HIVE was up nearly 2,800% on Friday, this puts it on a trajectory to hit a C$1 billion valuation before the end of 2020.

Fidelity, Vanguard, Schwab Funds Have Been Loading Up on Crypto Mining Stocks. One Fidelity fund recently purchased 2,769,759 shares of HIVE stock.

Hive is a newer addition to my portfolio and I am looking at it for the upside potential due to its low cost relative to other Crypto stocks. Many people (perhaps you) look for a low price stock, hoping to get in low and purchase a lot of shares. I am personally not a fan of these crypto mining companies in general, but I can’t ignore them either. They make me nervous with Ethereum moving to POS, and climbing BTC prices. But this Crypto Bull run is going to pull everything up along with it, including this stock. Plus, there are very few crypto stocks available to the public right now. So the upside here is good.

A direct competitor to HIVE is RIOT. I feel like RIOT has a lot more hype and exposure, so between the two I went with HIVE. However, I recommend doing research on both of them.

One thing I don’t care for is the number of HIVE shares that are outstanding. I would like to see some consolidation of the shares and a smaller float.

I personally think if Bitcoin and Ethereum keep moving higher, than Hive Stock could soon be in the C$5.00 to C$10.00 range. At the moment I do not think that this stock has enough going for it to warrant just buying and forgetting about it, I believe HIVE needs to be watched closely. Personally, I need to see more growth, more crypto assets on the balance sheets, and additional revenue streams. If this stock reaches C$10.00, or that area, I will strongly consider taking profits, depending on market conditions and related company news.

I like Hive Blockchain Technologies as a more speculative play. I will also admit I have much less conviction in HIVE than the other stock below, which I have covered for over a year.

HIVE.V Stock best case price target for 2021 is C$10.00

Galaxy Digital Bank

Second, Galaxy Digital Bank (Tickers GLXY.TO, GLXY.V and BRPHF) recently just rocketed to C$10.80 and looks very bullish.

If you have been on this website before you might be sick of hearing about GLXY stock. I have written numerous GLXY articles. But I did my research and it panned out with this stock. I am very happy that I invested.

I averaged into GLXY.V under a dollar and the returns have beaten almost every other stock or crypto asset that I own. My personal conviction in this stock leads me to be a long term holder. I believe it still offers the best potential of the crypto related stocks on the public exchanges.

Galaxy Digital is headed up by Mike Novogratz, the former hedge fund billionaire, and crypto evangelist. He knows the brokerage and hedge fund space and has the right network to grow the company. He is constantly making moves with Galaxy, and I like that they are making multiple investments and acquisitions.

Galaxy is one of the better diversified crypto companies I have seen. Many of these crypto related stocks focus just on mining, or banking, or one particular area. Galaxy is different, it has multiple revenue streams and investments; including banking, brokerage services, a bitcoin fund, and mining. You can see more of what Galaxy has been up to here.

Not to mention that the GLXY balance sheet that includes a large holding of BTC. Perhaps one of the largest holdings of BTC outside of MicroStrategy and a few other companies. MSTR currently trades around $340.00, while GLXY only trades just under $10.00 USD. The shares outstanding are quite different, but still, just think about those numbers for a minute…

If either HIVE or GLXY uplist in the United States, that alone will double their stock price. I would hope, and do expect, both of them to do so. I believe that GLXY is in the best position to uplist and holds the most upside of any crypto stock.

GLXY Stock best case target price for 2021 is $C50.00

There will be ups and downs this year. Sometimes crypto and bitcoin fall or rise with traditional market pressures. There will be corrections and pull backs along the way. I look at these crypto related stocks, compared to some other traditional stock prices and valuations, and I see opportunity.

Don’t forget that continued spending by the government could drive crypto stock prices higher. Additionally, if a bitcoin or ethereum ETF gets approved I would expect massive inflows to the sector.

There are some other stocks out there as well that will give you crypto exposure. These are just two that I personally own, so I have skin in the game with these.

As always, I am not a registered professional, nothing is professional advice. I am just sharing my thoughts and opinions. Do your own research.

Comments 4
  • Excellent article. Been to your site twice now since you first put it on HIVE, I like you site.

  • You’ve summarized most if not all of my thoughts about GLXY and its potential for the upside. ive looked into hive and riot and tend to have the same reasoning as you. It would be a good bet to follow the trend and invest in these companies but I dont have the same conviction as GLXY. Ask yourself if you would be ok to add to your position if the markets started to head the other way. its a good way to gauge whether you believe in the company long term. Keep up the great work!

    • Thanks. Yes, I added HIVE as a speculative play to compound some gains but I don’t have a lot of conviction beyond that. However, I am going to start doing some deep dive posts into all the crypto related stocks…

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