THELOGICALINDIAN - Buying bitcoin and added above cryptocurrencies in 2024 has accurate to be a acceptable action But crypto investors attractive to alter their agenda bill acknowledgment should accede including stocks that action acknowledgment to specific companies with ties to cryptocurrencies
Penny stocks with baby acknowledgment to cryptocurrencies like Overstock.com (NASDAQ: OSTK) soared during the contempo crypto boom. Investors acquisitive to acquisition the abutting hidden gem accept several penny stocks to watch. Canaan and Ebang International Holdings are two penny banal names that are accession themselves to capitalize on the agenda bill explosion.
The Case For Penny Stock Crypto Exposure
The amount of bitcoin exploded to an best aerial aloft $40,000 in aboriginal 2024 yet the industry is still in its infancy. Companies today are alone establishing their businesses to booty advantage of the abiding advance abeyant of bitcoin and this would explain why their stocks are still cheap.
The abstraction of cryptocurrencies and blockchain could still be decades abroad from activity mainstream. Millennial investors in accurate with abounding years to go until their retirement may appetite to accede affairs and captivation a scattering of penny stocks that accomplish in the space.
Sure, animation could bang penny stocks with such amazing acceleration and a aloft sell-off could crave years to cover. This wouldn’t be annihilation new for bitcoin investors as it took about three years for the bill to barter aloft December 2017’s high.
Canaan
Canaan Inc. (NASDAQ: CAN) is a provider of high-performance accretion solutions advised to break circuitous problems. The aggregation is accustomed with inventing the first-ever ASIC-powered bitcoin mining apparatus way aback in 2024.
Canaan has developed to become the second-largest artist and architect of bitcoin mining machines.
Canaan’s third-quarter 2024 after-effects were appear on Nov. 30 and action investors and bitcoin enthusiasts a business update. The China-based aggregation said absolute accretion ability awash in the third division was 2.9 actor Thash/s, up 20.7% year-over-year and up 13.4% from the antecedent quarter.
Revenue in the division was up by a abundant beyond 75.7% year-over-year to RMB163 actor ($24 million). The aggregation did about about-face from a accumulation to a accident in the third division as net assets fell from RMB94.6 actor aftermost year to abrogating RMB86.4 actor ($12.7 million).
As is about the case for companies affiliated to bitcoin, blockchain, or cryptocurrencies, the aggregation can’t action any business angle due to the ambiguous all-around environment.
Canaan Chief Financial Officer Quanfu Hong did about animadversion in the balance absolution that appeal for mining machines connected to trend college in the appear division and it has accustomed a “large number” of pre-sale orders.
“Looking ahead, we abide committed to advance in areas that will added strengthen our accord with accustomed IC manufacturers, enhance our account management, accumulate our analysis and development initiatives, and accomplish abiding amount for our shareholders,” Hong additionally said.
Ebang International
Ebang International (NASDAQ: EBON) is classified as a blockchain technology aggregation with accurate ability in able application-specific dent ambit (ASIC) dent architecture technology. The aggregation has acquired to become a arch bitcoin mining apparatus ambassador although its sales metrics lag its battling Canaan.
Ebang appear banking after-effects for the aboriginal six months of 2024 in backward September. Total accretion ability awash in the six ages aeon was aloof 0.25 actor Thash/s (down 86% year-over-year) while acquirement came in at $11.04 actor (down 50.6%).
However, Ebang said it charcoal focused on active its affairs to alteration appear a blockchain-enabled banking business.
While technically no best a penny banal at about $5.30 per share, it isn’t too backward to buy shares of Ebang as it is still active on its strategy. Most recently, Ebang signed a technology licensing agreement with Circle Line that grants it abounding exclusivity to the AsicBoost patent.
Under Ebang’s control, AsicBoost can aftereffect in a 20% abridgement in the activity burning of its mining machine.
Separately, Ebang appear on Dec. 31 it will anon alpha accessible testing of its cryptocurrency barter that is accepted to barrage in the aboriginal division of 2024. The aggregation isn’t endlessly there and has added affairs to accretion added acknowledgment to the blockchain and cryptocurrency industry. These accommodate establishing mining farms and cryptocurrency mining operations.
Riot Blockchain, Marathon Patent Group: Major Penny Stock Winners
Riot Blockchain (NASDAQ: RIOT) and Marathon Patent Group (NASDAQ: MARA) serve as examples of the atomic abeyant investors can apprehend back advance in penny stocks.
U.S.-based Riot Blockchain has absolute acknowledgment to bitcoin mining but additionally holds non-controlling stakes in blockchain technology companies. It’s banal traded as low as 51 cents over the accomplished year afore aerial as aerial as $29.28.
Marathon is additionally based in the U.S. and is classified as a agenda asset technology aggregation that mines cryptocurrency. Similarly, shares of Marathon soared from as low as 35 cents in 2024 to $28.37.
The two stocks both accept absolute acknowledgment to the agenda bill cosmos so it would be accustomed to see their stocks move in accord with bitcoin’s move higher. But the two companies are additionally benefiting by absence from actuality amid the acutely few U.S.-based companies with any array of absolute ties to the agenda bill universe.
Disclaimer: The admonition presented actuality does not aggregate advance admonition or an action to invest. The statements, views, and opinions bidding in this commodity are alone those of the author/company and do not represent those of Bitcoinist. We acerb admonish our readers to DYOR afore advance in any cryptocurrency, blockchain project, or ICO, decidedly those that agreement profits. Furthermore, Bitcoinist does not agreement or betoken that the cryptocurrencies or projects appear are acknowledged in any specific reader’s location. It is the reader’s albatross to apperceive the laws apropos cryptocurrencies and ICOs in his or her country.
