5 best Canadian crypto & blockchain stocks of 2021

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 5 best Canadian crypto & blockchain stocks of 2021
Image source: © 2021 Kalkine Media

Highlights

  • Cryptocurrencies and blockchains became two of the most popular buzzwords worldwide in 2021.
  • Some crypto experts believe that digital currencies that utilize the blockchain technology can go on to rake in much growth in the future.
  • A blockchain stock in Canada soared by almost 885 per cent in the past year.

Cryptocurrencies and blockchains became two of the most popular buzzwords worldwide in 2021. Some crypto experts believe that digital currencies that utilize the blockchain technology can go on to rake in much growth in the future.

Keeping this in mind, let us explore five Canadian crypto and blockchain stocks that made their presence felt in 2021.

5 best Canadian crypto & blockchain stocks of 2021

Image source: © 2021 Kalkine Media

1.    Hut 8 Mining Corp (TSX: HUT)

Hut 8 Mining Corp, said to be among the biggest North American digital asset mining firms, saw its stock surge by about 610 per cent in the past year. It closed at C$ 10.44 apiece on Monday, December 13.

The Toronto-based miner held a total Bitcoin balance of 5,053 valued at C$ 430 million in the market as of November 10. It also balance included 2,000 Bitcoin loaned as its fiat yield strategy.

Hut 8 mined 905 Bitcoin and posted a revenue of C$ 50.3 million in Q3 FY2021.

Also read: Best ESG stocks of 2021 that Canadians should explore 

2.    Voyager Digital Ltd (TSX: VOYG)

VOYG stock rocketed by over 600 per cent in the last year, having closed at C$ 15.41 apiece on December 13.

The New York-headquartered crypto asset broker provides turnkey crypto trade solutions to institutional and retail investors.

Voyager Digital Ltd recorded a revenue of US$ 65.6 million in the first quarter of fiscal 2022, noting a year-over-year (YoY) rise of a whopping 3,280 per cent. In addition, its Coinify business generated a revenue of C$ 15.9 million.

Top Canadian Crypto & Blockchain Stocks of 2021

3.    Bitfarms Ltd (TSXV: BITF)

Bitfarms Ltd is a Toronto-headquartered blockchain company that is said to provide computing power to the decentralized financial economy.

The blockchain farmer reported a revenue of US$ 44.8 million in the third quarter of fiscal 2021, while its net income was US$ 23.7 million.

The blockchain stock soared by almost 885 per cent in the past year. On December 13, BITF stock closed at C$ 6.50 apiece.

4.    DMG Blockchain Solutions Inc (TSXV:DMGI)

DMG Blockchain Solutions Inc, aka DMG, is a Vancouver-based cryptocurrency firm with fully integrated blockchain solutions.

DMG posted a revenue of C$ 1.78 million in the third quarter of fiscal 2021, as compared to C$ 1.1 million a year ago. It reported a cash balance of C$ 47.46 million in the balance sheet as of June 30, 2021.

DMG stock closed at C$ 0.9 apiece on December 13, having grown by over 246 per cent in the last year.

5.    Hive Blockchain Technologies Ltd (TSXV: HIVE)

The Vancouver-based blockchain infrastructure company, Hive Blockchain Technologies Ltd, produced 218 Bitcoin and 2,334 Ethereum in November 2021.

Its revenue was C$ 52.6 million in the second quarter of fiscal 2022, which reflected a YoY surge of 305 per cent. Its net income also increased notably to C$ 59.8 million in the latest quarter, up by 549 per cent from the previous year.

HIVE stock jumped by nearly 174 per cent in the past year. It closed at C$ 3.56 apiece on December 13.

Also read: Top 3 Canadian metaverse stocks of 2021

Bottom line

The craze around cryptocurrency and blockchain technology is likely to grow further in the future, hence investing in such stocks could lead to gains.

However, the crypto and blockchain space is relatively volatile, making these stocks riskier than others.

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