AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Source: Sodel Vladyslav, Shutterstock
Blockchain demand has been gaining traction among financial companies as it paves the way for safe and faster transactions and mining cryptocurrencies. This market is projected to be nearly US$ 40 billion by 2025 from its last year’s value of US$ 3 billion, as per a research by Markets and Markets.
Meanwhile, blockchain stocks have been trending on the back of the crypto rally and rising digital payment demand.
Here are five Canadian blockchain stocks to explore this month:
Galaxy Digital Holdings Ltd (TSX:GLXY)
The company offers merchant bank services in the digital assets segment through blockchain technology.
The advanced technology stock has skyrocketed by 1,678 per cent in one year.
It is currently marching ahead of the TSX Composite Index. It delivered 56.61 per cent returns year-to-date (YTD), outperforming the benchmark index that is up 46.79 per cent YTD.
Hut 8 Mining Corp. (TSX:HUT)
The blockchain firm engages in crypto mining and holds approximately 3,021 bitcoins on its balance sheet.
Hut stock has zoomed over 202 per cent this year. The firm is in a good position after repaying its US$ 20 million debt early this month and saved US$ 1.6 million due to early payment.
It has yielded more than 904 per cent in the last 12 months. The crypto miner is also exploring options to enhance its power capacity by nearly 30 per cent in 2021.
Hive Blockchain Technologies Ltd. (TSXV:HIVE)
The Canadian firm provides blockchain solutions and operates in cryptocurrencies. Its stock has amplified by ~2036 per cent in one year. Its market cap is approaching the C$ 2 billion mark.
The stock plunged heavily to C$ 0.135 on March 16, 2020, due to the COVID-19 pandemic. Now, it is up over 3,855.56 per cent against its COVID slump.
In the first week of March, Hive announced a profit of US$ 13.7 million from crypto mining, a rise of 174 per cent YoY.
Image Source: Kalkine Group @2021
DMG Blockchain Solutions Inc. (TSXV:DMGI)
The junior software company deals with peer-to-peer transactions through its blockchain platform. It also has crypto mining operations.
This crypto miner has registered a remarkable 1,269 per cent growth in the past six months. In 2021, its share price has jumped 123.43 per cent, led by heavy cryptocurrency transactions.
The blockchain firm has been expanding its business in British Columbia province and hunting for a cheaper electricity supply.
Banxa Holdings Inc. (TSXV:BNXA)
The newly TSXV-listed company simplifies cryptocurrency transactions through its blockchain system. It has 136 bitcoins in its digital asset.
Shares of Banxa are up more than 2,287 per cent since its listing on January 7, 2021.
In the second quarter ended on December 31, 2020, the total transaction value on its platform surged by 780 per cent YoY.
The evolving blockchain player’s revenue amounted to AUD 7.4 million in the last two quarters ended on December 31, 2020, a 124 per cent jump YoY.
Please note, the above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view.
