- Cryptocurrencies are digital money that is not backed by tangible assets or securities.
- Rising interest in these unregulated digital currencies can be attributed to their growing popularity to earn high profits.
- There are many crypto related stocks trading on the London Stock Exchange to look for.
The rising interest in the unregulated digital currencies can be attributed to their growing popularity to trade for profit, and stock markets can’t remain aloof of the trend; though there are no pure play on the London Stock Exchange (LSE), there are many crypto related stocks trading on the LSE to look for.
Cryptocurrency is digital money usually traded online from person to person without a middleman, such as a bank or a government agency. Cryptocurrency is decentralized, which means that no government agency or bank decides how they are made, their value or how they are traded. They are stored in digital wallets, which may be an app or a vendor used to purchase coins. The wallet is locked by a private key or a unique code that can be used by the user to digitally approve purchases. Cryptocurrencies use blockchain technology that maintains a public record of all transactions that have ever happened in a given cryptocurrency.
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Here we look at five FTSE listed crypto related stocks.
Online Blockchain Plc (LON: OBC)
Online Blockchain is the UK’s major blockchain technology company. It is engaged in offering blockchain technology and cryptocurrencies for various applications. It also provides continuous maintenance and development for global cryptocurrency projects such as PlusOne Coin, Happy Pool and Brazio, and works alongside ADVFN Plc and owns a 17.98% stake in the company.
On 25 May 2021, Online Blockchain announced the opening of a new office in Gibraltar. The new location serves as a strategic choice as it develops its blockchain operations, specifically for the DeFi Protocol Umbria Network. On 15 June 2021, DeFi protocol Umbria Network commenced developing a first-of-its-kind blockchain bridge under the supervision of Online Blockchain. The 'Narni' bridge by Umbia will enable rapid, smooth and cost-economical cross-chain dealings to eliminate barriers associated with other bridges.
In the last one-year, Online Blockchain has given a return of 126.13 per cent, and the market cap of the company stood at £6.51 million as of 30 July 2021.
Argo Blockchain Plc (LON: ARB)
London-based Argo Blockchain is one of the most prominent cryptocurrency mining companies in the world.
On 22 July 2021, Argo Blockchain announced the commencement of construction of its 200-megawatt (MW) Texas-based cryptocurrency mining facility that will mainly be powered using renewable energy. The new facility is slated for completion in H1 2022 and will add up to 20 new full-time jobs.
Earlier, in June 2021, Argo had completed 167 Bitcoin or Bitcoin Equivalent (BTC) mining compared to May’s figures of 166 BTC, bringing the total amount to 883 BTC year-to-date. Mining revenue in June 2021 stood at £4.36 million compared to £5.51 million in May 2021. Argo generated the revenue in June at 78% of average monthly mining margin as compared to 82% in May 202. By June end, the company owned a total of 1,268 BTC.
In the last one year, Argo Blockchain has given return of 2,048.31 per cent, and the market cap of the company stood at £504.02 million as of 30 July 2021.
Bitcoin Group SE (LON: 0RWM)
Bitcoin Group SE is a holding company with major concentration area of new and disruptive business models and technologies such as blockchain and cryptocurrency. It holds 100% shares in Futurum Bank AG that operates as Germany's only regulated marketplace for digital currency Bitcoin, Bitcoin Gold, Bitcoin Cash, Ethereum, Dogecoin, Litecoin, Bitcoin Satoshi Vision and Ripple under Bitcoin.de. It also holds 50% shares in the financial services provider, Sineus Financial Services GmbH.
For the year ended 31 December 2020, Bitcoin Group’s revenues rose to €15.03 million from €6.30 million in 2019, buoyed by the strong increase in trading turnover on the cryptocurrency platform Bitcoin.de. The number of customers of the company grew from 840,000 in 2019 to 919,000 by the end of 2020. According to preliminary calculations, the net commission income of the group reached €8.5 million in Q1 2021.
The stock quoted at € 19.81 as of 29 July 2021. In the last one year, Bitcoin Group has given returns of 48.64 per cent.
Riot Blockchain Inc. (LON: 0KX0)
Riot Blockchain is a Bitcoin mining company, founded in 2000. The company controls the Bitcoin blockchain through its fast-growing crypto mining in the US. It is focusing on expanding operations by increasing infrastructure capacity and Bitcoin mining hash rate.
Riot Blockchain has a current hash rate of 1.6 exahashes per second and an efficiency of 32.3W/TH at a power consumption of 51 MW. For the quarter ended 31 March 2021, 881.1% surge was reported in the mining revenue to $23.2 million compared to the same quarter last year. There was an increase of 62.0% in the company’s total mined BTC on a Q-o-Q basis, from 303 BTC mined in 4Q 2020 to 491 in Q1 2021.
Shares of Riot Blockchain were priced at € 7.42 as of 10:23 30 July 2021.
Quantum Blockchain Technologies Plc (LON: QBT)
Quantum Blockchain Technologies is an R&D company with a focus on Cryptography and artificial intelligence using Quantum Computing. It leverages classic computing technology and AI deep learning and quantum computing to develop a disruptive blockchain technology, which includes advanced blockchain applications such as cryptocurrencies mining.
On 6 July 2021, Quantum Blockchain announced the use of D-Wave Systems’ Leap™ quantum cloud service to develop advanced cryptography algorithms for cryptocurrency mining. For the year ended 30 December 2020, Quantum Blockchain’s operating loss reduced to €1.1 million (2019: €1.4 million), while net current assets increase to €4.9 million (2019: €2.4 million). On 24 June 2021, QBT announced a stake increase in Forcrowd to 41.17%, for a total consideration of €34,000.
In the last one year, Quantum Blockchain Technologies has given returns of 469.57 per cent, and the market cap stood at £13.24 million as of 30 July 2021.