Top blockchain stocks to explore: COIN, SQ, NVDA, MARA & RIOT

The crypto space has been the hottest topic in recent times, with various investors turning their focus to digital currencies expecting higher returns. However, due to the current market downturn, investors are keeping a close watch on the crypto market for cues on when the market will improve.

Notably, the market witnessed a steep loss on May 12, wiping off over US$200 billion of its value. However, another topic that also gained attention in recent days is the blockchain.

Many people misinterpret that the blockchain and cryptos are the same. Even though blockchain powers digital currencies, blockchain is a different thing. It is a distributed ledger technology that focuses on keeping records in a decentralized manner.

For instance, a bank stores information on its internal server, whereas blockchain technology allows the creation of an unchangeable public ledger that allows access to all the users. In addition, blockchain technology is widely used for anonymity and for protecting users' privacy.

Here, we discuss top blockchain stocks that may be worth exploring amid the crypto downturn.

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Which Top Blockchain Stocks Should You Be Looking At?

Coinbase Global, Inc. (NASDAQ: COIN)

Coinbase is one of the leading crypto exchanges that offers end-to-end financial infrastructure and technology services to the crypto space.

The shares of the company traded at US$53.04 at 2:09 pm ET on May 12, down 1.27% from their closing price on May 11. Its stock value increased by 78.6% YTD.

The firm has a market cap of US$13.94 billion, a P/E ratio of 5.67, and a forward one-year P/E ratio of 35.11. Its EPS is US$9.38.

The 52-week highest and lowest stock prices were US$368.90 and US$50.15, respectively. Its trading volume was 67,080,210 on May 11.

The company reported total revenue of US$1.16 billion in Q1, FY22, as compared to US$1.80 billion in the year-ago quarter. Its net loss came in at US$429.65 million, against an income of US$771.46 million in Q1, FY21.

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Source: Pixabay

Block, Inc. (NYSE: SQ)

Block, Inc., formerly known as Square, Inc., is a financial service and digital payment firm that offers various tools for businesses, sellers, as well as individuals. It is based in San Francisco, California.

The stock of the company traded at US$71.97 at 2:14 pm ET on May 12, up 1.05% from its previous closing price. The SQ stock fell 56.58% YTD.

The market cap of the company is US$41.86 billion, and the forward one-year P/E ratio is -106.30. Its EPS is US$-0.15.

The stock saw the highest price of US$289.23 and the lowest price of US$70.33 in the last 52 weeks. Its share volume on May 11 was 39,549,290.

The company reported total net revenue of US$3.96 billion in Q1, FY22, as compared to US$5.05 billion in the same quarter of the prior year. Its net loss attributable to common stockholders came in at US$204.19 million, or US$0.38 per diluted share, against an income of US$39.00 million, or US$0.08 per diluted share in Q1, FY21.

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NVIDIA Corporation (NASDAQ: NVDA)

NVIDIA is one of the leading technology companies that specialize in manufacturing GPUs for gaming and other professional markets including crypto mining. It is based in Santa Clara, California.

The shares of the company traded at US$156.955 at 2:18 pm ET on May 12, down 5.62% from their closing price of May 11. Its stock value declined 44.79% YTD.

The firm has a market cap of US$392.70 billion, a P/E ratio of 40.76, and a forward one-year P/E ratio of 35.31. Its EPS is US$3.85.

The 52-week highest and lowest stock prices were US$346.47 and US$134.59, respectively. Its trading volume was 67,016,700 on May 11.

The company will report its first-quarter fiscal 2023 financial results on May 25, after the market closes.

Meanwhile, in the fourth quarter of fiscal 2022, the company reported a revenue of US$7.64 billion, up 53% YoY, and its net income was US$3.00 billion, or US$1.18 per diluted share. For fiscal 2022, the company's revenue jumped 61% YoY to US$26.91 billion.

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Marathon Digital Holdings, Inc. (NASDAQ: MARA)

Marathon Digital is a digital asset technology firm that focuses on crypto mining and other related services in the blockchain ecosystem. It is based in Las Vegas, Nevada.

The stock of the company traded at US$9.69 at 2:42 pm ET on May 12, down 2.91% from its previous closing price. The MARA stock tumbled 69.66% YTD.

The market cap of the company is US$1.04 billion, and the forward one-year P/E ratio is 6.70. Its EPS is US$-1.34.

The stock saw the highest price of US$83.45 and the lowest price of US$9.91 in the last 52 weeks. Its share volume on May 11 was 17,834,920.

The company's revenue surged 465% YoY to US$51.71 million in Q1, FY22. Its net loss came in at US$12.95 million, against an income of US$83.35 million in the year-ago quarter.

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Riot Blockchain, Inc. (NASDAQ: RIOT)

Riot Blockchain is a crypto-focused company that primarily engages in crypto mining services and other related services in the sector. It is based in Castle Rock, Colorado.

The shares of the company traded at US$6.96 at 2:49 pm ET on May 12, up 1.75% from their closing price on May 11. Its stock value plunged 69.92% YTD.

The firm has a market cap of US$816.43 million, a P/E ratio of 46.4, and a forward one-year P/E ratio of 12.67. Its EPS is US$0.15.

The 52-week highest and lowest stock prices were US$46.28 and US$6.75, respectively. Its trading volume was 17,503,530 on May 11.

The company reported a revenue of US$79.8 million in Q1, FY22, representing an increase of 244% YoY. Its net income came in at US$35.62 million, against an income of US$7.53 million in Q1, FY21.

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Bottom line:

The recent market downturn due to various macroeconomic factors and the elevated inflation has forced many investors to keep a distance from risky bets. The recent CPI data showed that inflation, although slowed its pace, is still increasing. The consumer-price index rose 0.3% in April, following an increase of 1.2% in the prior month, renewing fears of a further increase in interest rate by the Federal Reserve. So, investors should closely evaluate the companies before investing in stocks.