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Highlights:
- Riot Blockchain (NASDAQ:RIOT) produced 466 Bitcoins (BTC) in May.
- PayPal Holdings (NASDAQ:PYPL) revenue increased by 7% YoY in Q1, FY22.
- Marathon Digital Holdings (NASDAQ:MARA) first-quarter revenue rose 465% YoY.
Blockchain stocks are tech companies focused on cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), etc. Blockchain is also described as a distributed ledger technology for decentralized record-keeping.
Unlike banks that store information on an internal server, blockchain provides access to an unchangeable public ledger. It also ensures users' privacy.
Here we explore five blockchain stocks worth watching in 2022.
Riot Blockchain, Inc. (NASDAQ:RIOT)
Riot Blockchain is a Bitcoin (BTC) mining firm based in Castle Rock, Colorado.
Its shares traded at US$4.82 at 1:34 pm ET on June 27, down 7.13% from their closing price of June 24. Its stock value decreased by 77.18% YTD.
It has a market cap of US$656.43 million, a P/E ratio of 32.33, and a forward one-year P/E ratio of 9.11. Its EPS is US$0.15. The 52-week highest and lowest stock prices were US$46.28 and US$4.36, respectively. Its trading volume was 16,972,520 on June 24.
The company reported total revenue of US$79.8 million in Q1, FY22, up 244% YoY. It produced 1,405 BTCs in the first quarter of fiscal 2022. In May alone, it produced 466 Bitcoins (BTC).
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Block, Inc. (NYSE:SQ)
Block Inc., formerly Square, Inc., is a financial services and digital payment company engaged in crypto services. It is based in San Francisco, California.
The stock traded at US$69.58 at 1:38 pm ET on June 27, down 2.00% from its previous closing price. The SQ stock fell 56.72% YTD.
Its market cap is US$40.29 billion, and the forward one-year P/E ratio is -101.43. Its EPS is US$-0.15. The stock touched a peak price of US$289.23 and the lowest price of US$56.01 in the last 52 weeks. Its share volume on June 24 was 23,357,170.
The company's total net revenue was US$3.96 billion in Q1, FY22, compared to US$5.05 billion in the year-ago quarter. Its net loss was US$207.36 million, against an income of US$39.00 million in Q1, FY21.
Coinbase Global, Inc. (NASDAQ:COIN)
Coinbase is a publicly-traded US firm and runs a crypto exchange.
Its shares traded at US$56.51 at 1:45 pm ET on June 27, down 9.89% from their previous close. Its stock value tumbled 75.02% YTD.
The firm has a market cap of US$14.85 billion, a P/E ratio of 6.05, and a forward one-year P/E ratio of -7.69. Its EPS is US$9.38. The 52-week highest and lowest stock prices were US$368.90 and US$40.83, respectively. Its trading volume was 24,381,360 on June 24.
The company's total revenue was US$1.16 billion in Q1, FY22, compared to US$1.80 billion in the same quarter of the previous year. Its net loss was US$429.65 million, versus an income of US$771.46 million in Q1, FY21.
PayPal Holdings, Inc. (NASDAQ:PYPL)
PayPal is a financial technology firm that offers a centralized platform for crypto trading. It is based in San Jose, California.
The stock traded at US$75.74 at 1:51 pm ET on June 27, down 2.50% from its previous close. The PYPL stock plunged 60.15% YTD.
Its market cap is US$87.67 billion, the P/E ratio is 24.99, and the forward one-year P/E ratio is 28.88. Its EPS is US$3.03. The stock’s highest price was US$310.16, and the lowest price was US$70.47 in the last 52 weeks. Its share volume on June 24 was 29,843,840.
The net revenue of the company soared 7% YoY to US$6.48 billion in Q1, FY22. Its net income was US$509 million, or US$0.43 per diluted share, compared to US$1.09 billion, or US$0.92 per diluted share, in Q1, FY21.
Marathon Digital Holdings, Inc. (NASDAQ:MARA)
Marathon Digital is a technology company focusing on crypto mining and blockchain services. It is based in Las Vegas, Nevada.
Its shares traded at US$6.92 at 1:56 pm ET on June 27, down 6.74% from their closing price of June 24. Its stock value declined 77.44% YTD.
The firm has a market cap of US$737.78 million, and a forward one-year P/E ratio of -57.08. Its EPS is US$-1.34. The 52-week highest and lowest stock prices were US$83.45 and US$6.12, respectively. Its trading volume was 13,665,920 on June 24.
The company's revenue jumped 465% YoY to US$51.7 million in Q1, FY22, as its Bitcoin (BTC) production surged 556% YoY to 1,259 BTCs.
Bottom line:
Blockchain technology is one of the most exciting technology trends today. However, given the slump in the market this year, investors should apply due diligence before investing in cryptos.
