Canadian crypto stocks offer investors exposure to the booming cryptocurrency markets.
Cryptocurrencies are digital currencies that are independent of traditional banking systems. They exist on a blockchain, a secure and immutable transaction record shared among many computer nodes in a network.
The most well-known cryptocurrency is Bitcoin, and the process of generating new Bitcoin units is called mining. When Bitcoin was new, it was easy enough for tech-savvy individuals to mine their own tokens using store-bought hardware. However, as Bitcoin has grown in popularity, mining has become a difficult and expensive process.
That’s why these days most mining is done at the industrial level. Large corporations with capital and the right equipment at their disposal can mine tens or even hundreds of Bitcoin every day. Buying shares of companies that mine crypto or provide crypto services is a way for investors to reap the potential benefits this industry has to offer without risking major losses.
Year-on-year gain: 662.5 percent
Market cap: C$38.74 million
Current share price: C$0.61
In addition to investing in projects on the Solana blockchain, Sol Strategies operates Solana validators.
On September 26, Solana’s valuation surged by nearly 7 percent, causing a subsequent increase in the company’s stock price of almost 60 percent.
Year-on-year gain: 112.5 percent
Market cap: C$11.27 million
Current share price: C$0.85
Established in 2013, Bitcoin Well makes using bitcoin easy and accessible via an ecosystem of products and services offered through its two revenue-generating business units. The first is its Canada-wide network of Bitcoin ATMs, and the second is its online Bitcoin portal, which is live in Canada as of November 2022 and the entire United States as of February 2024.
Year-on-year gain: 92 percent
Market cap: C$80.74 million
Current share price: C$0.48
DMG Blockchain Solutions is a vertically integrated blockchain and crypto company that helps users monetize the blockchain environment by delivering digital solutions like its Blockseer software platform, which allows traders to monitor and track their transactions on the Bitcoin and Ethereum networks.
Its business model consists of two segments, Core and Core+. Core focuses on crypto infrastructure operations, deriving its revenue from rewards and transaction fees, hosting services and hardware sales to industrial crypto miners. Core+ deals with data analysis and forensic services.
Year-on-year gain: 76.82 percent
Market cap: C$1.15 billion
Current share price: C$2.57
Year-on-year gain: 26.46 percent
Market cap: C$1.47 billion
Current share price: C$16.25
Hut 8 is an energy infrastructure operator and Bitcoin miner. It operates data centers across North America and boasts self-mining, hosting and managed services. The company has formed partnerships with other companies in the blockchain and technology space.
Hut 8 plans to deploy these new miners at its Texas facility in Q2 2025, and will charge Bitmain a fee for the space and power. This deal gives Hut 8 early access to new technology and an alternative revenue source.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Bitcoin Well is a client of the Investing News Network. This article is not paid-for content.
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