5 Cryptocurrency Stocks with Profit Potential in 2024

Here are the 3 cryptocurrency stocks with profit potential in 2024, according to Wall Street analysts. Bitcoin (BTC-USD) prices have been on a roll this year, gaining over 48.7% year-to-date. The bitcoin halving event in mid-April this year reduced the block reward for mining bitcoins by half.

Bitcoin price hit an all-time high of $73,750 on Mar 14. This year's surge gained momentum after the Securities and Exchange Commission approved 11 spot Bitcoin exchange-traded funds (ETFs) in January. The approval was done with the aim of helping both individual investors and large institutions to invest in Bitcoin through a regulated and accessible platform.

1. Robinhood Markets

Robinhood Markets, Inc. (HOOD) operates a financial services platform in the United States, offering users the ability to invest in stocks, exchange-traded funds (ETFs), options, gold, and cryptocurrencies. Through its Robinhood Crypto platform, users can buy and sell various cryptocurrencies, including Bitcoin, Ethereum, and Dogecoin.

Robinhood Markets is projected to experience earnings growth exceeding 100% for the current year. The Zacks Consensus Estimate for its earnings has seen a 10.9% improvement over the past 60 days. HOOD currently holds a Zacks Rank #3 (Hold).

2. NVIDIA Corporation

NVIDIA Corporation (NVDA) is a global leader in visual computing technologies and is credited with inventing the graphics processing unit (GPU). NVDA's focus has expanded from PC graphics to artificial intelligence (AI) solutions, which now power high-performance computing, gaming, and virtual reality platforms.

NVIDIA is also expected to achieve earnings growth of over 100% this year, with the Zacks Consensus Estimate increasing by 0.4% over the last 60 days. NVDA currently carries a Zacks Rank #3 (Hold).

3. Interactive Brokers Group

Interactive Brokers Group, Inc. (IBKR) is a global automated electronic brokerage firm, offering trading services in cryptocurrencies, alongside its futures trading desk, which includes cryptocurrency futures.

Interactive Brokers is forecasted to have an earnings growth rate of 18.4% for the current year, with the Zacks Consensus Estimate rising by 4.9% in the last 60 days. IBKR boasts a Zacks Rank #1 (Strong Buy).

4. CleanSpark

CleanSpark (CLSK) is a sustainable Bitcoin mining company that leverages renewable energy sources like nuclear, hydroelectric, solar, and wind to power its operations. The company runs data centers using low-carbon energy and manages several mining facilities in Georgia, New York, and Mississippi.

As of June 30, 2024, CleanSpark achieved a hash rate of 20.4 EH/s, surpassing its mid-year goal of 20 EH/s and marking a 13.5% growth compared to May 2024. In June, the company mined 445 Bitcoins, closing the month with 6,591 BTC in its treasury.

CleanSpark announced a significant agreement to acquire GRIID Infrastructure (GRDI) in an all-stock transaction valued at $155 million. This acquisition is expected to substantially enhance CleanSpark's mining capacity and increase its hash rate.

5. Bit Digital

Bit Digital (BTBT) is a digital asset mining company with operations in the U.S., Canada, and Iceland, utilizing carbon-free energy solutions for its mining activities. In addition to mining, Bit Digital also runs Bit Digital AI, which provides specialized cloud infrastructure for artificial intelligence (AI) applications.

In June 2024, Bit Digital produced 61.7 BTC, a slight decline of 2.5% from May 2024. By the end of the month, the company's active hash rate stood at 2.57 EH/s. As of June 30, 2024, BTBT held 585.9 BTC and 29,927.9 Ethereum (ETH).

The company also recently expanded an existing customer contract, adding 2,048 GPUs over a three-year period. This expansion is expected to generate an additional $92 million in annual revenue over the next three years.

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