The highly anticipated Coinbase COIN IPO took place on Wednesday, putting companies in the cryptocurrency space in the spotlight as traders look for ways to play the large valuation of Coinbase and the rising price of Bitcoin.
Here is a look at some crypto stocks to play on the Coinbase IPO.
SOS Ltd: Mining company SOS Ltd SOS took receipt of its third batch of 5,464 mining rigs. The company expects to hit 177 PH/s for Bitcoin mining and 356 GH/s for Ethereum. The company mined 42 Bitcoin in the first quarter and 916 Ethereum. The totals from the company were higher than originally projected.
Ebang: Chip design company Ebang International Holdings EBON has transitioned to dedicating its technology and efforts to Bitcoin mining. The company has an exclusive license of the AsicBoost patent that can increase the performance of Bitcoin mining by 20%. Ebang announced in February it completed its design phase of a chip for simultaneous mining of Litecoing and Dogecoin. The company also released a cryptocurrency exchange called Ebonex in April.
Voyager: Voyager Digital VYGVF offers commission-free trading on over 50 cryptocurrencies. The company says it has more choices for its customers than Coinbase. Voyager also offers up to 9.5% interest APR on 17 of its leading digital assets through the Voyager app. In March, Voyager had over $2.4 billion in assets under management and $650 million of net deposits. Over 95,000 new accounts were created in March and a total of 395,000 new verified users were recognized for the month.
Lion Group: Lion Group Holding LGHL has a partnership with GrandShores to enter the blockchain market and invest in cryptocurrency mining. Lion Group plans on launching a fintech business in the crypto space. The company also holds a proprietary trading license for crypto assets in Dubai.
BIGG Digital Assets: BIGG Digital Assets BBKCF owns, operates and invests in cryptocurrency businesses. The company owns Netcoins, an online crypto platform in Canada and several other assets. BIGG Digital is projecting first-quarter revenue of $3.5 million. Last year, the company reported $380,000, $478,000, $643,000 and $950,000 in respective quarterly revenue.
Marathon Digital Holdings: Mining company Marathon Digital Holdings Inc MARA produced 196 Bitcoin in the first quarter. The company held 5,134.2 Bitcoin at the end of the first quarter worth over $300 million. Marathon Digital received 10,300 S-19 Pro Asic Miners in the first quarter and is installing them on a daily basis. The company is set to receive an additional 8,400 miners in the second quarter. By March 2022, the company is scheduled to have 103,120 miners in place mining at a rate of 10.37 EH/s.
Riot Blockchain: In the first quarter of 2021, Riot Blockchain RIOT mined 491 Bitcoin. The company deployed 2,400 S19 Pro Antminers in the first quarter. At the end of the first quarter, Riot Blockchain held 1,565 Bitcoin. Riot announced it was purchasing an additional 42,000 S19j Antminers to increase its mining production.
MicroStrategy: Business intelligence company MicroStrategy MSTR has become well-known for betting on Bitcoin with the acquisition of the cryptocurrency from its cash reserves. The company has even borrowed money to purchase additional Bitcoin. In February, MicroStrategy purchased an additional 19,452 Bitcoin for $1 billion. The purchase brought the company’s total holdings to 90,531 Bitcoin purchased at an average price of $23,985 each.
Bit Digital: Mining company Bit Digital BTBT had Bitcoin mining revenue of $21.1 million in the last fiscal year. The company mined 1,510 Bitcoin in fiscal 2020, including 695.97 in the fourth quarter. The company owned 40,865 miners at the end of fiscal 2020. Bit Digital had 622.94 Bitcoin on hand in February, up from 262.62 reported in the fourth quarter.
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