Yahoo Finance Missed the Boat on Bitcoin? 3 Crypto Stocks That Could Still Make You Rich
Written by Ambrose O'Callaghan at The Motley Fool Canada
Bitcoin was invented in 2008 by the mysterious Satoshi Nakamoto. This may be an unknown person or a group of people. The digital currency began use in 2009. Bitcoin and the fledging cryptocurrency space found itself in the wilderness for most of the early 2010s. It typically attracted investors who were ideologically driven. Early adopters in Bitcoin have been richly rewarded, as the crypto market has burst into the mainstream in the last half-decade.
Investors should not lament their failure to get in on the ground floor. Instead, now is a good time to seek out the many opportunities that still abound in this space. Today, I want to look at three crypto stocks that are worth snatching up in late November.
This crypto miner has been scorching over the past year
The digital currency craze has also bolstered the fortunes of crypto miners. This fast-growing market requires resources to mine and maintain. Hut 8 Mining (TSX:HUT)(NASDAQ:HUT) is a Toronto-based cryptocurrency mining company. Shares of this crypto stock have climbed 337% in 2021 as of close on November 17. The stock is up just over 1,300% in the year-over-year period.
In Q3 2021, Hut 8 announced that it had surpassed its goal of 5,000 Bitcoin held in reserve. Revenue was reported at $50.3 million, which represented yet another quarterly record. Hut 8 mined 905 Bitcoin in the quarter. Adjusted EBITDA for the first nine months of 2021 rose to $61.3 million — up from a loss of $2.03 million in the previous year.
Shares of this crypto stock last had a price-to-earnings (P/E) ratio of 31. This puts Hut 8 in favourable value territory compared to its industry peers.
Here’s a fintech stock that bet on Bitcoin early
MOGO (TSX:MOGO)(NASDAQ:MOGO) is a Vancouver-based company that operates in the financial technology space. I’d suggested that investors should snatch up Mogo back in August. Shares of Mogo are up 41% in the year-to-date period. However, the stock has plunged 23% in the last half year.
This fintech firm started to creep into the crypto space in late 2017 and early 2018. In March 2018, it launched MogoCrypto. This provided its clients with another avenue to buy and sell Bitcoin. Since then, Mogo has expanded on its offering and benefited from the cryptocurrency bull market. In May, the company announced that it planned to invest up to 5% of the value of its cash and Investment Portfolio in cryptocurrencies.
One more crypto stock to snatch up in November
HIVE Blockchain (TSXV:HIVE)(NASDAQ:HVBT) is another crypto miner that operates in Canada, Sweden, and Iceland. Shares of this crypto stock have surged 103% in 2021. The stock has soared 720% in the year-over-year period.
The company released its first-quarter fiscal 2022 earnings on October 4. HIVE mined 225 Bitcoin in the quarter. Revenue soared 463% from the previous year to $37.2 million. This crypto stock possesses an attractive P/E ratio of 27. HIVE Blockchain is on track for strong growth, as the crypto space continues to expand in the years ahead.
The post Missed the Boat on Bitcoin? 3 Crypto Stocks That Could Still Make You Rich appeared first on The Motley Fool Canada.
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Fool contributor Ambrose O'Callaghan has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Bitcoin.
2021
