Canadian Cryptocurrency Stocks With the Best Growth Prospects

The Canadian cryptocurrency stocks we’ve uncovered have seen some impressive gains with the recent Bitcoin rally and are up at least 55% year to date.

SmallCapPower | July 5, 2021: Bitcoin, once again, has generated much investor interest over the past year. Since the beginning of 2021, the cryptocurrency has rallied ~600%, and recently broke $60,000. As a result of the recent Bitcoin surge, several Canadian blockchain stocks have also seen impressive year-to-date rallies. Today we have dug up four Canadian cryptocurrency stocks with big year-to-date gains that are expected to continue.

*Share price data and other metrics as of July 2, 2021


Bitfarms Ltd. (TSXV:BITF) – $5.00
Crypto Mining

Bitfarms is a vertically-integrated blockchain infrastructure company that focuses on providing computing power to cryptocurrency networks, such as Bitcoin. Bitfarms operates four blockchain compute centers through its ownership of Backbone Hosting Solutions Inc. For each crypto network that it secures and processes a transaction, the Company earns a fee. Currently, the Company has four facilities that it operates in Quebec: Farnham, which has 10 MW capacity; Saint-Hyacinthe with a 10MW capacity; Cowansville, which has a 4MW capacity; and Magog with a 10 MW capacity.

Market Cap: $810.4M
YTD-Return: +100.%
1-Year Share Price Return: +1,215.8%
30-Day Average Trading Volume: 1,232,640

HIVE Blockchain Technologies Ltd. (TSXV:HIVE) – $3.76
Crypto Mining

HIVE Blockchain is a growth-oriented company building a bridge from the blockchain sector to traditional capital markets. HIVE owns state-of-the-art GPU-based digital currency mining facilities in Iceland and Sweden, which produce newly-minted digital currencies such as Ethereum continuously, as well as cloud-based ASIC-based capacity, which produces newly-minted digital currencies such as Bitcoin. HIVE aims to provide shareholders with exposure to the operating margins of digital currency mining as well as a growing portfolio of cryptocurrency.

Market Cap: $1,427.2M
YTD-Return: +57.3%
1-Year Share Price Return: +1,112.9%
30-Day Average Trading Volume: 2,483,720

Hut 8 Mining Corp. (TSX:HUT) – $6.31
Crypto Mining

Hut 8 Mining is a Canada-based cryptocurrency miner. Hut 8 wants to become the biggest cryptocurrency miner by using its BlockBox AC manufactured in partnership with Bitfury to mine Bitcoins using conventional datacenter infrastructure. Hut 8 currently operates a total of 73 BlockBox Data Centers, including 56 BlockBoxes at its facility in CMH, Alberta, with each BlockBox having 1.2 MW of capacity, representing an aggregate of 67.2 MW of maximum operating power capacity. Hut 8 has a total maximum operating power capacity of 85.9 MW and an average actual operating hash rate of over 640 Petahashes per second.

Market Cap: $902.8M
YTD-Return: +80.8%
1-Year Share Price Return: +473.6%
30-Day Average Trading Volume: 2,562,470

Galaxy Digital Holdings Ltd. (TSX:GLXY) – $22.86

Galaxy Digital is a diversified asset management firm dedicated to the digital assets and blockchain technology industry. The firm manages capital on behalf of external clients in three distinct business lines: Index Fund Management, Blockchain Ecosystem Funds, and Opportunistic Funds. Galaxy Digital Capital Management’s multi-disciplinary team has deep experience across active and passive portfolio management, capital markets, operations, and blockchain technology. The firm is a subsidiary of Galaxy Digital Holdings, which was founded by Michael Novogratz, a former Principal and Chief Investment Officer of the Fortress Macro Funds, and a former Partner at Goldman Sachs.

Market Cap: $2,147.1M
YTD-Return: +109.7%
1-Year Share Price Return: +1,302.5%
30-Day Average Trading Volume: 715,950

Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.

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