The cryptocurrency market has weathered significant turbulence in recent years, yet select stocks tied to blockchain and digital assets continue to outperform despite broader industry headwinds. As of Q2 2023, several companies are emerging as leaders based on value, growth, and momentum—offering investors strategic entry points into this evolving sector. From AI-powered data centers to semiconductor giants fueling crypto mining, the landscape is diversifying rapidly.
This analysis explores the top cryptocurrency stocks of the quarter, evaluating them across key financial metrics while highlighting both the risks and transformative potential inherent in this space. Whether you're seeking high-growth opportunities or undervalued plays, understanding these dynamics is essential for informed decision-making.
Best Value Cryptocurrency Stocks
When assessing value in early-stage or volatile industries like cryptocurrency, traditional metrics such as the price-to-sales (P/S) ratio provide useful insights. A low P/S ratio may indicate that a stock is trading at a discount relative to its revenue—particularly valuable when profitability is still on the horizon.
The following companies stand out for their low 12-month trailing P/S ratios, making them compelling candidates for value-focused investors:
Greenidge Generation Holdings Inc. (GREE)
Trading at just $3.03 per share with a market cap of $181.2 million, Greenidge boasts a remarkably low P/S ratio of 0.1. The company operates cryptocurrency mining facilities alongside power-generation infrastructure, positioning it at the intersection of energy and blockchain technology. Despite an almost 94% decline in share price over the past year—prompting a 1-for-10 reverse stock split in mid-May—its asset base and operational scale suggest potential for recovery if market conditions improve.
Canaan Inc. (CAN)
This Chinese tech firm specializes in high-performance computing hardware, particularly ASIC chips used in cryptocurrency mining. With a P/S ratio of 0.7 and a market cap of $488.1 million, Canaan offers exposure to the hardware backbone of the crypto ecosystem. However, shares have dropped over 20% in the past year due to weaker-than-expected earnings, reflecting challenges in global demand and competitive pressures.
Block Inc. (SQ)
With a higher P/S ratio of 2.0 but a significantly larger footprint, Block Inc. represents a more mature player in the digital payments space. Its $37.2 billion market cap reflects broad adoption of its platforms, including Cash App, which now supports cryptocurrency transactions. In Q1 2023, gross profit surged by more than 25%, driven by strong performance in its consumer financial services segment—helping narrow its net loss compared to the prior year.
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Fastest-Growing Cryptocurrency Stocks
Revenue growth is a powerful indicator of momentum—especially for companies not yet profitable. These next stocks have demonstrated robust year-over-year sales increases, signaling strong user adoption and expanding business operations.
Robinhood Markets Inc. (HOOD)
Robinhood’s revenue grew by 47% year-over-year in the latest quarter, reaching $8.68 per share with a $7.8 billion market cap. The growth was primarily fueled by rising net interest income from customer cash balances and increased trading activity. As a commission-free brokerage platform supporting crypto trading, Robinhood continues to attract younger investors seeking accessible entry points into digital assets.
Shift4 Payments Inc. (FOUR)
With a 36.1% revenue increase, Shift4 has solidified its role as a leading payment processor integrating cryptocurrency capabilities. The company serves enterprise clients across hospitality, retail, and entertainment sectors, recently adding several high-profile merchants to its network. At $66.92 per share and a $3.97 billion market cap, Shift4 blends traditional fintech strength with forward-looking blockchain integration.
Block Inc. (SQ)
Once again appearing on this list, Block underscores its dual strength as both a value and growth play. Its 26% revenue growth aligns with expanding adoption of its ecosystem—from peer-to-peer payments to merchant services and Bitcoin integration.
Cryptocurrency Stocks With the Most Momentum
Total return over the past 12 months reveals which stocks have captured investor enthusiasm—and delivered tangible results.
Applied Digital Corp. (APLD)
Leading the pack with a staggering 135.3% return, Applied Digital operates data centers dedicated to blockchain infrastructure and crypto mining across North America. The surge was amplified in May after the company announced an $180 million AI cloud services contract with an undisclosed client—highlighting its pivot toward next-generation computing beyond pure mining.
NVIDIA Corp. (NVDA)
Not traditionally classified as a crypto stock, NVIDIA’s GPUs are foundational to cryptocurrency mining operations worldwide. With shares up 123.9% over the past year and a massive $939 billion market cap, NVIDIA’s momentum stems from explosive demand for AI and data center solutions. Its recent partnership with Microsoft on AI systems further cements its strategic importance in tech infrastructure.
Riot Platforms Inc. (RIOT)
With a 72.2% total return, Riot Platforms remains a pure-play bitcoin miner operating large-scale facilities in Texas and New York. Additional operations in electrical engineering support grid stability for mining infrastructure. Positive analyst forecasts and improving hash rates have bolstered investor confidence in recent weeks.
| Benchmark Comparison |
|---|
| Russell 1000 Index: 3.9% return |
| Amplify Transformational Data Sharing ETF (BLOK): -9.3% return |
While BLOK—a crypto-focused ETF—has declined nearly 10%, individual stocks like APLD and NVDA have vastly outperformed both the ETF and broader markets.
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Risks of Investing in Cryptocurrency Stocks
Despite strong returns, investing in crypto-linked equities carries notable risks:
- High Volatility: Prices can swing dramatically based on regulatory news, macroeconomic shifts, or technological developments.
- Speculative Trading Dominance: Much of crypto activity remains speculative rather than utility-driven, increasing exposure to bubbles.
- Regulatory Uncertainty: Governments worldwide are still shaping frameworks for digital assets, creating compliance risks.
- Psychological Traps: New investors may fall prey to FOMO (fear of missing out), herd behavior, or the “greater fool theory,” where assets are bought only to sell at higher prices regardless of fundamentals.
Even prominent figures like Warren Buffett and Jamie Dimon have warned of a potential crypto bubble—a reminder that caution is warranted even during bullish phases.
Benefits of Cryptocurrency Stocks
On the flip side, these investments offer unique advantages:
- High Return Potential: Early adopters of Bitcoin saw life-changing gains; similar opportunities may exist in next-gen blockchain ventures.
- Exposure to Blockchain Innovation: Many crypto companies contribute to broader technological transformation—impacting finance, healthcare, supply chain, and cloud computing.
- Diversification: These stocks often behave differently from traditional markets, offering portfolio diversification benefits.
As blockchain matures, companies providing infrastructure—like data centers, semiconductors, or secure transaction platforms—are well-positioned to benefit regardless of short-term crypto price swings.
Frequently Asked Questions
What are cryptocurrency stocks?
Cryptocurrency stocks are shares in publicly traded companies involved in blockchain technology, digital asset trading, mining operations, or related infrastructure—not the cryptocurrencies themselves.
Which crypto stock has performed best in 2023 so far?
Applied Digital Corp. (APLD) leads with a 135.3% return over the past 12 months, driven by AI cloud contracts and expanded data center operations.
Is NVIDIA considered a cryptocurrency stock?
While not exclusively a crypto company, NVIDIA’s graphics processing units (GPUs) are widely used in cryptocurrency mining, making it a key enabler of the ecosystem.
Are cryptocurrency stocks riskier than regular tech stocks?
Generally yes—due to higher volatility, regulatory uncertainty, and speculative sentiment—but they also offer higher growth potential.
Can I invest in crypto stocks through ETFs?
Yes, funds like the Amplify Transformational Data Sharing ETF (BLOK) provide diversified exposure to multiple crypto-related companies.
How do I evaluate whether a crypto stock is undervalued?
Look at metrics like price-to-sales (P/S) ratio, revenue growth trends, cash flow sustainability, and competitive positioning within the blockchain ecosystem.
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Final Thoughts
Cryptocurrency stocks in Q2 2023 reflect a maturing ecosystem where innovation meets investment opportunity. From value plays like Greenidge and Canaan to high-momentum leaders like Applied Digital and NVIDIA, there are multiple pathways for participation.
Core keywords naturally integrated: cryptocurrency stocks, blockchain technology, AI cloud services, Bitcoin mining, price-to-sales ratio, revenue growth, market momentum, digital asset investments.
By combining fundamental analysis with awareness of macro trends—such as AI convergence and energy-efficient computing—investors can navigate this dynamic space with greater confidence.