Riot Blockchain, Mastercard, and Applied Digital: Blockchain Stocks Poised for Growth

The article highlights three blockchain stocks - Riot Blockchain, Mastercard, and Applied Digital Corporation - that have strong buy ratings and significant upside potential in the current market environment, as the cryptocurrency industry experiences growth and mainstream acceptance in 2024. These companies are poised to capitalize on the growth opportunities, with implications for the future of digital assets and financial transactions. This description focuses on the primary topic of blockchain stocks, the main entities involved, and the context of the growing cryptocurrency industry in 2024. It also touches on the significant actions and implications of these companies' growth, which will guide the AI in creating an accurate and meaningful visual representation of the article's content.

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Nitish Verma
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Riot Blockchain, Mastercard, and Applied Digital: Blockchain Stocks Poised for Growth

Riot Blockchain, Mastercard, and Applied Digital: Blockchain Stocks Poised for Growth

As the cryptocurrency industry experiences a pivotal year in 2024, investors are paying close attention to blockchain stocks that offer significant upside potential. Three well-established players in the blockchain and cryptocurrency space – Riot Blockchain, Mastercard, and Applied Digital Corporation – have strong buy ratings and are poised for growth in the current market environment.

Why this matters: The growth of blockchain stocks has significant implications for the future of digital assets and cryptocurrency, with potential to shape the global financial landscape. As mainstream acceptance of blockchain technology increases, these companies are well-positioned to capitalize on the growth opportunities, leading to potential shifts in the way we think about money and financial transactions.

Riot Blockchain, a Bitcoin mining company, has aggressive expansion plans to increase its biggest, traded hash rate capacity to 31 EH/s by the end of 2024. The company aims to develop its Corsicana Facility, which will be one of the largest Bitcoin mining facilities globally with a total capacity goal of 1 GW. Riot Blockchain has also secured options to purchase an additional 66,560 machines, with the potential to extend to up to 265,000 more miners, increasing its total mining capacity to over 100 EH/s. Nine analysts give Riot Blockchain an average 12-month price target of $17.29, implying an 87.93% upside from the current $9.50 stock price.

Mastercard has incorporated blockchain into various financial services, including Cryptocredentials, to enhance security and trust in cryptocurrency transactions. The company is pushing forward with its blockchain capabilities through its Start Path Digital Assets program, which aids startups innovating with digital assets, cryptocurrencies, and blockchain technology. Analysts project MA stock will outperform the market, maintaining its competitive edge against fintech challengers, with a strong buy consensus rating and an implied upside of 8.69%. Mastercard's strong brand and position in the market have led to its stock price gaining 80.95% over the past five years.

Applied Digital Corporation, a digital infrastructure company that operates data centers, has the strongest consensus from analysts on this list. Eight analysts give Applied Digital Corporation an average 12-month price target of $10.50, implying a 217.22% upside from the current $3.48 stock price. The company has projected its total revenue for the fiscal year 2024 to be in the range of $385 million to $405 million, with adjusted EBITDA expected to be between $195 million and $205 million. Applied Digital Corporation has been actively enhancing its infrastructure to support high-performance computing (HPC) and other digital services across North America, with significant investments in data center capabilities.

The cryptocurrency industry has seen significant developments in 2024, with regulatory approval making significant inroads, leading to a surge in Bitcoin's price and the approval of Bitcoin exchange-traded funds (ETFs). The Global X Blockchain Bitcoin Strategy ETF has seen strong returns, with a 152% average annualized gain as of March 2024 and a 95% gain as of April 2024. The first ten SEC-approved Bitcoin ETFs started trading in mid-January, with trading volumes crossing $4 billion across multiple exchanges. Bitcoin's price has jumped by 50% over the past six months and is up 42.5% biggest, traded year-to-date.

Other blockchain stocks have also seen strong performance in 2024. CleanSpark Inc.'s shares have gained 54% year-to-date, making it one of the top-performing Bitcoin stocks in 2024. The company reported a record 135% annual revenue growth and reiterated its goal to reach a 20 EH/s hash rate. TeraWulf Inc.'s shares are up 2.61% year-to-date.

As the blockchain and cryptocurrency industry continues to mature and gain mainstream acceptance, companies like Riot Blockchain, Mastercard, and Applied Digital Corporation are well-positioned to capitalize on the growth opportunities. With strong buy ratings from analysts and significant upside potential, these blockchain stocks are worth considering for investors looking to tap into the future of digital assets and blockchain technology.

Key Takeaways

  • Riot Blockchain aims to increase hash rate capacity to 31 EH/s by 2024, with 87.93% upside potential.
  • Mastercard incorporates blockchain into financial services, with 8.69% implied upside and strong buy consensus.
  • Applied Digital Corporation has 217.22% upside potential, with strong analyst consensus and growing infrastructure.
  • Bitcoin's price has jumped 50% in 6 months, with ETFs and regulatory approval driving growth.
  • Blockchain stocks like CleanSpark and TeraWulf have seen strong performance in 2024, with record revenue growth.