The Canadian blockchain stocks we’ve dug up today have rallied at least 30% year to date
SmallCapPower | February 18, 2020: Bitcoin has seen a spark in investor interest again. Since the beginning of 2020, the cryptocurrency has rallied ~30%, and recently broke $10,000. As a result of the recent Bitcoin surge, several Canadian blockchain stocks have also seen impressive year-to-date rallies. Today we have found four Bitcoin/blockchain stocks with significant stock price appreciation since the beginning of January.
*Share prices as at February 13, 2020, data obtained from S&P Capital IQ
Hut 8 Mining Corp. (TSX:HUT) – $1.80
Blockchain
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: $162.8M
- 7-Day Return: +37.0%
- YTD-Return: +76.6%
- 30-Day Average Trading Volume: 218,480
Bitfarms Ltd. (TSXV:BITF) – $0.73
Blockchain
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: $61.2M
- 7-Day Return: +36.7%
- YTD-Return: +64.0%
- 30-Day Average Trading Volume: 213,600
Galaxy Digital Holdings Ltd. (TSXV:GLXY) – $1.38
Blockchain
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.
HIVE Blockchain Technologies Ltd. (TSXV:HIVE) – $0.35
Blockchain
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: $114.5M
- 7-Day Return: +31.0%
- YTD-Return: +300.0%
- 30-Day Average Trading Volume: 6,444,200
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
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