The Canadian blockchain stocks we’ve discovered have generated returns as high as 60% in the past week due to a surge in cryptocurrency prices
SmallCapPower | July 25, 2018: In June 2018, Bitcoin broke below its psychological barrier of US$7,000, worsening the bearish outlook on the cryptocurrency market. On June 28, Bitcoin hit its lowest point in 2018 of US$5,848, a 73% decline from its US$19,086 peak in December 2017. However, a reversal occurred and on July 17, Bitcoin rose by 10% and has gone up 22% since, continuing its current bull run. According to Forbes, this momentum is driven by the anticipated approval of the Bitcoin ETF as well as financial giants such as Goldman Sachs looking to get into cryptocurrencies. To highlight this rebound, we have selected the Top 5 Canadian blockchain stocks during the past week, with average returns of 34.2%.
Blockchaink2 Corp. (TSXV:BITK) – $0.49
Mining
Blockchaink2 began trading on the TSX-V on May 31, 2018, shortly after its change of business transaction. BITK is a mining company focused on acquiring distressed mining assets at a discount during the downturn in crypto. The Company acquires old data centers with low electricity costs, with the intent of repurposing them for cryptocurrency mining.
- Market Cap: $7.8 Million
- 1 Week Total Return: 59.6%
- Average Volume last 30 days: 17,583
- Average Daily Volume – 5 Days: 45,602
Block One Capital Inc. (TSXV:BLOK) – $0.47
Investment Management & Fund Operators in Blockchain
Block One Capital is an investment issuer focused on the blockchain space. The Company provides financings to blockchain start-ups and holds cryptocurrency assets including Bitcoin and Ethereum. The Company sold its cryptocurrency mining division to HashChain for $3.1M.
- Market Cap: $31.3 Million
- 1 Week Total Return: 50.0%
- Average Volume last 30 days: 72,286
- Average Daily Volume – 5 Days: 363,504
DMG Blockchain Solutions Inc. (TSXV:DMGI) – $0.40
Software & Mining
DMG Blockchain Solutions provides third-party servers for cryptocurrency mining. The Company is constructing an 85MW mining facility, expected to be one of the largest in North America. DMG also provides consulting services, using proprietary software tools for blockchain and forensics analytics and predictive analytics for the auto leasing industry.
- Market Cap: $37.3 Million
- 1 Week Total Return: 32.1%
- Average Volume last 30 days: 202,928
- Average Daily Volume – 5 Days: 656,499
HashChain Technology Inc. (TSXV:KASH) – $0.18
Financial & Commodity Market Operators & Service Providers
HashChain is a Canada-based blockchain company. The Company currently operates 977 cryptocurrency mining rigs in Vancouver and plans to operate 48,600 by 2020. HashChain expects to mine primarily Bitcoin, Dash, and Ethereum. On May 22, the Company acquired TG12, a cryptocurrency miner, from Block One Capital for $3.1M in shares.
- Market Cap: $27.3 Million
- 1 Week Total Return: 21.4%
- Average Volume last 30 days: 2,008,821
- Average Daily Volume – 5 Days: 4,855,806
HIVE Blockchain Technologies Ltd. (TSXV:HIVE) – $0.99
Financial & Commodity Market Operators & Service Providers
HIVE Blockchain Technologies is a cryptocurrency miner, operating a mining facility located in Iceland. The Company’s facility was completed in May 2017 and has the capability to mine a variety of cryptocurrencies, including Ethereum and Zcash. HIVE opened an Ethereum mining facility in Sweden in January and plans to expand it throughout this fiscal year, expected to reach 44.2 MW in September.
- Market Cap: $329.3 Million
- 1 Week Total Return: 8.4%
- Average Volume last 30 days: 1,408,459
- Average Daily Volume – 5 Days: 4,193,828
Disclosure: Neither the author nor his family own shares in any of the companies mentioned above.
To read our full disclosure, please click on the button below:
