by Ian Cooper
Bitcoin is coming back strong.
At the time of this writing, the top crypto was up to $37,096, and could soon see $40,000. Better, with a good deal of speculation we’ll see a BTC ETF, and some analysts say BTC could eventually see $200,000.
Even better, as noted by TheStreet.com, “A blockchain-based union between two of the world’s largest financial institutions – BlackRock, which has $8.5 trillion in assets under management and JPMorgan, which manages $3.8 trillion – is fueling predictions that these legacy leaders will drive the next crypto bull run.”
If the bull run continues, here are a few of the top stocks you may want to buy and hold.
Look at the ProShares Bitcoin Strategy ETF (BITO) for example.
If you believe the value of BTC will push higher, you can invest in the Pro Shares Bitcoin Strategy ETF(BITO). With an expense ratio of 0.95%, the ETF tracks the performance of spot Bitcoin.
This one mimics the price of Bitcoin as closely as possible without investing in the cryptocurrency itself. As noted by Money, “Like all crypto ETFs, part of the allure of BITO is that investors don’t need to deal with cryptocurrency wallets and private keys but can instead invest through a broker they already use.”
Or, look at MicroStrategy (MSTR).
With Bitcoin showing signs of rebounding, the company just increased its stake in BTC to $4.68 billion, which could boost the MSTR stock even more. With Bitcoin’s latest run, MSTR exploded from about $320 to a current price of $509.18. From here, $600 is a possibility.
Analysts like it, with Canaccord raising its price target to $554 from $513. They noted, the “company continues to innovate in its dual strategy of being both an operating company and a modestly leveraged investment play in digital assets, and they continue to believe this strategy is working.”
BTIG analysts also raised their price target on MSTR to $520 from $490 a share. They added, “The company posted better than expected Q3 earnings and revenue thanks to its continued commitment to acquiring and holding bitcoin,” as noted by TheFly.com.
There are also mining stocks, like Marathon Digital (MARA).
When Bitcoin moves, miners typically follow. Better, if a spot Bitcoin ETF is approved, not only would BTC explode, but miners could, too.
Helping, the company just announced that, “In October, we increased our energized hash rate 1% to 19.2 exahashes as the facility in Garden City, Texas, where we have 4.1 exahashes of miners installed, began to come online,” said Fred Thiel, Marathon’s chairman and CEO. “Once this facility is fully operational later this month, we will have surpassed our 23 exahash target and solidified Marathon as the largest publicly traded Bitcoin miner in North America.”
“By increasing our hash rate and continuing to improve our operations at the facility in McCamey, Texas and elsewhere, we earned 4.0% of the total Bitcoin network’s available miner rewards and produced 1,202 Bitcoin in October. This total includes 18 Bitcoin from our 20% share of the JV in Abu Dhabi. We now have 2.3 exahashes online in Abu Dhabi as our second, larger facility in Masdar City has begun powering up. We continue to expect the full 7.0 exahashes in the UAE to be online by year-end.”