2024-07-16
Cryptocurrency stocks such as Coinbase (COIN),
Robinhood (HOOD), MicroStrategy (MSTR), Marathon Digital Holdings (MARA) surged
on July 15 following Bitcoin rebound from 57k to 63k.
Bitcoin 7 days price went up 10%.
1. Coinbase up 11.39%
Coinbase (ticker symbol: COIN) is a cryptocurrency
exchange platform based in the United States.
Coinbase stock analysis
Coinbase ranks 3rd largest
cryptocurrency exchange by trading volume only after Binance and ByBit.
Besides generates revenue transaction
fees charged when users trade cryptocurrencies. Coinbase has variety of
businesses relating to cryptocurrency.
Coinbase Prime is a digital asset custody
service for institutional investors.
Coinbase Wallet is a software
cryptocurrency wallet from Coinbase.
Base is an Ethereum Layer-2 scaling
solution developed by Coinbase. Base
is the 6th largest blockchain by TVL. It currently has
$1.661 billion TVL.
For the competitive landscape Coinbase
is the leader in cryptocurrency industry.
2. Robinhood up 7.45%
Robinhood is a crypto and stock trading
app that offers commission-free trading of stocks, ETFs (exchange-traded
funds), options, and cryptocurrencies.
Robinhood stock analysis
Robinhood faces fierce competition from
every business the company does.
Robinhood faces competition with
Robinhood acquired BitStamp crypto exchange on June 6, 2024, this acquisition can drive Robinhood’s revenue growth.
Coinbase is Robinhood’s main competitor in crypto trading sector.
Although Robinhood is not the leader in businesses mentioned above but it is definitely a growth stock. The history shows that Robinhood can capture market share from both stock and crypto sectors.
3. MicroStrategy up 15.36%
MicroStrategy
is a global leader in business intelligence (BI), providing software solutions
for enterprise analytics, mobile software, and cloud-based services.
It
was founded in 1989 by Michael J. Saylor. He turned MicroStrategy into
Bitcoin investment vehicle.
As of June 20, 2024, MicroStrategy
holds 226,331 BTC worth $14.263 billion.
4. Marathon Digital Holdings up 18.34%
Marathon Digital Holdings is one of the
largest Bitcoin mining companies in North America.
5. Block up 4.83%
Block offers a comprehensive financial
service including Square and its ecosystem, Weebly, Cash App, After Pay,
BitKey, Bitcoin mining chips, and Bitcoin lightning network.
Block stock analysis
Block stock has been performing badly
over the past 1 year.
Although Square PoS is the leader in Point-of-Sale service. But Square PoS is
losing some market share to Toast.
Block’s crypto businesses are still at an early phase. Block’s 3 nanometers Bitcoin
mining chips just delivered to only 1 customer which is Core Scientific.
Block is one of the companies that
developed lightning network for Bitcoin payment.
Overall, Coinbase and Robinhood are growing faster than Block.
