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Cryptocurrency stocks have been on a tear recently. The move comes mainly from the United States Securities and Exchanges Commission (SEC) approving exchange-traded funds (ETFs) in the United States. Yet Canada has had these for some time.
Coinbase Global (NASDAQ:COIN), Voyager Digital (TSX:VOYG), and Galaxy Digital Holdings (TSX:GLXY) are all strong Canadian cryptocurrency stocks that have been climbing lately. But which should Motley Fool investors choose first? Let’s take a look and see which could be the most promising.
Coinbase stock is up 43% in the last month, coming off the back of a strong earnings report. The company smashed earnings estimates, reaching $6.42 earnings per share. Coinbase stock continued to climb higher and higher, as Bitcoin and Ethereum, along with other cryptocurrency stocks promised more wealth.
Coinbase stock charges a fee for every cryptocurrency transaction managed by the company. So, more cryptocurrency on the market means more cash. But the future value hangs on whether cryptocurrency will be adopted across the world.
But the company offers a safe middle ground besides investing in cryptocurrency directly. Yet for investors wanting at least a taste of cryptocurrency directly, Coinbase stock doesn’t offer that. Instead, it offers a trading platform rather than mining, for example. While this can make it healthier, it doesn’t have that richness value that others might.
Meanwhile, Voyager stock offers you the platform as well as the crypto themselves. Voyager stock is a cryptocurrency asset brokerage firm, buying and selling over 60 cryptocurrency assets across worldwide marketplaces. It also offers payment solutions through the use of cryptocurrency.
Yet the benefit here is the share price. Whereas Coinbase stock is in the triple digits, Voyager stock remains at $23.50 as of writing. Still, shares are up a whopping 92% in the last month. This also comes from recent news that Voyager stock acquired another cryptocurrency platform.
It looks like Motley Fool investors can still latch onto some growth from Voyager stock, making it one of the best ones to consider right now.
Finally, Galaxy stock gives investors access to the growing world of ETFs in Canada. While the U.S. is still trying to gain traction, Galaxy stock has been doing well for some time. As cryptocurrency prices rise, so too does Galaxy stock, investing in several types of cryptocurrencies for investors.
Galaxy stock is an asset management firm focusing on digital assets, true, but also blockchain technology. So, while you get access to investment banking through cryptocurrency, it also mines cryptocurrency! And it invests in early and later-stage equity in the lending cryptocurrency sphere.
Basically, this company gives you access to everything. While this usually means it will see less soaring growth in the short term, it also means it will have fewer dips. The diversity you get from this company gives you stability as well. Shares are up 82% in the last month alone.
In my view, of the three, I would say Galaxy stock is the best choice for Motley Fool investors to consider. The company has a solid business model, providing investors will stable cash flow in the cryptocurrency market. If you’re bullish on cryptocurrency, then I would lean towards it. It gives you the safest option of the three, so long-term investors can sit back and watch the cash flow in for as long as the cryptocurrency market is healthy.