From Nasdaq:

The recent approval of the Bitcoin spot ETF has implications for the growth of cryptocurrency. Analysts believe that Web3 stocks that power aspects like the metaverse and social media are set to gain as these industry catalysts converge. This sets expectations for investment gains in January and beyond.

Coinbase (COIN), a leading U.S. cryptocurrency platform, is expected to see growth. The company has already recorded $7.7 billion in Bitcoin sales following the ETF announcement, and further inflows from retail and institutional investors are expected. CEO Brian Armstrong noted that the ETF would unlock new capital for the crypto industry and Coinbase.

Meta Platforms (META) could also benefit indirectly from the Bitcoin spot ETF. The company is anticipated to make a significant move, suggesting that it may be undervalued based on its trailing P/E and P/S ratios. Analysts predict a “Strong Buy” recommendation for META stock, with revenue and EPS expected to climb in the coming year.

Unity Software (U) is positioned to benefit from Web3 trends such as augmented reality and the metaverse, as it provides essential infrastructure for these technologies. Despite a recent 25% reduction in its workforce, analysts believe the company will do better by becoming leaner and more efficient. This restructuring process is expected to position Unity for future profitability.

In conclusion, the Bitcoin spot ETF approval is expected to drive growth in Web3 stocks, particularly those powering the metaverse, social media, and cryptocurrencies. Companies like Coinbase, Meta Platforms, and Unity Software are anticipated to see significant gains as these industry catalysts converge.



Read more: The 3 Best Web3 Stocks to Buy in January 2024