From Nasdaq: 2024-04-13 07:46:00

The cryptocurrency market saw a revival in 2022 with the approval of the first Bitcoin spot price ETFs by the SEC and anticipation of lower interest rates. Key factors like the upcoming Bitcoin “halving,” Ethereum Network upgrades, and increased institutional purchases contributed to the market’s recovery.

Marathon Digital, North America’s largest Bitcoin miner, experienced significant growth, minting 12,852 Bitcoins in 2023, with plans to expand operations in Texas and Abu Dhabi. Analysts project 35% revenue growth from 2023 to 2026 and a reasonably valued stock at 6 times this year’s sales and 13 times adjusted EBITDA.

Coinbase, a leading crypto exchange, held $101 billion in assets and expects revenue to grow at a CAGR of 21% from 2023 to 2026. With an adjusted EBITDA increasing at a CAGR of 40%, its stock trades at 10 times this year’s sales and 24 times adjusted EBITDA. Ark Invest’s Cathie Wood holds Coinbase as a top holding, anticipating growth in the crypto market.

Read more at Nasdaq, Inc.: 2 Potentially Explosive Crypto Stocks to Buy in April