In this piece, we will take a look at the top 20 most valuable blockchain companies in 2024. If you want to skip our overview of the global blockchain industry, its current status, and the latest news, then you can take a look at the Top 5 Most Valuable Blockchain Companies in 2024.
With the first quarter of the 21st century about to be over, the Internet of today is vastly different from the one that had taken shape at the tail end of the dotcom era of the late 1990s and the early 2000s. Now, the Internet proliferates every aspect of life, whether it's transportation, work, entertainment, leisure, or even buying groceries. Additionally, two and a half decades after the start of the new century, a handful of players since the dotcom era have survived and now reign supreme in the stock market.
These bigwigs include Microsoft Corporation (NASDAQ:MSFT), Amazon.com, Inc. (NASDAQ:AMZN), Apple Inc. (NASDAQ:AAPL), and Alphabet Inc. (NASDAQ:GOOG). However, 2024 is turning out to be a year that appears to be challenging the dominance of big technology as the market value of the semiconductor designer NVIDIA Corporation (NASDAQ:NVDA) has started to rival that of the world's biggest electronic commerce company Amazon and Alphabet, whose search engine reigns supreme in nearly every country in the world.
The significant transformation that the Internet has undergone over the course of the past decades also means that now, there are new technologies and industries that were un-thought of when Jeff Bezos first started delivering books. One such technology is blockchain, a secure ledger that gained popularity along with Bitcoin, the world's premier cryptocurrency. The emergence of blockchain technologies, companies, and stocks comes as technology permeates not only our daily lives but also the business operations of giants belonging to crucial industries such as financial services and logistics.
A blockchain, for those out of the loop, is a collection of computers that store information. And since running a business requires storing copious amounts of information, it offers companies and management a secure ledge that is stored on multiple computers at the same time to ensure that even if one node of the network goes out of operation, the record integrity remains unaffected.
Naturally, this utility that the blockchain industry has slowly grown to be worth quite a bit. For instance, as part of our coverage of 11 Most Promising Blockchain Stocks According to Analysts, we discovered several blockchain stocks that had impressive share price upside. The top three stocks in this list, which ranked the companies by the percentage upside of their average analyst share price targets as of mid December 2023, were Canaan Inc. (NASDAQ:CAN), Applied Digital Corporation (NASDAQ:APLD), and Cipher Mining Inc. (NASDAQ:CIFR). The share price upside percentage for these blockchain stocks all stood in either double or triple digits, indicating that when it comes to selecting blockchain stocks for investment purposes, at least analysts believe that they offer at least some potential.
Delving deeper into the business operations of these top blockchain stocks, it appears that at least when it comes to the top of the food chain for investment recommendations, either companies that sell hardware for blockchain use or those that engage in Bitcoin mining reign supreme. Bitcoin and blockchains are closely tied to each other, since at its simplest level, a Bitcoin is simply a reward token to a miner given for computing resources spent powering up a blockchain network.
The next step in our analysis of the blockchain industry and the biggest blockchain companies is to see whether this trend also holds for the most valuable blockchain companies in the world in terms of market capitalization. Some of the most valuable companies, when it comes to either operating blockchains or offering software based products that use the technology are International Business Machines (NYSE:IBM), Microsoft Corp (NASDAQ:MSFT), Amazon.com, Inc. (NASDAQ:AMZN), and Alphabet Inc (NASDAQ:GOOGL).
This is unsurprising since all these companies are leaders in the cloud computing space, and each of them offers blockchain based services as well. So while Microsoft is one of the biggest proponents of Web3, a 'new' internet that seeks to run on the blockchain, Alphabet's Google Cloud has been storing Bitcoin mining data for years and the firm itself has invested billions of dollars in the blockchain industry. Similarly, IBM is one of the biggest players in the blockchain industry since it offers companies the ability to build blockchain systems across a myriad of industries such as supply chain management and food product sourcing.
As a whole, now that Bitcoin has touched the coveted $1 trillion mark, the next Bitcoin halving is due soon to allow even more miners to profit in the industry, retail players are able to access Bitcoin through exchange traded funds, new areas such as decentralized finance (DeFi) capture the public attention, and GPU supply chain stabilizes in the wake of increased A.I. demand, the blockchain industry might be in for some favorable tailwinds in the coming months.
So, with these details in mind, let's take a look at the biggest blockchain companies in the world. Some notable names are International Business Machines Corporation (NYSE:IBM), NVIDIA Corporation (NASDAQ:NVDA), and PayPal Holdings, Inc. (NASDAQ:PYPL).
Top 20 Most Valuable Blockchain Companies in 2024
A cryptocurrency wallet on a modern touchscreen device displaying a graph of the company's assets.
Our Methodology
To make our list of the biggest blockchain companies in the world, we first made a list of the firms that either mine Bitcoin, offer data center space to Bitcoin or associated companies, or offer blockchain related services. Then, the firms were analyzed to see whether blockchain or blockchain related products and services represent their key business operations or if the industry would find it difficult to function if their products went off the market. This meant that while Microsoft and Amazon do offer these products, they were excluded since their core business operations focus on other industries; but, it also meant that a GPU firm made the cut. Finally, the remaining companies were ranked by their market capitalization and the biggest blockchain companies were as follows.
Top 20 Most Valuable Blockchain Companies in 2024
2o. Bit Digital, Inc. (NASDAQ:BTBT)
Latest Market Capitalization: $326 million
Bit Digital, Inc. (NASDAQ:BTBT) is a Bitcoin mining company headquartered in New York City. The firm took an active approach to informing investors about its plans for 2024 in February 2024, when it shared that this year Bit Digital, Inc. (NASDAQ:BTBT) will expand its Bitcoin mining operations as well as focus on its A.I. division. Given that Bitcoin is up 17.20% year to date. Along with International Business Machines Corporation (NYSE:IBM), NVIDIA Corporation (NASDAQ:NVDA), and PayPal Holdings, Inc. (NASDAQ:PYPL), it is one of the most valuable blockchain companies in the world.
HIVE Digital Technologies Ltd. (NASDAQ:HIVE) is a Canadian technology company that mines Bitcoin and operates its data centers. Its third quarter earnings results, revealed in February 2024 saw the firm benefit from the uptick in global Bitcoin prices as HIVE Digital Technologies Ltd. (NASDAQ:HIVE)'s revenue jumped to $31 million to mark a 37% annual growth. However, like several other blockchain stocks, the firm nevertheless remained unable to turn a profit.
18. Canaan Inc. (NASDAQ:`)
Latest Market Capitalization: $404 million
Canaan Inc. (NASDAQ:CAN) is a backend Bitcoin company whose products are used by miners to produce Bitcoin. Despite the fact that it has missed analyst EPS estimates in all four of its latest quarters, Canaan Inc. (NASDAQ:CAN) scored a win in January 2024 when it won orders for a whopping 17,000 miners as Bitcoin stocks start to come to life this year. Not only has the Bitcoin price increase injected optimism into the companies, but the SEC's Bitcoin ETF approval also means that the industry can look forward to expanding its operations.
Iris Energy Limited (NASDAQ:IREN) is an Australian company that owns and operates data centers used in Bitcoin mining and other operations. The firm made a big announcement in February 2024 when it revealed that it was expanding its data center portfolio by buying more than 500 NVIDIA GPUs to beef up its artificial intelligence capabilities.
TeraWulf Inc. (NASDAQ:WULF) is an American company with Bitcoin mining facilities in Pennsylvania and New York state. Despite the fact that winter months are tough for the Bitcoin industry as higher power costs push down margins, TeraWulf Inc. (NASDAQ:WULF)'s January Bitcoin production marked only a slight decrease to 313 self mined coins.
Applied Digital Corporation (NASDAQ:APLD) is a diversified data center company that offers capacity to the blockchain industry as well as others. The firm joined Meta and NVIDIA's artificial intelligence alliance in 2024 as it sought to expand its data center offerings to also include A.I. computing. The shares are rated Buy on average, and the average analyst share price target is $13.86.
Hut 8 Corp. (NASDAQ:HUT) is a Florida based company that provides computing resources to customers seeking to mine Bitcoin or establish networks. The firm has been at the center of the cryptocurrency industry's troubles in the wake of Bitcoin's recent price drops. After the multi billion dollar New Jersey based cryptocurrency lender Celsius Holdings declared bankruptcy in 2022, Hut 8 Corp. (NASDAQ:HUT) was allowed by the court to form a new mining company to succeed Celsius and operate it for four years. February 2024 saw Hut 8 Corp. (NASDAQ:HUT) chief commercial officer depart the firm and become the new mining company's CEO.
Bitdeer Technologies Group (NASDAQ:BTDR) is a diversified cryptocurrency mining products and services provider. The stock has picked up in February 2024 to reverse most of its year to date losses, even as Bitcoin ETF approvals did not inject any optimism into the shares.
Cipher Mining Inc. (NASDAQ:CIFR) is an American firm that operates Bitcoin mining data centers. While the earnings performance has been disappointing as of late through four three consecutive and four overall misses, Cantor Fitzgerald is a fan of the stock and has reiterated an Overweight rating multiple times over the past couple of months.
Bitfarms Ltd. (NASDAQ:BITF) is a Canadian company that manages computing resources for Bitcoin blockchains. While some other cryptocurrency companies have failed to deliver share price growth year to date so far in 2024, Bitfarms Ltd. (NASDAQ:BITF) is an exception as the stock is up by 24.6% year to date.
10. Galaxy Digital Holdings Ltd. (TSE:GLXY.TO)
Latest Market Capitalization: $2.85 billion
Galaxy Digital Holdings Ltd. (TSE:GLXY.TO) is the first billion dollar company in our list of the largest blockchain companies in the world. What makes it special? Well, rather than just simply mining Bitcoin, Galaxy Digital Holdings Ltd. (TSE:GLXY.TO) is present in several industries such as blockchain, asset management, and investment banking.
CleanSpark, Inc. (NASDAQ:CLSK) is an American Bitcoin mining company headquartered in Henderson, Nevada. The firm was out with a blockbuster set of results for its first quarter of fiscal 2024 in February 2024 when it revealed that during the three months, revenue growth stood at a whopping 165%.
Riot Platforms, Inc. (NASDAQ:RIOT) is a diversified Bitcoin and blockchain mining company that provides computing sites as well as service based solutions to miners and other customers. The stock seems to have found favor with Wall Street, as despite recent earnings misses, the shares are rated Strong Buy on average.
Marathon Digital Holdings, Inc. (NASDAQ:MARA) is a pureplay blockchain based digital asset miner based in Florida. It's one of the more interesting blockchain stocks on our list, as more than a fifth of Marathon Digital Holdings, Inc. (NASDAQ:MARA)s shares are sold short. Additionally, ahead of the much overdue Bitcoin halving this year, the firm's management has shared that multiple capacity overhauls have increased its mining capacity by triple digit percentages.
Robinhood Markets, Inc. (NASDAQ:HOOD) is the trading platform of the new era of retail trading. Its been at the center of several stock market controversies, and the firm is also a leading player in the blockchain industry as it allows users to trade in several different cryptocurrencies.
Robinhood Markets, Inc. (NASDAQ:HOOD), International Business Machines Corporation (NYSE:IBM), NVIDIA Corporation (NASDAQ:NVDA), and PayPal Holdings, Inc. (NASDAQ:PYPL) are some of the most valuable blockchain companies in the world.
