Top Crypto Stocks for October 2022

by · October 14, 2022

As cryptocurrencies have proliferated in recent years, a diverse industry of companies has developed in the crypto space. These companies may be involved in cryptocurrency mining, digital currency exchange and payments, or in developing blockchain technology and linking it to existing industries and businesses. Some of the best-known crypto stocks include Coinbase Global Inc. (COIN), the cryptocurrency exchange and financial products provider, and Bitcoin mining company Hut 8 Mining Corp. (HUT). Traditional companies with some operations in the crypto space may also be included in this list.

The cryptocurrency space is relatively new, but a useful benchmark is a crypto exchange-traded fund such as the Amplify Transformational Data Sharing ETF (BLOK). Crypto stocks represented by BLOK have slightly underperformed the broader market over the past year. BLOK has produced a 1-year trailing total return of -20.3%, just behind the -17.2% return of the Russell 1000. These market performance figures above and all statistics in the tables below are as of 30 September 2022.

Here are the top three crypto stocks with the best value, fastest growth and best performance respectively.

These are the crypto stocks with the lowest trailing 12-month (TTM) price-to-sales (P/S) ratio. For companies in early stages of development or industries suffering major shocks, this can be substituted as a rough measure of a business’s value. A business with higher sales can ultimately produce more profit when it either achieves or returns to profitability. The P/S ratio shows how much you pay for the stock for every dollar of sales generated.

Best Value Crypto Stocks
Price ($) Market Value (Market Cap) ($M) 12-month trailing P/S ratio
Greenidge Generation Holdings Inc. (GREE) 2.00 am 83.8 0.5
CleanSpark Inc. (CLSK) 3.18 149.8 0.9
Block Inc. (SQ) 54.99 32,450 1.8

Source: YCharts

  • Greenidge Generation Holdings Inc.: Greenidge Generation Holdings operates cryptocurrency data center and power generation businesses as well as cryptocurrency mining facilities. On September 12, Greenidge released an operational update for the month of August 2022. The company produced approximately 301 bitcoins, bringing its year-to-date (YTD) total to 1,771.
  • CleanSpark Inc.: CleanSpark is a bitcoin mining and energy technology company. The company mines for bitcoin and develops projects for renewable energy. On September 9, CleanSpark announced that it would acquire a turnkey Bitcoin mining facility for $33 million in Sandersville, Georgia, from Mawson Infrastructure Group Inc. The transaction is expected to improve CleanSpark’s mining process by increasing its hash rate. CleanSpark is also buying from Mawson 6,468 of the latest generation of crypto mining machines, called ASICs, for about $9.5 million.
  • Block Inc.: Block offers managed payment services, financial services, hardware and software. The Cash App platform enables users to deposit and withdraw bitcoin and make peer-to-peer payments. The Cash app does not support any other cryptocurrency.

These are the crypto stocks with the highest year-over-year (YOY) sales growth for the most recent quarter. Rising sales can help investors pick out growing startups that have yet to reach profitability. In addition, earnings per share can be significantly affected by accounting factors that may not reflect the overall strength of the business. However, sales growth can also be potentially misleading about the strength of a business, because increasing sales at money-losing businesses can be detrimental if the company has no plans to reach profitability.

Fastest growing crypto stocks
Price ($) Market Value ($M Revenue growth (%)
Iris Energy Ltd. (IREN) 4.13 219.0 307.6
CleanSpark Inc. (CLSK) 3.18 149.8 242.8
Core Scientific Inc. (CORZ) 1.30 464.5 117.7

Source: YCharts

  • Iris Energy Ltd.: Iris Energy is an Australia-based bitcoin mining company. It builds, owns and operates proprietary bitcoin mining data centers powered by renewable energy.
  • CleanSpark Inc.: See company description above.
  • Core Scientific Inc.: Core Scientific is a blockchain data center provider and cryptocurrency mining company. It operates data centers in Georgia, Kentucky, North Carolina, North Dakota and Texas. The company issued an update and correction to the earnings report for 11 August 2nd quarter 2022 on 22 August. Net loss increased dramatically to $810.5 million from a net loss of $3.4 million in the prior quarter, mainly caused by a goodwill impairment charge of $790.8 million. and other intangible assets as well as impairment of digital assets. Revenue more than doubled year-over-year (YOY), driven by increases in digital asset mining revenue and hosting revenue.

These are the crypto stocks that have had the smallest decline in total return over the past 12 months of the companies we’ve looked at.

Best performing crypto stocks
Price ($) Market Value ($M) 12-month trailing total return (%)
Marathon Digital Holdings Inc. (MARA) 10.71 1251 -66.1
Coinbase Global Inc. (COIN) 64.49 14,520 -71.7
HIVE Blockchain Technologies Ltd. (HIV) 3.76 309.3 -71.8
Russell 1000 NOW NOW -17.2
Amplify Transformational Data Sharing ETF (BLOK) NOW NOW -20.3

Source: YCharts

  • Marathon Digital Holdings Inc.: Marathon Digital Holdings is a digital asset technology company engaged in cryptocurrency mining. Its primary focus is on the blockchain ecosystem and the generation of digital assets. On August 8, Marathon reported earnings results for the second quarter of 2022. Net loss widened dramatically to $191.6 million year over year as revenue fell. The results were affected by factors including the decline in the price of bitcoin, and maintenance and weather issues.
  • Coinbase Global Inc.: Coinbase Global is a financial technology company. It offers a marketplace for transactions of cryptoassets to retail and institutional users. It also offers financial infrastructure products, market data and analytics services.
  • HIVE Blockchain Technologies Ltd.: HIVE Blockchain Technologies is a Canada-based cryptocurrency mining company focused on connecting the blockchain sector to traditional capital markets. It mines digital currencies such as bitcoin and ethereum at its data centers in Canada, Sweden and Iceland. For August 2022, HIVE reported a record monthly production of 290.4 bitcoin. It also produced more than 3000 ethereum (ETH).

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