A lot of investors want to get in on cryptocurrency stocks today, but the prices are sky high. As of writing, Bitcoin trades at about $61,000! Just one of these shares would take up almost all of your Tax-Free Savings Account (TFSA) room. So, maybe it’s better to look at other options.
I’m going to cover the three best cryptocurrency stocks to buy today, with prices that are well below thousands of dollars. On top of that, each provides far less volatility, so you don’t put all that risk in one basket.
HIVE Blockchain Technologies (TSX:HIVE) mines and sells cryptocurrency and continues to grow at a rapid pace. I don’t just mean in share price, though shares are up 1,185% in the last year alone.
What I mean is that the company is providing even more safe storage space for cryptocurrency. In fact, the company most recently purchased a data centre in New Brunswick. On top of that, the company recently made a share trade with DeFi Technologies, 10 million of DeFi for four million of HIVE. The trade gives HIVE stock a strategic stake in the company, with a focus on Ethereum developments. Management believes significant fees will be brought in for mining Ethereum.
Yet shares still trade at around $3.40; the stock has dropped in half with the pullback in tech stocks. So, if you’re into the best cryptocurrency stocks, this blockchain company is a stellar buy on the TSX today.
But let’s say you want more exposure to actual Bitcoin. I would then highly recommend Purpose Bitcoin ETF (TSX:BTCC.B). The company boasts being the world’s first Bitcoin exchange-traded fund (ETF) and can fit right into your TFSA at the share price of about $9 as of writing.
The company is incredibly new, so there’s not much data to go on. However, if you’re looking for a safe way to manage Bitcoin, this is the closest you’ll get. The company is a pure play on Bitcoin, with 100% of its portfolio in Bitcoin. So, it’s like holding Bitcoin itself, but way cheaper. And it’s growing rapidly, most recently passing $1 billion in assets under management after only one month on the TSX.
Galaxy Digital Holdings
Similar to HIVE stock, Galaxy Digital Holdings (TSX:GLXY) is an asset management firm operating primarily with digital assets and blockchain technology. It’s like owning any asset company, but, in this case, there is a focus on cryptocurrency.
For those seeking the future of cryptocurrency, this is exactly where you’ll want to be. Just like any asset firm, there’s a management fee. But that fee is a bargain if it means you have experts continuously finding new ways of investing in cryptocurrency. As long as cryptocurrency is around, Galaxy stock will continue to make money. That’s why it’s one of the best cryptocurrency stocks out there.
This is the highest share price of the three, but it still only about $30 as of writing. And shares have grown by almost 3,000% in the last year alone! So, if you want to bet hard on the growth of cryptocurrency, this is, again, one of the safest ways to see your shares rise in the years to come.
You don’t have to bet on new, expensive, or even risky stocks when it comes to cryptocurrency. The best cryptocurrency stocks on the TSX today are those that provide exposure to multiple areas. Rather than putting everything in one basket, diversify with these stocks at much more affordable share prices.
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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.
Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned.