What are the top Canadian blockchain stocks of 2021? Here’s a look at the top five risers and what may have moved their share prices.
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The blockchain industry continues to mature and has experienced more mainstream adoption in 2021. This has translated into higher share prices for the top Canadian blockchain stocks.
The bitcoin price has been on a tear throughout the year, encouraging plenty of bullish sentiment — in fact, eye-popping predictions include Bloomberg's call for US$400,000 for one bitcoin by 2022. The price of bitcoin hit its highest point for 2021 so far in early November, reaching US$84,107.
Companies focused on blockchain technology have gone along for the ride, enjoying share price momentum as bitcoin itself rockets higher. Into the second half of 2021, blockchain technology companies with a strong cryptocurrency focus are still dominating in terms of gains seen in the sector.
Here’s a look at the five top Canadian blockchain stocks by performance so far in 2021. All figures were obtained using TradingView’s stock screener on December 14, 2021; the companies listed had market caps of at least C$10 million at that time and were trading on either the CSE, TSX or TSXV.
1. Intellabridge Technology
Year-to-date gain: 287.1 percent; current share price: C$0.60
Intellabridge Technology (CSE:KASH) describes itself as a digital bank based on blockchain technologies. The company's Kash product serves retail and institutional customers, giving them access to decentralized finance applications while providing customer service and cybersecurity safety features.
A beta version of Kash debuted at the end of June and the platform officially launched at the start of October, with offerings including checking, savings and investment accounts. In November, Intellabridge launched the Kash Decentralized Exchange, which allows users to exchange ethereum for TerraUSD stablecoins.
Shares of the top Canadian blockchain stock reached their highest point for this year on July 6, trading at C$1.79.
2. Hut 8 Mining
Year-to-date gain: 198.85 percent; current share price: C$10.38
Hut 8 Mining (TSX:HUT) is focused on mining and holding bitcoin, and claims to have one of the highest installed capacity rates in the industry. The company has three mining sites in the Canadian provinces of Alberta and Ontario, and says that it holds more self-mined bitcoin than any crypto miner or publicly traded company globally.
Shares of Hut 8 peaked for the year at C$19.80 on November 8. The spike came three days before the company released its financial results for Q3, reporting record quarterly revenue of C$50.3 million. Its bitcoin balance stood at 4,729 at that time, and the coins had a market value of C$263.8 million.
Year-to-date gain: 164.4 percent; current share price: C$6.56
Founded in 2017, Bitfarms (TSXV:BITF) is a vertically integrated bitcoin-mining company. It started trading on the TSX Venture Exchange in 2019, and went on to join the NASDAQ midway through this year. The company has five industrial-scale facilities across Quebec, Canada, and one in Washington, US.
Bitfarms hit its highest share price so far this year on November 9, clocking in at C$11.03. Two days later, it acquired a 24 megawatt hydro-power farm in Washington, and said it has also entered into a memorandum of understanding with the seller to develop further farms in the area. Bitfarms' total Washington mining capacity will ultimately rise to 99 megawatts. During the third quarter, Bitfarms reported record revenue of US$44.8 million; it mined 1,051 bitcoins during the period.
4. Digihost Technology
Year-to-date gain: 67.32 percent; current share price: C$5.01
Digihost Technology (TSXV:DGHI) is a blockchain technology company focused on bitcoin mining. Its goals are to increase its mining hash rate, reduce its energy costs and increase the number of bitcoins it can mine and hold.
Shares of Digihost topped out early in the year, reaching C$16.95 on February 22. That was around the time the bitcoin price reached one of its 2021 high points. Most recently, Digihost shared a November update, reporting that its total holdings stood at 570.95 bitcoin valued at approximately US$32.7 million.
5. HIVE Blockchain Technologies
Year-to-date gain: 48.86 percent; current share price: C$3.41
HIVE Blockchain Technologies (TSXV:HIVE) mines bitcoin and ethereum using 100 percent green energy at facilities in Canada, Sweden and Iceland. In 2021, its strategy has been to hold most of the coins it mines in secure storage.
During the quarter ended September 30, HIVE achieved revenue of US$52.6 million and net income of US$59.8 million. At the end of November, the company provided various updates and said its bitcoin balance stood at 1,584. Shares of HIVE reached their highest point of the year on February 19 at C$6.80.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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