Top Canadian Blockchain Stocks

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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 2021, encouraging plenty of bullish sentiment — in fact, Bloomberg recently predicted an eye-popping price of US$400,000 for one bitcoin by 2022. The price of bitcoin hit its highest point for the year so far in April, reaching US$64,863.

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 October 6, 2021; the companies listed had market caps of at least C$10 million at that time and were trading on either the CSE, TSXV or TSX.

1. Intellabridge Tech (CSE:INTL)

Year-to-date gain: 435.48 percent; current share price: C$0.83

Intellabridge Tech develops blockchain applications for mobile and web platforms, and provides consulting services across a variety of sectors, including identity management, electoral systems, supply chain management and telecommunications.

The top Canadian blockchain stock launched the beta version of its Kash app in late June and began generating initial revenue. Kash is a decentralized mobile banking app that delivers secure financial blockchain products for savings, checking and investment applications. Intellabridge shares reached their highest point for this year so far on July 7, trading at C$1.95.

2. Hut 8 Mining (TSX:HUT)

Year-to-date gain: 260.74 percent; current share price: C$12.53

Digital asset miner Hut 8 Mining claims to have one of the highest installed capacity rates in the industry. The company was the first publicly traded miner on the TSX and the first Canadian miner to be listed on the NASDAQ Global Select Market. Hut 8’s diversified business model includes digital asset mining and white-label, high-performance compute hosting, as well as yield and income programs that leverage its bitcoin reserves. Its total bitcoin balance held in reserve was 4,724 as of September 30, 2021.

Hut 8’s share price reached its highest point of the year so far on February 22, coming in at C$15.98.

In September, Hut 8 received and installed 600 servers, which will result in daily earnings of 7.1 ethereum, equivalent to 0.5 bitcoin for a total of C$25,000. “Our current capacity of deployed CMP GPU miners will continue to earn $25,000 CAD per day, ramping up to the full capacity earnings over this period, which is expected to be at $110,000 CAD per day, based upon current mining economics,” said Hut 8 Chief Technology Officer Jason Zaluski.

3. Bitfarms (TSXV:BITF)

Year-to-date gain: 153.6 percent; current share price: C$6.35

Founded in 2017, Bitfarms bills itself as “one of the largest, oldest and most cost-effective public bitcoin mining operations in the world.” The company has five industrial-scale facilities across Quebec, Canada, and runs vertically integrated mining operations targeting the global decentralized financial economy.

Earlier in the year, Bitfarms raised US$40 million in private placements with US institutional investors. Soon after, the company grew its operating hashrate by 35 percent to over 1.3 exahashes per second with the delivery of 4,500 miners from MicroBT. In early August, Bitfarms reported that it had “mined 1,748 Bitcoin in the first seven months of 2021, the largest number of Bitcoin mined in North America as reported by publicly traded miners.” The highest point for Bitfarms’ share price was C$9.34 on August 11.

4. Voyager Digital (TSX:VOYG)

Year-to-date gain: 145.4 percent; current share price: C$12.25

Voyager Digital is a holding company whose subsidiaries operate a licensed crypto asset platform that provides investors with a commission-free solution to investing in and trading crypto assets.

The company’s March metrics reveal that it had US$2.4 billion in assets under management at the time. “March was another record-setting month for Voyager as our retail-focused, zero-commission platform continued to attract an active community for both Bitcoin and our industry leading offering of over 50 altcoins,” said Stephen Ehrlich, co-founder and CEO of Voyager. “All of our significant revenue-driving metrics increased in excess of 35% during the month of March from the previous month.”

The news gave Voyager Digital’s share price a boost to its highest point for the year so far: C$37.96 on April 6. While the top Canadian blockchain stock has since slid back significantly, it’s still up from the start of the year, when it was a C$4 stock. In early September, Voyager graduated from the TSX Venture Exchange, moving on up to the TSX.

5. iMining Blockchain Cryptocurrency (TSXV:IMIN)

Year-to-date gain: 130.77 percent; current share price: C$0.15

iMining Blockchain Cryptocurrency is a blockchain and cryptocurrency-mining company that in addition to mining cryptocurrencies also provides infrastructure and energy to its colocation clients.

iMining acquired CanETH Staking Services in March, making CanETH a wholly owned subsidiary of the company. CanETH offers its clients a simplified staking solution for Ethereum 2.0. “CanETH’s proprietary secured, reliable, and scalable staking process is a major asset to iMining’s existing services, and will give our organization a significant edge in the crypto sector,” said iMining CEO Robert Eadie.

The highest point for iMining so far in 2021 was C$0.84 on March 12.

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Securities Disclosure: I, Melissa Pistilli, hold no direct investment interest in any company mentioned in this article.