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SEC Changes Rule to Approve Bitcoin ETFs: 5 Stocks to Watch
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The much-hyped reformation in the cryptocurrency space took place on Jan 10. The U.S. Securities and Exchange Commission (SEC) approved rule changes to allow the creation of bitcoin exchange-traded funds (ETFs). As many as,11 bitcoin ETF’s are expected to be launched this year.
Following the news, price of bitcoin (BTC) jumped above the technical barrier of 47,000 to reach 47.893.70. Finally, the price settled at 46,599.84 to close the day. The game-changing decision of the SEC will allow individuals, money managers and other financial institutions to get exposure to the world’s largest cryptocurrency without having to own it.
The SEC Chairman Gary Gensler has been an ardent critic of cryptocurrency. For a long time, the agency was also reluctant to the approve so-called spot bitcoin ETFs. However, the situation changed after the SEC lost a lawsuit to Grayscale on August 2023.
The court condemned the agency for blocking bitcoin ETFs and allowed funds that track bitcoin futures. The SEC’s latest decision is likely to turn out to be a landmark, positioning the entire crypto space as an integral component of mainstream finance.
Stocks to Watch
BlackRock Inc. (BLK - Free Report) is one of the world’s largest investment managers and is publicly owned. BLK was one of the first companies from the traditional market to join the Bitcoin ETF race back in June 2023.
BlackRock’s expected earnings growth rate for the current year is 3.8%. The Zacks Consensus Estimate for current-year earnings has improved 1.5% over the last seven days. BLK presently carries a Zacks Rank #3 (Hold).
NVIDIA Corp. (NVDA - Free Report) is a semiconductor industry giant and one of the biggest success stories of 2023. As a leading designer of graphic processing units (GPUs), the NVDA stock usually soars on a booming crypto market. This is because GPUs are pivotal to data centers, artificial intelligence, and the creation of crypto assets.
NVIDIA’s expected earnings growth rate for next year is 63.1% (ending January 2025). The Zacks Consensus Estimate for its next-year earnings has improved 1.1% over the last 30 days. NVDA currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Coinbase Global Inc. (COIN - Free Report) provides financial infrastructure and technology for the crypto economy in the United States and internationally. COIN offers the primary financial account in the crypto space for consumers, a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.
Coinbase Global has an expected earnings growth rate of 34.7% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 9.1% over the last 30 days. COIN currently carries a Zacks Rank #2.
Visa Inc. (V - Free Report) is taking a significant step toward modernizing cross-border money movement. In a move aimed at enhancing the efficiency of global transactions, V is expanding its stablecoin settlement capabilities to the high-performing Solana blockchain. This expansion of V includes collaboration with prominent merchant acquirers Worldpay and Nuvei, marking a pivotal development in the world of digital payments.
Visa Inc.’s expected earnings growth rate for the current year is 12.6%. The Zacks Consensus Estimate for current-year earnings has improved 0.1% over the last seven days. V currently has a Zacks Rank #3.
PayPal Holdings Inc. (PYPL - Free Report) operates digital wallets and allows users to buy, transfer and sell cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin. PYPL’s users can check out and pay using crypto to online merchants. Its mobile wallet Venmo also allows users to buy and sell cryptocurrency. PYPL has become the first major U.S. fintech company to offer its own crypto token with a dollar-pegged stablecoin known as PayPal USD.
PayPal Holdings has an expected earnings growth rate of 11.2% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.1% over the last 90 days. PYPL currently carries a Zacks Rank #3.
Thec hart below shows the price performance of the five above-mentioned stcks in the past three months.
Image Source: Zacks Investment Research
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SEC Changes Rule to Approve Bitcoin ETFs: 5 Stocks to Watch
The much-hyped reformation in the cryptocurrency space took place on Jan 10. The U.S. Securities and Exchange Commission (SEC) approved rule changes to allow the creation of bitcoin exchange-traded funds (ETFs). As many as,11 bitcoin ETF’s are expected to be launched this year.
Following the news, price of bitcoin (BTC) jumped above the technical barrier of 47,000 to reach 47.893.70. Finally, the price settled at 46,599.84 to close the day. The game-changing decision of the SEC will allow individuals, money managers and other financial institutions to get exposure to the world’s largest cryptocurrency without having to own it.
The SEC Chairman Gary Gensler has been an ardent critic of cryptocurrency. For a long time, the agency was also reluctant to the approve so-called spot bitcoin ETFs. However, the situation changed after the SEC lost a lawsuit to Grayscale on August 2023.
The court condemned the agency for blocking bitcoin ETFs and allowed funds that track bitcoin futures. The SEC’s latest decision is likely to turn out to be a landmark, positioning the entire crypto space as an integral component of mainstream finance.
Stocks to Watch
BlackRock Inc. (BLK - Free Report) is one of the world’s largest investment managers and is publicly owned. BLK was one of the first companies from the traditional market to join the Bitcoin ETF race back in June 2023.
BlackRock’s expected earnings growth rate for the current year is 3.8%. The Zacks Consensus Estimate for current-year earnings has improved 1.5% over the last seven days. BLK presently carries a Zacks Rank #3 (Hold).
NVIDIA Corp. (NVDA - Free Report) is a semiconductor industry giant and one of the biggest success stories of 2023. As a leading designer of graphic processing units (GPUs), the NVDA stock usually soars on a booming crypto market. This is because GPUs are pivotal to data centers, artificial intelligence, and the creation of crypto assets.
NVIDIA’s expected earnings growth rate for next year is 63.1% (ending January 2025). The Zacks Consensus Estimate for its next-year earnings has improved 1.1% over the last 30 days. NVDA currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Coinbase Global Inc. (COIN - Free Report) provides financial infrastructure and technology for the crypto economy in the United States and internationally. COIN offers the primary financial account in the crypto space for consumers, a marketplace with a pool of liquidity for transacting in crypto assets for institutions; and technology and services that enable developers to build crypto-based applications and securely accept crypto assets as payment.
Coinbase Global has an expected earnings growth rate of 34.7% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 9.1% over the last 30 days. COIN currently carries a Zacks Rank #2.
Visa Inc. (V - Free Report) is taking a significant step toward modernizing cross-border money movement. In a move aimed at enhancing the efficiency of global transactions, V is expanding its stablecoin settlement capabilities to the high-performing Solana blockchain. This expansion of V includes collaboration with prominent merchant acquirers Worldpay and Nuvei, marking a pivotal development in the world of digital payments.
Visa Inc.’s expected earnings growth rate for the current year is 12.6%. The Zacks Consensus Estimate for current-year earnings has improved 0.1% over the last seven days. V currently has a Zacks Rank #3.
PayPal Holdings Inc. (PYPL - Free Report) operates digital wallets and allows users to buy, transfer and sell cryptocurrencies, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin. PYPL’s users can check out and pay using crypto to online merchants. Its mobile wallet Venmo also allows users to buy and sell cryptocurrency. PYPL has become the first major U.S. fintech company to offer its own crypto token with a dollar-pegged stablecoin known as PayPal USD.
PayPal Holdings has an expected earnings growth rate of 11.2% for the current year. The Zacks Consensus Estimate for current-year earnings has improved 0.1% over the last 90 days. PYPL currently carries a Zacks Rank #3.
Thec hart below shows the price performance of the five above-mentioned stcks in the past three months.
Image Source: Zacks Investment Research