The crypto market is experiencing incredible growth, with trading volumes expected to surpass $108 trillion in 2024—a 90% increase in two years.1 This surge is driven by technological innovation, shifting regulations, and increasing global adoption. A key development is Ripple’s recent legal victory against the SEC, which has provided much-needed regulatory clarity and boosted market confidence.2 Another key indicator is the successful launch of nine US Ether ETFs, further signaling mainstream acceptance of digital currencies.
As crypto gain traction, companies involved in the ecosystem—such as trading platforms, mining operations, and blockchain technology providers—are emerging as major players. These digital currency stocks offer exposure to the growing market without the inherent risk that comes along with directly buying digital currencies.
With that in mind, here is our top 5 crypto stocks to watch in 2024:
- WonderFi Technologies Inc. (TSX:WNDR) (OTCQB:WONDF)
- Coinbase Global Inc. (NASDAQ:COIN)
- Riot Platforms, Inc. (NASDAQ:RIOT)
- PayPal Holdings Inc. (NASDAQ:PYPL)
- Block Inc. (NYSE:SQ)
1. WonderFi Technologies Inc. (TSX:WNDR) (OTCQB:WONDF)
WonderFi Technologies Inc. (TSX:WNDR) (OTCQB:WONDF) stands as the owner of Canada’s largest regulated digital currency trading platform and a global leader in both centralized and decentralized financial services. With over C$2.2 billion in assets under custody, WonderFi is equipped to support participants worldwide, offering a suite of services that includes trading, payments, and decentralized products such as purpose-built blockchains and non-custodial wallet applications.3
The company is designed to offer investors diversified exposure to the global digital asset ecosystem and has a strong track record of launching new products and securing necessary registrations. WonderFi also owns leading brands like Bitbuy, Coinsquare, and SmartPay.
November 2024 was a historic month for WonderFi Technologies Inc. (TSX:WNDR) (OTCQB:WONDF), showcasing its ability to scale and capitalize on a booming digital currency market.
WonderFi generated C$8.5 million in revenue and interest income, a staggering 210% increase from the Q3 2024 monthly average and a 141% jump from October.4 This surge was driven by record-breaking trading volumes across its Bitbuy and Coinsquare platforms, which processed C$450 million in November alone—representing a 185% increase from the Q3 monthly average.
The company also surpassed C$2.2 billion in client assets under custody, reflecting a 125% year-to-date increase. User registrations hit 20,000 in November, a 120% jump from Octoberand a 219% increase compared to the Q3 monthly average. Monthly transacting users also grew by 82%, highlighting growing engagement on its platforms.
These November milestones build on an already record-breaking year for WonderFi Technologies Inc. (TSX:WNDR) (OTCQB:WONDF). Over the first nine months of 2024, the company reported $41 million in net revenue, a 153% increase compared to the same period in 2023.
This strong performance underscores WonderFi’s growing dominance in the digital asset space and its ability to attract a rapidly expanding user base. The company ended Q3 with C$46.7 million in cash and digital assets, up from C$37.3 million at the close of 2023. Additionally, the company’s private investments, including stakes in Tetra Trust Company and crypto-native funds, totaled C$9 million, further reinforcing its strategic focus on long-term growth opportunities.
Operational efficiency has been a cornerstone of WonderFi’s success, with the company achieving a 22% reduction in corporate and administrative expenses over the first nine months of 2024. This disciplined approach to scaling highlights its ability to deliver strong financial results while maintaining robust cost controls.
Innovation is at the heart of WonderFi’s (TSX:WNDR) (OTCQB:WONDF) strategy, with the recent launch of WonderFi Labs driving the development of decentralized technologies.5 WonderFi Labs is behind groundbreaking products like the WonderFi Layer 2 blockchain and the WonderFi Non-Custodial Wallet, also known as Wallet 2.0. These initiatives aim to redefine digital finance by offering users unmatched control, flexibility, and security. Wallet 2.0 integrates seamlessly with WonderFi’s blockchain, providing access to thousands of cryptocurrencies, next-generation decentralized applications, and EVM-compatible integrations.
The company’s strategic expansion into high-growth regions like APAC and Australia positions it to capture significant market share. WonderFi’s acquisition of FX Institutions (FXI) marked a monumental entry into Australia, where crypto adoption rates are the highest among developed nations at 23%. This move enhances WonderFi’s global footprint and strengthens its ability to serve a growing audience of retail and institutional clients.6
WonderFi’s platforms—Bitbuy, Coinsquare, and SmartPay—remain central to its success. Bitbuy has become a household name in Canada, with over 900,000 registered users and C$7 billion in trades. Coinsquare offers unparalleled diversification, supporting over 50 cryptocurrencies and 1,300+ trading pairs. SmartPay is revolutionizing digital payments with high-volume processing and instant crypto-to-fiat conversions, making it particularly appealing in cross-border markets like APAC and Australia.
With a proven ability to achieve record-breaking results, launch innovative products, and expand into high-growth markets, WonderFi Technologies Inc. (TSX:WNDR) (OTCQB:WONDF) is well-positioned to thrive in the rapidly evolving blockchain and digital asset landscape. November 2024’s historic milestones underscore the company’s momentum, and as blockchain adoption accelerates globally, WonderFi is poised to lead the way in reshaping the future of digital finance.
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2. Coinbase Global Inc. (NASDAQ:COIN)
Coinbase Global Inc. (NASDAQ:COIN), a top digital currency exchange, went public in April 2021. It offers users the ability to trade over 240 digital assets, including BTC, Ethereum, and Cardano (ADA).7 Coinbase’s growth is closely linked to rising digital currency prices, attracting millions of new users. The company earns revenue through transaction fees but aims to expand beyond trading by offering a debit card for spending from digital wallets and a cloud platform for businesses handling digital currencies.
In December 2024, Coinbase announced plans to list meme tokens Gigachad (GIGA) and Turbo (TURBO), causing their prices to surge by 70% and 24%, respectively.8 This move reflects Coinbase’s commitment to diversifying its asset offerings and capitalizing on emerging trends in the crypto market.
On the regulatory front, Coinbase has been proactive in addressing challenges. In December 2024, CEO Brian Armstrong and Chief Legal Officer Paul Grewal warned law firms that Coinbase would reconsider relationships with firms hiring former SEC officials, highlighting tensions over regulatory approaches to the crypto industry.9
Financially, Coinbase reported its first quarterly profit in two years, with transaction revenue reaching $1.07 billion, nearly tripling from the same period in the previous year.10
This growth is closely linked to rising digital currency prices, attracting millions of new users and positioning Coinbase and its shareholders to benefit from the expanding digital currency landscape. As digital currency trading and adoption continue to grow, Coinbase remains a key player, offering a comprehensive platform for users to engage with the evolving crypto ecosystem.
3. Riot Platforms, Inc. (NASDAQ:RIOT)
Riot Platforms, Inc. (NASDAQ:RIOT) is a prominent US-based Bitcoin (BTC) mining company, dedicated to bolstering the BTC network through large-scale mining operations. Operating one of North America’s largest digital currency mining facilities, Riot employs advanced technology and a vertically integrated approach to enhance efficiency and output. Its primary facility in Rockdale, Texas, houses thousands of miners, contributing significantly to the global BTC hash rate.
In its third-quarter 2024 financial report, Riot announced a total revenue of $84.8 million, marking a 63% increase from the same period in the previous year. The company also reported a deployed hash rate of 28 exahashes per second (EH/s), underscoring its commitment to expanding operations and boosting BTC production capacity.11
Riot is actively diversifying its operations beyond traditional BTC mining. The company is venturing into high-performance computing, aiming to leverage its existing infrastructure and expertise to tap into new revenue streams. This strategic shift is designed to reduce reliance on BTC mining and position Riot as a versatile player in the digital infrastructure sector.12
Financially, Riot Platforms has experienced fluctuations. In the third quarter of 2024, the company reported an operating margin of -108.89%, indicating challenges in profitability despite revenue growth. However, Riot’s stock has shown resilience, with a 47.25% increase over the past three months, reflecting investor confidence in its strategic direction.13
Riot’s commitment to sustainability is evident in its power strategy. The company participates in demand response programs, temporarily shutting down operations during peak energy demand to support grid stability. This approach not only contributes to energy conservation but also provides Riot with additional revenue streams.14
Strategic partnerships and acquisitions play a crucial role in Riot’s growth. The company acquired Whinstone US, Inc., the owner of the Rockdale facility, enhancing its operational capabilities. Riot also holds a 16.9% ownership stake in Bitfarms Ltd., reflecting its strategy to strengthen its position in the BTC mining industry.15,16
As the demand for BTC and blockchain technology grows, Riot Platforms aims to remain at the industry’s forefront through continuous innovation and operational excellence. By diversifying its operations and focusing on sustainability, Riot is well-positioned to adapt to the evolving digital landscape and deliver value to its shareholders.
4. PayPal Holdings Inc. (NASDAQ:PYPL)
PayPal Holdings Inc. (NASDAQ:PYPL) is a global leader in digital payments, offering a platform that enables individuals and businesses to transact online securely and efficiently. Since its inception, PayPal has revolutionized the way people make payments by providing a reliable alternative to traditional banking methods.
The company operates across multiple segments, including online payment processing, mobile payments, and peer-to-peer transactions through its popular Venmo app. PayPal‘s expansive network of over 400 million active users and its presence in more than 200 markets worldwide underscore its significant influence in the fintech space.17
Under the leadership of CEO Alex Chriss, who assumed the role in September 2023, PayPal is focusing on profitable growth and product innovation. The company has introduced initiatives like Fastlane, a one-click checkout feature, and has established partnerships with companies such as Amazon, Shopify, and Adyen to enhance its service offerings.18 These efforts have contributed to a 36% surge in PayPal’s shares in 2024, outperforming the S&P 500 index.
On November 14, 2024, PayPal unveiled a new money pooling feature designed to simplify group expenses among friends and family. This feature allows users to set up a pool within the PayPal app or online, invite others to contribute, track contributions, and transfer the collected funds to their PayPal balance for spending or withdrawal. The service is rolling out globally across the U.S., Germany, Italy, and Spain.19
According to a 2024 PayPal survey, consumers in the US pooled money for group purchases approximately 86 million times last year, with popular use cases including group-funded gifts, travel, and special events. The new feature aims to provide a simple, no-cost solution for collecting and managing funds for group purchases, enhancing the social and financial experiences of users.
These developments underscore PayPal’s commitment to innovation and its focus on delivering value to both customers and shareholders.
Financially, PayPal has experienced fluctuations. In the third quarter of 2024, the company reported a 6% increase in revenue to $7.85 billion, slightly missing analysts’ expectations. Adjusted earnings per share rose 22% to $1.20, surpassing forecasts.
PayPal recently announced significant developments, including its third-quarter 2024 financial results and the introduction of an innovative money pooling feature.
In the third quarter ending September 30, 2024, PayPal reported net revenues of $7.85 billion, marking a 6% increase from the same period in the previous year. The company’s transaction margin dollars rose by 8% to $3.65 billion. GAAP operating income experienced a 19% growth, reaching $1.39 billion, while non-GAAP operating income increased by 18% to $1.48 billion. GAAP earnings per diluted share were $0.99, a 6% rise, and non-GAAP earnings per diluted share stood at $1.20, reflecting a 22% increase.
Total payment volume for the quarter was $422.6 billion, up 9% year-over-year, with payment transactions totaling 6.6 billion, a 6% increase. Active accounts grew by 0.9% to 432 million, with a sequential addition of 2.6 million accounts. Cash flow from operations amounted to $1.61 billion, and free cash flow was $1.45 billion. The company returned $1.8 billion to stockholders through the repurchase of approximately 28 million shares of common stock.
As the digital payments landscape continues to evolve, PayPal remains a dominant force, leveraging its strong brand reputation and commitment to innovation to deliver value to its users and shareholders.
Sponsored
This Industry is Taking Off in 2024!
Big names in finance and tech are betting big on this red-hot sector.
They know something big is on the horizon.
The digital currency market is surging and our top choice is managing over $1.5b in assets.
Find out which player is poised to make a splash in 2025—don’t get left behind.
5. Block Inc. (NYSE:SQ)
Block Inc. (NYSE:SQ), formerly known as Square, is a prominent fintech company that has revolutionized the way businesses and individuals manage payments and financial services. Founded by Jack Dorsey, Block began as a simple mobile payment solution for small businesses and has since evolved into a comprehensive ecosystem that includes point-of-sale hardware, software, and a suite of financial services. Block’s Cash App, a mobile payment service, has become a significant growth driver, allowing users to send money, invest in stocks, and even buy and sell BTC.
The company’s expansion into decentralized finance (DeFi) and its focus on blockchain technology further underscore its commitment to innovation in the financial sector. Additionally, Block’s acquisition of Afterpay has strengthened its position in the buy-now-pay-later market, enhancing its appeal to both consumers and merchants.20
In the third quarter of 2024, Block reported a gross profit of $2.25 billion, marking a 19% year-over-year increase. The Square segment contributed $1.12 billion, a 15% rise, while Cash App generated $1.13 billion, up 23%. However, total net revenue was $5.98 billion, below analysts’ expectations of $6.24 billion, leading to a 1.8% decline in after-hours stock trading.21
Block’s acquisition of Afterpay has bolstered its position in the buy-now-pay-later market, enhancing its appeal to consumers and merchants. The company continues to focus on emerging technologies, including blockchain and decentralized finance, to drive innovation in the financial sector.
Despite the revenue shortfall, Block achieved a record quarterly profitability, with adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) reaching $807 million, surpassing analyst expectations.22
The company anticipates continued margin expansion into 2025, albeit at a slower pace due to investments in growth opportunities.
These developments underscore Block’s commitment to innovation and its strategic focus on emerging technologies, positioning it for sustained growth in the rapidly evolving fintech landscape.
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