7 Penny Stocks Profiting Big From Bitcoin and Dogecoin Right Now

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Soaring bitcoin prices helped boost these penny stocks

Thanks to a surge in the prices of Bitcoin, Dogecoin and Ethereum, several penny stocks are heating up today. Friday’s morning session saw the cryptocurrency giant reach new highs in the third quarter. Helping to boost, economic uncertainty and conical talks earlier in the week prompted traders to seek safe havens. And, believe it or not, cryptocurrencies have become the gold bars of the new age.

With this new gold rush came a group of bidders looking to buy penny stocks with exposure to this digital arena. Everything from Bitcoin mining stocks to blockchain tech companies is gaining momentum, and for an obvious reason. With this momentum, it might be wise to start putting together a list of penny stocks that could benefit from the Bitcoin rebound.

Bitcoin & Blockchain Penny Stocks To Watch Out For

Coinbase (NASDAQ: COIN) added more fuel to the fire. The cryptocurrency exchange said this week that it has been approved to buy more than $ 500 million in digital currencies on its balance sheet. The company has announced that it will invest 10% of all future profits in crypto. Managing Director Brian Armstrong said he expects this percentage to continue to rise over time as the crypto economy matures.

Coinbase joins a growing list of other companies adding bitcoin investments to their model. Earlier this year, we saw other companies including Tesla (NASDAQ: TSLA) and Square (NYSE: SQ) do the same. Will this have a ripple effect (no pun intended) on some of those current and penny stocks today?

SOS Limited (NYSE: SOS)

DatChat Inc. (NASDAQ: DATS)

Sphere 3D Corp. (NASDAQ: ALL)

Bitfarms Ltd (NASDAQ: BITF)

Hut 8 Mining Corp. (NASDAQ: HUT)

Canaan Inc. (NASDAQ: CAN)

Bit Digital Inc. (NASDAQ: BTBT)

Penny Stocks To Watch: SOS Limited (NYSE: SOS)

Those who have read our Bitcoin stocks articles in the past are probably familiar with SOS Limited by now. The company’s shares have been closely tied to cryptocurrency prices in general. This is because SOS conducts cryptocurrency mining operations. Over the past few months, the company has launched thousands of new mining rigs that mine both BTC and ETH.

The story continues

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The company has also partnered with companies like Niagra Development to provide affordable energy to support its mining operations. With the way the crypto is trading at the moment, the SOS stock is one to watch. Like most of the names on this list, however, be aware of the underlying cryptocurrency market. Since these stocks tend to move in kind, a drop in the price of Bitcoin, for example, can trigger a similar response for linked stocks.

bitcoin penny stocks to watch right now SOS Limited SOS stock chart

DatChat Inc. (NASDAQ: DATS)

It’s one of the newest penny stocks to watch this month. We mentioned the DATS stock earlier in the week, as the stocks were just starting to appear following a recent IPO. DatChat is on the blockchain technology side of the coin. The company uses blockchain, cybersecurity, and social media for its platform. DatChat offers users the ability to control chat messages and posts. Specifically, anyone with the chat app can delete messages and posts and be protected from anyone taking a screenshot of those messages before they are deleted.

Although little news has come from the company since its IPO, it has not stopped speculative activity in stocks. Since the start of the week, DATS stock is up over 40% so far. The latest surge above $ 5 follows a surge of sympathy in the cryptocurrency and blockchain industries.

bitcoin penny stocks to watch right now DatChat DATS stock chart

Sphere 3D Corp. (NASDAQ: ALL)

Another cryptocurrency-related company that we discussed this week is Sphere 3D. The tech company has started its foray into the digital currency world and hasn’t looked back. Earlier this summer, Sphere and Gryphon Digital Mining announced a merger. Since then, ALL stocks have received a big boost thanks to the optimism surrounding Bitcoin and other digital currencies. Given that this merger is expected to be finalized in the third quarter of 2021, timing has played its own additional role in the speculation surrounding the penny stock.

This week, the company not only announced higher year-over-year profits, but it also struck a deal with Gryphon to purchase another 250,000 certified emission reductions. These will ultimately help support the combined company’s ESG commitments following recent plans to dramatically increase cryptocurrency mining capacity.

If you’ve been following the Bitcoin mining saga this year, you’ll recall that the strain on the power grid has caused some to distance themselves from Bitcoin mining, in general. Higher emissions as a by-product of greater energy requirements did not fit the ESG community. We are now seeing companies like Sphere & Gryphon finding ways to responsibly expand mining while reducing the environmental impact of that action.

bitcoin penny stocks to watch right now Sphere 3D ANY stock chart

Old Penny Stocks to Watch: Bitfarms Ltd (NASDAQ: BITF)

Now on to the list of old penny stocks to watch out for right now. Bitfarms was trading below $ 3 per share at the start of the month. After hitting a high of $ 7.47, BITF stock has returned to its current level. Much of the excitement has obviously come from the related momentum of digital currencies over the past few weeks. In addition, the company’s recent results revealed significant growth in both gross margin and Adjusted EBITDA margin.

The company mined 759 Bitcoins and held just under 1,300 Bitcoins at the end of the last quarter. It also received over 3,400 new miners during the quarter, which also helped increase its hash rate overall. Simply put, higher hash rates can increase the chances of miners finding the next block in a blockchain and receiving a Bitcoin reward.

Responding to the favorable results, Emiliano Grodzki, CEO of Bitfarms, said: From early 2021 to late 2022, we plan to have eightfold our capacity and expand our geographic resources across North and South America while continuing to pursue opportunities elsewhere. We began trading on the Nasdaq, built our leadership team with additions and promotions in Canada, the United States and South America, and capitalized on our infrastructure capabilities to strengthen our relationships and identify potential locations. to expand our geographic presence.

Thanks to the latest Bitcoin and Ethereum price developments, BITF stock is back on the watch list.

Bitcoin penny stocks to watch right now Bitfarms Ltd BITF stock chart

Hut 8 Mining Corp. (NASDAQ: HUT)

Similar to Bitfarms, Hut 8 also focuses on Bitcoin mining. In addition, the company is also experiencing significant growth. In its recent quarterly report, Hut 8 achieved its second consecutive record quarterly revenue. At the end of the second quarter, the company had over 3,820 Bitcoin, which, at the current price, is worth over $ 180 million. Additionally, based on its current network, the company plans to mine 20-25 Bitcoin per day once all of its equipment is chopping.

Hut is also focusing on an ESG initiative. It has implemented a recycling program to limit waste and installed low-emission LED lighting in its facilities. Hut 8 has also set up an on-site electric vehicle fleet to further reduce emissions from related operations.

bitcoin penny stocks to watch right now Hut 8 Mining HUT stock chart

Canaan Inc. (NASDAQ: CAN)

Playing a different role in this ecosystem, Canaan manufactures industrial pickaxes and shovels. The company is a manufacturer of Bitcoin mining machinery that supplies hardware to its customers. The most recent deal was with Mawson Infrastructure Group (OTC: MIGI), a digital infrastructure provider headquartered in Australia. Mawsons’ order was for 17,352 bitcoin mining machines, which will be delivered in 2021 and 2022.

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This order was added to an already existing order for more than 11,700 machines. Although there was no valuation discussed in its press release, this is an important order for Canaan and one that expands its global reach. With soaring digital asset prices and rising mining operations as a whole, you can’t forget the benefits for the entire supply chain; hardware suppliers included.

Bitcoin penny stocks to watch right now Canaan Inc. CAN stock chart

Bit Digital Inc. (NASDAQ: BTBT)

Similar to Hut 8, Bit Digital was also trading well below the 5-cent share threshold at the start of the quarter. Since then, BTBT stock has climbed to over $ 20 and currently sits above $ 10 this week. Mainly enjoying sympathy from the industry, Bit Digital has been relatively calm on the news. However, the headlines from the start of this quarter kept the market on fire. The company has announced plans for an expansion of Bitcoin mining with Digihost. The two will operate a 100 MW Bitcoin mining system for an initial term of 2 years.

As previously announced, we anticipate significant buying activity in the coming months, due to the dislocation of the cash market in China and our unique access to this market. This agreement with Digihost secures a key element of the activation of this opportunity, and should allow a rapid deployment of the newly purchased miners.

CEO Bryan Bullett

With crypto prices rising this week, BTBT stock continues to benefit.

bitcoin penny stocks to watch right now Bit Digital BTBT Stock Chart

Is it time to buy Bitcoin stocks?

Like all of the penny stocks (and older penny stocks) on this list, it’s important to monitor the prices of cryptocurrencies as closely as the prices of those stocks. As we found out, a change in Dogecoin, Bitcoin, Ethereum, etc. can have a ripple effect on the whole industry. So if any of these are on your watch list right now, make sure you keep that in mind.

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