My Top 5 Crypto-related Stock Plays

Cryptocurrencies are here to stay, and their development has only begun to sneak into the investable space of the public markets. Barring the mainstream media's skepticism over cryptocurrencies over this past decade, the amount of upward momentum in this space has been overtly clear to witness. So without further ado, here are my Top 5 crypto-related plays that I'm focusing on in the stock market today:

Top 5 Plays

1. Microstrategy (MSTR)
2. Galaxy Digital (GLXY.to / BRPHF)
3. Voyager Digital (VYGR.cn / VYGVF)
4. CleanSpark (CLSK)
5. VPC Impact Acquisition Holdings - to become Bakkt (VIH)

Rationale:

1. Microstrategy is essentially a Bitcoin ETF at this point, but it dabbles in between the lines of a cash-flow positive operating company in the growing data analytics space and a HODL'er of Bitcoin with its treasury assets. The fact it was able to get an interest-free convertible loan speaks for itself and the demand by institutions for risk assets related to Bitcoin.
2. Galaxy Digital is poised to capture a growing piece of the market share for institutional funds heading into crypto. Perhaps one day becoming the Goldman Sachs of crypto, Galaxy Digital is beginning to ramp up its offered services to become one of the more well-rounded digital asset merchant banks around. For example, those capable of investing into the BTC exposure that Morgan Stanley offers will likely find themselves in some of Galaxy Digital's funds.
3. Voyager Digital has seemingly overnight become a success as a growing crypto-asset broker. The company has its own token (VGX - The Voyager Token) which recently broke into the Top 100 cryptos according CMC and Coingecko. Bolstered by the user fallout at Robinhood, Voyager saw $20 mil of revenue in February 2021 alone despite doing only $1.15 million in all of 2020!
4. CleanSpark stands out as another hybrid company whos primary business is actually directed towards micro energy grid hardware and related software. Yet the company has poured much of its recent resources into Bitcoin mining as a use case of its technology. What stands out the most is its expectation to keep energy costs extremely low. The company's recent acquisition of its Bitcoin mining operations should surprise many as the figures for that ramp up and begin to come in starting next quarter.
5. Bakkt is the digital asset arm of Intercontinental Exchange, the parent company of the NYSE & some of the largest exchange and clearing houses in the world. While still somewhat unknown from a retail user standpoint, the company is already meddling with digital assets in the institutional realm. Its difficult to imagine a world where a huge company like Bakkt isn't able to leave its footprint going forward after the merger with VPC Impact Acquisitions Holdings goes through.

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