Pic: Stevica Mrdja / EyeEm / EyeEm via Getty Images
These ASX crypto stocks have gone on a run since the latest Bitcoin spike
Coinhead
share
The near tripling of Bitcoin’s price in just three months has led to a rally among a handful of ASX crypto stocks.
Bitcoin, the most famous cryptocurrency, was US$10,840 on September 29 but reached a new record high of US$27,081 overnight. In Aussie dollar terms it has more than tripled this year, dwarfing returns from gold as well as Aussie and US stock indices.
Various factors have been attributed to the spike. The most pertinent has been the embracement of Bitcoin by investors who are only now jumping onboard ranging from millennials to institutions.
This has led to rallies in a number of ASX stocks that directly or indirectly delve into Bitcoin or cryptocurrencies generally.
ASX crypto stocks
The biggest gainer is DigitalX (ASX:DCC) which is a crypto advisor and fund manager. It began 2020 at 3.1 cents and has more than tripled to sit at 9.7 cents today.
The company also has its own blockchain-based regtech app Drawbridge which is aimed at publicly listed companies seeking to digitally monitor their trading policies.
Another is venture capital firm Fatfish (ASX:FFG) which has also tripled in 2020, again experiencing much of its spike during Bitcoin’s surge.
Fatfish has also recently dipped its toes into the buy now pay later space – although unlike many of its peers, it will charge interest.
Sitting on a more modest gain is ASX rival (but ironically an ASX listee nonetheless) the National Stock Exchange (ASX:NSX).
Rounding out the list of ASX crypto stocks is millennial-focused investing app Raiz Invest (ASX:RZI). This company, which offers an investment portfolio with exposure to Bitcoin, is only just in the green in 2020.
