Top Three Crypto Stocks to Watch Next Week: CRCL, RIOT, MSTR
Strategy MSTR | 0.00 | |
Riot Platforms RIOT | 0.00 | |
Circle CRCL | 0.00 | |
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Advanced Micro Devices, Inc. AMD | 0.00 |
Most crypto stocks are in the red this year as Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and other altcoins crashed into a bear market. Many of them, including Coinbase (NASDAQ:COIN) and Robinhood Markets (NASDAQ:HOOD), dropped this week after their earnings.
This article looks at the top crypto stocks to watch next week, including popular names like Circle Internet (NASDAQ:CRCL), Strategy (NASDAQ:MSTR), and Riot Platforms (NASDAQ:RIOT).
Circle Internet Group in Focus as USDC Supply Shrinks Ahead of Earnings
Circle, the second-biggest company in the stablecoin industry, will be in the spotlight as it publishes its financial results. These results come at a difficult time for the company as the USD Coin (CRYPTO: USDC) supply continues to shrink.
USDC’s supply has dropped from nearly $80 billion to $71.9 billion. This retreat will have an impact on its revenue since it makes its money by investing the USDC supply in short-term government bonds. The falling USDC supply will likely be offset by the rising US bond yields after the Fed interest rate decision.
Analysts expect the company’s earnings to show that its revenue rose by 9% in the second quarter to $717 million. Top analysts tracking the company have recently lowered their targets, with Goldman Sachs moving it from $111 to $96, and Mizuho slashing it from $50 to $45.
Strategy to Announce Cash Raising Efforts After Reporting Big Loss
Michael Saylor’s Strategy will be in focus on Monday as it announces its weekly corporate actions. These numbers come a few days after it reported its second-quarter results, which showed that its net loss widened to $8.22 billion as Bitcoin (CRYPTO: BTC) dropped.
Strategy has been raising cash aggressively in the past few months after the preferred stocks dropped below par. In its last report, the company said that it boosted its cash reserves by $525 million, reaching 2.1 years of dividend coverage.
The company likely continued its dilution activity through its at-the-market activity. Over time, its outstanding shares have jumped from 0.16 billion in 2023 to 0.33 billion today.
Riot Platforms to Publish Earnings Amid Pivot to AI Data Centers
Riot Platforms (NASDAQ:RIOT) stock has dropped by over 33% from the year-to-date high.
The focus among investors will be on the upcoming earnings on August 5. These earnings come as the company continues its pivot to the AI data center industry. Its main focus is to build data centers that focus on Advanced Micro Devices (NASDAQ:AMD) chips.
These results will provide more information about the transition and the state of its balance sheet. Analysts expect the upcoming results will show that its revenue eased a bit to $152.8 million YoY, with the annual figure expected to rise modestly to $653 million.
Other top crypto companies to watch next week will be Mara Holdings, SpaceX (NASDAQ:SPCX), Hut 8, and BitMine. SpaceX is considered a crypto company because of its vast Bitcoin holdings.
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