Let’s Compare a Handful of Canadian Crypto Stocks

ByDan Kent Published On:

Key takeaways

Crypto Exposure Without Direct Ownership – These stocks provide different ways to invest in the crypto market without needing to buy and store digital assets yourself, whether through mining, staking, or regulated investment products.

Regulation and Market Volatility Matter – The success of these companies heavily depends on crypto market cycles and regulatory decisions, making it crucial for investors to stay updated on government policies and price trends.

Diversification Within the Crypto Space – Each company offers a unique angle on the crypto sector, from Bitcoin mining to Ethereum staking and DeFi investments, allowing investors to tailor their exposure based on risk tolerance and market outlook.

3 stocks I like better than the ones on this list.

When it comes to investing in cryptocurrencies, there are a few options among Canadian stocks that investors can consider.

  • First, they can buy the cryptos outright through qualified exchanges.
  • They can also choose an ETF that tracks the price of crypto itself. At the moment, there are several Bitcoin and Ethereum ETFs for investors to choose from
  • The last option is to invest in companies that operate in the space.

This is a little bit tricky as there have been a plethora of cryptocurrency stocks that have been listed on financial markets in recent years. In this article, we’re going to go over some of the best that trade on the Toronto Stock Exchange.

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Before we jump into some of the top Canadian crypto stocks, it’s important to understand that this industry is still in its infancy

That means investing in crypto stocks is likely to bring considerable volatility, and these investments are only appropriate for those with a higher volatility tolerance. Those just learning how to buy stocks should realize these cryptocurrency stocks come with great financial risks. 

The majority are also small to mid-caps, with little operational history to speak of, so the merits of the companies on this list can change in a flash. They don’t really have a proven track record and are characterized by high risks.

These crypto stocks can also trade heavily on momentum, and swings in price on a daily or weekly basis can be substantial in either direction. The volatility will be one of the main drawbacks for conservative investors looking for exposure.

With that in mind, let’s look at some of the top crypto stocks in Canada today that you can consider adding to your portfolio or watchlist. Of note, we could have filled this list with one type of crypto stock, but we decided to highlight a variety from different sub-industries in the crypto space.

What are the top Crypto stocks to buy in Canada?

A leading Canadian Bitcoin miner

Hut 8 (TSE:HUT)

Hut 8 is one of the largest digital asset miners in North America, focusing primarily on Bitcoin mining. The company operates large-scale mining facilities powered by a mix of renewable and traditional energy sources. With a strong balance sheet and a strategy of holding a significant portion of its mined Bitcoin, Hut 8 offers direct exposure to Bitcoin price movements while maintaining operational efficiency.

P/E: 3.9

5 Yr Revenue Growth: -%

5 Yr Earnings Growth: -%

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  • One of the largest Bitcoin miners in North America, providing strong operational scale.
  • Holds a significant amount of Bitcoin, benefiting from price appreciation.
  • Access to low-cost power and energy-efficient mining operations.
  • Recently merged with US Bitcoin Corp, expanding its footprint in North America.
  • Diversifying revenue streams through high-performance computing and data center services.
  • Well-positioned to benefit from increasing Bitcoin adoption and institutional interest.
  • Bitcoin Price Movements – Since Hut 8 holds a large portion of its mined Bitcoin, its stock is heavily correlated with BTC price fluctuations.
  • Regulatory Changes – Government policies on Bitcoin mining could impact Hut 8’s operations and profitability.
  • Mining Difficulty and Halving Cycles – Increasing mining difficulty and Bitcoin halving events affect profitability and margins.
  • Energy Costs & Sustainability – The company’s access to low-cost energy and its sustainability efforts play a crucial role in long-term success.
  • Bitcoin Volatility – A drop in Bitcoin’s price can significantly impact revenue and balance sheet strength.
  • Regulatory Uncertainty – Changes in mining regulations could increase costs or limit operations.
  • Operational Costs – Rising energy costs and mining difficulty could pressure profitability.
  • Competitive Landscape – Intense competition from global mining firms may affect market share and efficiency.

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A diversified crypto financial services firm

Galaxy Digital Holdings (TSE:GLXY)

Galaxy Digital is a leading financial services firm specializing in cryptocurrency trading, asset management, investment banking, and mining. Founded by billionaire investor Mike Novogratz, the company provides institutional investors with access to digital assets while actively managing its own crypto portfolio. With exposure to multiple areas of the crypto economy, Galaxy Digital serves as a bridge between traditional finance and blockchain-based assets.

P/E: 38.3

5 Yr Revenue Growth: -%

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Yield: -%

  • Offers a diversified business model with exposure to trading, asset management, and venture capital.
  • Strong leadership under crypto investor Mike Novogratz.
  • Institutional adoption of crypto benefits Galaxy’s trading and investment banking businesses.
  • Growing AUM (assets under management) in its crypto investment funds.
  • Expanding international presence, broadening its market reach.
  • Positioned as a leading player in the regulated crypto financial services industry.
  • Institutional Crypto Adoption – Increased institutional interest in digital assets benefits Galaxy’s trading and investment banking segments.
  • Regulatory Developments – Galaxy’s business model relies on clear regulations, making compliance and licensing crucial.
  • Crypto Market Cycles – Bull and bear cycles impact trading revenue and investment performance.
  • Expansion into New Markets – Global expansion efforts could drive future revenue growth and diversification.
  • Crypto Market Volatility – A prolonged downturn in crypto could affect trading revenue and investment values.
  • Regulatory Risks – Regulatory crackdowns could impact operations and limit business opportunities.
  • Liquidity Risks – Managing large crypto positions comes with liquidity challenges in volatile markets.
  • Competitive Pressures – Increasing competition from traditional financial institutions moving into the crypto space.

The largest publicly traded crypto exchange

Coinbase (COIN)

Coinbase is the leading cryptocurrency exchange in North America, providing retail and institutional investors with a secure platform to buy, sell, and store digital assets. With a growing suite of financial products, including staking, custody, and institutional trading services, Coinbase is a dominant force in the crypto ecosystem. While not a Canadian stock, it is one of the most significant crypto-related stocks accessible to Canadian investors.

P/E: 21.6

5 Yr Revenue Growth: 65.2%

5 Yr Earnings Growth: -%

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Yield: -%

  • The most recognized and widely used crypto exchange in the U.S.
  • Strong brand and regulatory compliance provide credibility.
  • Significant institutional trading volume, diversifying its revenue beyond retail trading.
  • Expanding into blockchain services, including staking and decentralized finance (DeFi).
  • Growing subscription and services revenue, reducing reliance on trading fees.
  • Strong balance sheet with a focus on long-term crypto adoption.
  • Crypto Trading Volume – Revenue is highly dependent on overall crypto market activity and trading volume.
  • Regulatory Landscape – Compliance with U.S. and global regulations will be crucial for sustained growth.
  • Diversification of Revenue Streams – Expansion into staking, payments, and blockchain solutions reduces reliance on volatile trading fees.
  • Institutional Growth – Increasing institutional adoption of crypto could drive future revenue growth.
  • Regulatory Uncertainty – Potential lawsuits and compliance challenges could impact business operations.
  • Trading Fee Compression – Competition from other exchanges may force Coinbase to lower fees, impacting revenue.
  • Crypto Market Cycles – A prolonged bear market could lead to reduced trading activity and lower revenue.
  • Security Risks – Any breach or hack could damage its reputation and lead to financial losses.

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