Top Crypto Stocks to Watch This Week: SoFi, Strategy, Coinbase
Top crypto stocks have pulled back this month as Bitcoin (CRYPTO: BTC) and most altcoins continued to fall. Bitcoin dropped to $80,500, which is 8% below its highest point this month, while the total market capitalization of all coins fell to $2.7 trillion. This article highlights some of the top crypto stocks to watch this week.
Strategy to Release Earnings and Bitcoin Purchases
Michael Saylor’s Strategy (NASDAQ:MSTR) has dropped by over 14% from its highest point this month as Bitcoin retreated.
The stock will be in the spotlight for three reasons this week. First, it will react to Bitcoin’s price action as the Federal Reserve delivers its interest rate decision. A continued retreat will affect its performance since it is the biggest holder.
Second, the company will react to its Bitcoin accumulation metrics, which it usually releases each Monday. This time, however, there is a likelihood that the company did not buy any Bitcoin last week as Saylor has not provided his usual hint on Sunday.
Finally, Strategy will publish its earnings report on Thursday. In a recent statement, Saylor said that the company recorded a $21 billion gain last quarter as Bitcoin bounced back.
SoFi Technologies to Publish Earnings as its Stock Falls
SoFi Technologies (NASDAQ:SOFI) stock has been under pressure in the past few months, moving from $32 in November last year to $14.6 today. This retreat happened as the company relaunched its crypto trading business and its stablecoin, SoFiUSD, whose assets have jumped to $350 million.
Analysts expect the results to show that its third-quarter revenue rose 33% to $1.26 billion, with the earnings-per-share rising to 17 cents. The risk, however, is that the stock has formed an inverted cup-and-handle pattern and moved below 50% retracement level, pointing to more downside.
Coinbase’s Earnings to Show Whether New Initiatives are Paying Off
Coinbase (NASDAQ:COIN) stock has dropped more than 63% from its peak last year. The decline coincided with the crypto winter, which has weighed on its financial results.
Its stock will react to the upcoming earnings report, which will provide details of its performance in the third quarter.
Analysts expect the results to show that its revenue continued to fall in Q3. Still, the stock will react to any signs of progress in its other businesses, like tokenized stocks and predictions. By launching tokenized stocks, the company hopes that it will continue generating steady revenues when the crypto market deteriorates.
Coinbase has also launched other solutions to diversify its business. These include pre-IPO allocations directly in the Coinbase app and its AI agent integrations. Top analysts have boosted their Coinbase outlook. Needham’s John Todaro hiked his target from $200 to $205, while Citigroup hiked its target from $210 to $230.
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