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10 Best Crypto Stocks in Canada (Dec 2022)

Do you want to invest in cryptocurrencies like Bitcoin or Ethereum? Over the past few years, crypto has gone mainstream and has gained immense popularity. 

However, not everyone wants to invest in such a volatile asset. Luckily for Canadian investors, there are plenty of crypto-related companies that trade on the TSX and TSXV exchanges.

Rather than investing directly in cryptocurrencies, you can buy stock of crypto mining companies, blockchain-based companies, and others that operate in the crypto industry. 

For most investors, cryptocurrencies will likely make up a small portion of your overall investment portfolio. They are riskier assets that can experience high levels of volatility. 

In this article, I review 10 of the best crypto stocks in Canada for December 2022. 

Should You Invest in Crypto Stocks?

This is purely up to your own personal risk tolerance. When you consider investing in cryptocurrencies, you will need to acknowledge that the investment could potentially go to zero.

Investing in blue-chip crypto like Bitcoin will help mitigate that risk, and buying stocks of crypto-based companies is safer. 

Stocks of companies like crypto miners will often rise alongside the prices of the crypto market. On the flip side, they will also fall sharply when the crypto market is in a downtrend. 

When you invest in crypto mining companies, consider that they also hold the cryptos they mine as their own investment. 

Crypto exchanges rely on transaction fees for revenues. When the crypto market is down, transactions naturally taper off. This will also cause a drop off in revenue as well. 

Here is my list of the top 10 crypto stocks for Canadian investors:

  • Galaxy Digital Holdings (TSE:GLXY)
  • Hut 8 Mining Corp (TSE:HUT)
  • Bitfarms Ltd (TSE:BITF)
  • HIVE Blockchain Technologies (CVE:HIVE)
  • DMG Blockchain Solutions Inc (CVE:DMGI)
  • BIGG Digital Assets Inc (CNSX:BIGG)
  • Digihost Technology Inc (CVE:DGHI)
  • Banxa Holdings Inc (CVE:BNXA)
  • Coinbase (NASDAQ:COIN)
  • Grayscale Bitcoin Trust (OTC:GBTC)

Best Crypto Stocks to Buy in Canada

1. Galaxy Digital Holdings (TSE:GLXY)

Here are some key facts for GLXY:

  • Market Cap: $2.43 billion
  • Industry: Crypto Trading Platform
  • PE Ratio: 7.03
  • 52-week Trading Range: $4.51 – $43.98
  • 5-Year Total Return: 272.1%

GLXY is a New York-based digital asset firm that was established in 2006 and trades on the Toronto Stock Exchange. 

This company offers full financial services for cryptocurrencies and operates within five specific business lines: trading, asset management, investment banking, mining, and ventures.

It currently has $1.7 billion in assets under management and partners with some of the largest institutions in the world, including Bloomberg, Morgan Stanley, Goldman Sachs, and Invesco.

2. Hut 8 Mining Corp (TSE:HUT)

Here are some key facts for HUT:

  • Market Cap: $747 million 
  • Industry: Crypto Miner
  • PE Ratio: N/A
  • 52-week Trading Range: $1.65 – $20.61
  • 5-Year Total Return: 32.76%

HUT is a Toronto-based crypto mining company that was founded in 2011 and trades on the TSX.

This company exclusively mines Bitcoin at its three mining locations across Canada. It currently has a total of 7,736 mined Bitcoin in reserve and produces margins of between 35-40% annually. 

Hut 8 Mining is also getting involved in the future of the Web3 industry. The company operates four Canadian data centers for Web3 and gaming.  

3. Bitfarms Ltd (TSE:BITF)

Here are some key facts for BITF:

  • Market Cap: $468.89 million 
  • Industry: Crypto Miner 
  • PE Ratio: N/A
  • 52-week Trading Range: $1.04 – $9.36
  • 5-Year Total Return: 98.90%

BITF is a Toronto-based Bitcoin mining company that was founded in 2017 and trades on the TSX.

Bitfarms operates multiple different mining locations across Canada, the US, and Latin America. It operates over 44,000 mining rigs across those locations, with 25,000 of those coming in August 2022. 

As of the end of July 2022, Bitfarms held 2,021 Bitcoin and had a mining capacity of 17 BTC per day. 

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4. HIVE Blockchain Technologies (CVE:HIVE)

Here are some key facts for HIVE:

  • Market Cap: $663 million 
  • Industry: Crypto Miner
  • PE Ratio: 6.60
  • 52-week Trading Range: $3.65 – $32.85
  • 5-Year Total Return: -12.20%

HIVE Is a Vancouver-based crypto mining company that was founded way back in 1987. It trades on the Canadian Venture Exchange and the NASDAQ. It was the first crypto miner to be listed as a public company in Canada. 

The company uses 100% green energy to mine both Bitcoin and Ethereum. It operates mining locations across Canada and Scandinavia as well, where colder temperatures require less energy to run mining rigs. 

It recently announced an exclusive partnership with Intel, which will be providing Hive with high-performance ASIC chips to power its custom-built mining equipment. 

5. DMG Blockchain Solutions (CVE:DMGI)

Here are some key facts for DMGI:

  • Market Cap: $60 million 
  • Industry: Crypto Miner
  • PE Ratio: N/A
  • 52-week Trading Range: $0.22 – $1.67
  • 5-Year Total Return: -78.31%

DMG is a British Columbia-based blockchain and crypto mining company that was founded in 2011 and trades on the Canadian Venture Exchange. 

The company recently built one of Canada’s largest Bitcoin mining facilities in Christina Lake, BC. It has a maximum power capacity of 80 Megawatts and is expected to increase DMG’s mining abilities immensely.

It stands out from other crypto miners because of the additional services it provides. DMG acts as a consultant and advisor for other miners and provides audits, impairment analysis, and even forensic investigations of nefarious crypto wallet transactions.

6. BIGG Digital Assets (CNSX:BIGG)

Here are some key facts for BIGG:

  • Market Cap: $96 million  
  • Industry: Crypto Infrastructure and Investing
  • PE Ratio: N/A
  • 52-week Trading Range: $0.28 – $2.03
  • 5-Year Total Return: -49.36%

BIGG is a Vancouver-based digital asset investing company that was founded in 2014 and trades on both the CNSX and the OTCQX exchanges. 

This company operates several crypto-related subsidiaries, including the crypto trading platform Netcoins, Metaverse studio TerraZero, and digital investigation software company QLUE.

With over 575 Bitcoins in its treasury, BIGG Digital Assets is positioned as a leader in several crypto-related industries.

Text that reads “10 Best Crypto Stocks in Canada” below an image of a stock chart with people lifting up bitcoins

7. Digihost Technologies (CVE:DGHI)

Here are some key facts for DGHI:

  • Market Cap: $42 million  
  • Industry: Crypto Miner
  • PE Ratio: 124.19
  • 52-week Trading Range: $1.14 – $9.93
  • 5-Year Total Return: -99.16%

Digihost Technologies is a Toronto-based Bitcoin miner that was founded in 2017 and trades on the Canadian Venture Exchange.

The company operates a single mining facility in Buffalo, New York, that houses about 12,000 mining rigs. It is focused on mining with clean energy, as 90% of its energy used has zero emissions.

It is also pushing forward with its proprietary software technology business called Balance. This software provides crypto and tax accounting, as well as automates its mining capacity through its highly efficient data centers. 

8. Banxa Holdings (CVE:BXNA)

Here are some key facts for BXNA:

  • Market Cap: $45 million  
  • Industry: Digital Payment Solutions
  • PE Ratio: N/A
  • 52-week Trading Range: $0.90 – $4.33
  • 5-Year Total Return: 41.43%

Banxa is a British Columbia-based digital finance solutions platform that was founded in 2014 and trades on the CVE.

It provides on-ramp and off-ramp payment solutions for the conversion of fiat currencies to cryptocurrencies. The company works with global payment methods like Interac, Apple Pay, Visa, Mastercard, and Google Pay.

Banxa also provides payment APIs that can be integrated into any website to begin accepting digital payments. This allows the company to support multiple Web3 projects, including Binance, KuCoin, Trezor, ByBit, OKX, and Loopring, just to name a few. 

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9. Coinbase (NASDAQ:COIN)

Here are some key facts for COIN:

  • Market Cap: $18 billion  
  • Industry: Crypto Exchange
  • PE Ratio: N/A
  • 52-week Trading Range: $40.83 – $368.90
  • 5-Year Total Return: -75.55%

Coinbase is a California-based, global crypto exchange that was founded in 2012 and trades on the NASDAQ.

It is one of the world’s largest crypto and NFT exchanges, with over 103 million verified users across more than 100 different countries. 

The platform supports the trading of more than 150 different cryptocurrencies with over 450 different trading pairs. Coinbase sees $217 billion in quarterly average trading volume. 

10. Grayscale Bitcoin (OTC:GBTC)

Here are some key facts for GBTC:

  • Market Cap: $10 billion  
  • Industry: Bitcoin Trust
  • PE Ratio: N/A
  • 52-week Trading Range: $11.92 – $55.05
  • 5-Year Total Return: 87.84%

Grayscale Bitcoin Trust is the flagship fund from the Grayscale asset manager. It was founded in 2013 and is based out of New York.

The GBTC is an interesting asset class as it has not formally been deemed an ETF by the SEC. Investors can buy shares of GBTC, which provide a comparative exposure to Bitcoin.

Grayscale offers 17 different trusts, including Solana, Ethereum, Chainlink, and Litecoin.

How to Invest in the Best Crypto Stocks in Canada?

Any of these Canadian crypto stocks can be bought on a brokerage that allows access to CVE and OTC stocks. Here are two of my favourite discount brokerages where I can save on trading fees:

Wealthsimple Trade

One of the most trusted financial sites in Canada, Wealthsimple Trade is owned by the Power Corporation of Canada.

You can purchase crypto-stocks on Wealthsimple Trade for zero commissions, which means no trading fees for Canadian investors.

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Questrade

The oldest and largest discount brokerage in Canada, Questrade provides several different investing assets like stocks, ETFs, and even options. 

Buy Canadian crypto stocks on Questrade for as little as $0.01 per share.

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Crypto Stocks vs Crypto Coins

Investing in crypto stocks is like investing in any other type of stock: you can find them on a stock brokerage and buy shares of the company. 

But when you invest in crypto coins, you have to go through a crypto exchange like CoinSmart, Wealthsimple Crypto, or Newton. 

You can transfer in fiat currency or other cryptocurrencies to your crypto exchange account. From here, you can buy and sell any crypto coins that are offered.

Buying crypto coins is easy because you do not need to buy whole coins and can just dollar cost average into different cryptos. 

The top crypto exchange in Canada is CoinSmart.

CoinSmart Crypto Exchange

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Top crypto exchange in Canada

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0.20% trading fee

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Are Crypto Stocks a Good Investment?

As you can see from the 10 crypto stocks I listed, the 5-year returns vary significantly from stock to stock. 

Investing in crypto stocks comes with a higher risk appetite since there is a large amount of volatility in the industry. 

While you can see massive gains, you can also be subject to massive losses. Crypto stocks typically do not recover as well as crypto coins do. 

With that being said, this article should not be taken as investment advice but rather simply an introduction to the best Canadian crypto stocks. 

Conclusion

Cryptocurrencies are a polarizing subject in the investment community. Some investors swear by them, while others think they are a Ponzi scheme. 

If you want some exposure, dedicate a small portion of your account to crypto stocks.  As noted, they can be volatile, and you can lose most of your initial investment.

You can invest in crypto miners, crypto exchanges, and even crypto software. Whatever your preference is, buying these stocks on a discount brokerage like Wealthsimple Trade or Questrade can help you save on fees.

FAQs

What is the Best Crypto Stock in Canada?

Galaxy Digital is an excellent play on institutional crypto investing and has seen an excellent 5-year return compared to other crypto stocks. In terms of miners, HIVE Blockchain is interesting because it mines both Bitcoin and Ethereum.

What Are the Top Crypto Investments?

If you want to invest in cryptocurrencies, the safest plays are the blue-chip cryptos of Bitcoin or Ethereum. Any other Altcoins can be considered a riskier investment.

Are There NFT Stocks in Canada?

There are not many pure-play NFT stocks in Canada. Bitfarms, Digihost Technology, Banxa, and Coinbase are all involved in NFTs.

What is the Best Bitcoin Stock?

Grayscale Bitcoin is probably the closest thing to a direct investment in Bitcoin. Other than that, most crypto miners and exchanges will trade in sympathy to the price of Bitcoin.

Related:

Disclaimer: Cryptocurrency is a volatile and speculative investment. If you decide to invest, we recommend you do your own research and only commit funds you can afford to lose. The author may own one or more of the crypto assets mentioned in this article.

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Author

Gravatar for Enoch Omololu, MSc (Econ)
Enoch Omololu, MSc (Econ)

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch is passionate about helping others win with their finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, CBC News, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, and many other personal finance publications. You can learn more about him on the About Page.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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