Top 3 Crypto Stocks to Watch Next Week: MSTR, COIN, PYPL

Crypto stocks have been under pressure this year. Most of them have been underperforming the broader market as Bitcoin and many altcoins dropped during the crypto winter.

This article looks at some of the best cryptocurrency stocks to watch next week. That includes Coinbase (COIN), Strategy (MSTR), and PayPal (PYPL).

Strategy to Reveal its Corporate Actions

MSTR stock will be in the spotlight on Monday when it traditionally releases information about its corporate events. It normally announces whether it bought or sold Bitcoin.

Its report has been closely watched after the company announced its plan to start selling Bitcoin. In its most significant report, it said that it sold coins worth over $200 million. Its goal is to raise enough money to enable it to pay dividends to its preferred shareholders.

Most recently, the company has avoided selling its coins. Instead, it has focused on selling shares to raise cash. In its recent report, Strategy said that it sold shares worth over $425 million.

A decision to sell Bitcoin may put pressure on the coin because Strategy has been the biggest buyer over time. It now holds 843,775 coins, currently valued at over $53.9 billion. As such, its selling may push more companies to start selling as well. Empery Digital has already sold 1,400 coins to fund its artificial intelligence deal.

MSTR stock remains below all moving averages and is in the process of forming a bearish flag pattern. This pattern suggests that the shares may be on the cusp of a bearish breakout.

PayPal to Publish Earnings Amid Takeover Talk

PayPal stock has been in the spotlight in the past few weeks. It moved from the year-to-date low of $40 to the current $56. It formed a big gap on July 15 after Stripe and Advent International made a bid for the company. Their bid price is $53 a share.

The acquisition, if it goes through, would mark a big downfall for one of the most popular fintech companies. It was once valued at over $300 billion.

Therefore, next week will be important for the company as it publishes its financial results on Tuesday. These numbers will provide more color on its performance.

The average estimate among analysts is that its revenue rose by 2.25% in the second quarter to $8.47 billion. Its earnings-per-share is also expected to move to $1.26, a slight increase from last year’s $1.4.

The most important outcome for the company is the management’s statement on the acquisition. The management may accept the offer or ask for a bigger buyout price. It may also reject the offer, with the management remaining hopeful that it will improve its performance.

Coinbase Stock in Focus as Earnings Loom

In addition to PayPal, Coinbase stock will be in the spotlight as it publishes its financial results. These results come at a time when the crypto winter has continued in the past few months.

Bitcoin and other altcoins have slipped by double digits in the past few months, which is affecting its transaction revenue.

The same is happening with its stablecoin business. With this, the USDC market cap falling to $73 billion from the record high of over $80 billion.

Therefore, analysts are pessimistic about its business. Yahoo Finance data shows that the company’s revenue will come in at $1.29 billion, down by 14% YoY.

They also anticipate that the earnings-per-share will move from a profit to a loss. The real figure may be worse than that since the company has missed its target in the last two consecutive quarters.

There will be other crypto stocks to watch next week. Tom Lee’s BitMine will announce its Ethereum buying metrics next week. Robinhood and Mara Holdings will report their numbers next week.