Penny Stocks on Robinhood to Watch After the Coinbase IPO

Penny Stocks See New Heights as COIN Stock Makes Its Debut 

Cryptocurrency penny stocks continue to rise in popularity. With blockchain-based coins like Doge and Bitcoin reaching all-time highs, investors are more focused on crypto than ever before. 

Now it’s worth noting that the crypto market and penny stocks can be highly volatile. This is something that comes with the territory. However, volatility can be a tactic for those who know how to use it. For this reason, buying cryptocurrency is not for everyone. 

However, there are ways to gain exposure to the crypto market without buying any blockchain-based coins. This is where cryptocurrency penny stocks come in. These are companies that work in the blockchain or crypto market via one route or another. This can include companies finding new ways to utilize blockchain, alternative methods to mining cryptocurrency, or methods for buying or selling coins among others. 

On Wednesday, April 14th, investors are anxiously awaiting the IPO of Coinbase stock. At some point during the trading day, Coinbase Inc. (NASDAQ: COIN) will go public with some estimates putting its IPO price around $250. Although there are no definitives until it does go public, this is undoubtedly an exciting day for cryptocurrency investors. 

To find exposure to crypto with penny stocks, investors can search far and wide, depending on what type of exposure they want. This will help to determine the risk and the potential benefits of an investment. 

Because of the Coinbase IPO, investors are flooding into the stock market, searching for all types of valuable penny stocks. This includes everything from biotech and entertainment to general tech stocks.

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As you can see, just because the focus is on crypto, does not mean that only crypto stocks are seeing a correlative gain. We are seeing gains in various industries with different degrees of separation from crypto. With this in mind, here are three penny stocks to watch right now as Coinbase goes public.  

Penny Stocks to Watch With COIN Stock Going Public  

• Asensus Surgical Inc. (NYSEAMERICAN: ASXC) 
• Hall of Fame Resort & Entertainment Co. (NASDAQ: HOFV) 
• Color Star Technology Co Ltd. (NASDAQ: CSCW)

Asensus Surgical Inc. 

Up by around 7% in early morning trading is Asensus Surgical Inc. While it isn’t necessarily a crypto stock, ASXC stock could be seeing momentum from the interest in the COIN IPO. You might be thinking, how do these two relate? Well, when there is momentum in the market, we often see correlative momentum in other industries. This is true even if the two industries are very different. 

Moving into ASXC, Asensus is a biotech company, producing a range of medical devices. It has become a pioneer in Performance-Guided Surgery. These surgeries are done via its Senhance Surgical System, which recently received an expanded 510(k) clearance for general surgery indications. 

Additionally, Asensus produces the Intelligent Surgical Unit or ISU, which is another aspect of its Performance-Guided Surgery product line. In its fourth-quarter results announced last month, CEO Anthony Fernando, stated that “we are very pleased with the momentum we generated during 2020 and particularly during the fourth quarter. This momentum continued into the early part of 2021 where we have already accomplished a number of significant milestones, including the bolstering of our balance sheet, the rebranding of the organization, and the introduction of our vision Performance-Guided Surgery.” 

Moving forward, the company aims to continue the commercialization of its Senhance Surgical System, which is a transformative product for doctors and medical staff to use. Considering this and its solid rise on April 14th, is ASXC worth watching?

Hall of Fame Resort and Entertainment Co. 

Hall of Fame Resort is a penny stock that we’ve been covering for months now. While it wasn’t a crypto stock a few months ago, the company recently moved into NFT territory. This has helped it to see gains alongside today’s COIN IPO. As a side note, investors also consider HOFV to be a reopening penny stock. This is due to its role in the entertainment industry. 

On April 8th, Hall of Fame announced a collaboration agreement with Dolphin Entertainment (NASDAQ: DLPN) and Elite Holdings LLC (the owner of H2H), to develop, market, and sell NFTs. These NFTs will be offered to an exclusive group of H2H Legends (Pro Football Hall of Fame Members) before potentially opening up to a broader consumer base. 

When this announcement was made, the CEO of HOFV Michael Crawford stated that “as an organization that operates at the intersection of sports and entertainment, it is our responsibility to leverage the access we have to unique content to build one-of-a-kind fan engagement opportunities across all of our business verticals. The demand for NFTs associated with sports has already been overwhelming.” 

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He went on to state that the first NFTs it produces will be offered to the most accomplished football players of all time, where they can hopefully increase the value of the NFTs. It’s worth considering that this is a very new business proposition for the company. And new ideas/directions are always exciting. It’s worth noting that it may take some time for the details to be fully fleshed out. In the meantime, HOFV stock remains an interesting play for both crypto and NFTs.

Color Star Technology Co Ltd. 

The increasing popularity of NFTs and crypto has helped to push companies like CSCW up to new heights. Color Star, however, has several roles in the tech industry, outside of working on blockchain-related assets. With this in mind, let’s discuss how it plays into the NFT and blockchain markets. Until only a few months ago, Color star was solely focused on music education and entertainment. It offered several programs for these purposes such as concerts in Asia, and its own Color International Music Festival. 

However, recently the company began operations in the blockchain tech sector through its Color World App. In a partnership with the company Doman, the latter will provide “blockchain technology support” for the app. This application allows for “interactive entertainment platform software” to be used for a variety of purposes. 

While the exact details of how blockchain will play into this are still vague, it will include entertainment copyright blockchain, membership management blockchain, and the development of an interactive community-centered blockchain. In a more NFT-related move, Color Star is also developing a non-fungible token to use in the production, release, and promotion of its subsidiary, Color Star Entertainment.

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According to a press release from the company, NFTs will be involved in “network copyrights, concerts, artist videos, TV programs, music, museum collections, and celebrity-exclusive product designs.” While this is a lot to take in, it’s exciting to see how many directions Color Star is moving in. With this in mind, CSCW stock could just be worth watching.