According to Goldman Sachs, Crypto and blockchain exposed US stocks have outperformed the S&P 500 index by about 34% for the year to date. It went ahead to identify 19 stocks with a market capitalization of at least $1B to have outperformed S&P 500.
The Wall Street firm in their report dated April 26, blockchain and Cryptocurrency exposed US stocks have surged to 46% compared to 12% of the S&P 500.
Marathon Digital Holdings (NASDAQ: MARA), Riot Blockchain (NASDAQ: RIOT), and Microstrategy (NASDAQ: MSTR) were included in Goldman’s blockchain exposed stock list. Also included were traditional financial companies like JPMorgan Chase (NYSE: JPM) and Visa (NYSE: V).
The report shows the stocks are based on blockchain indexes and ETFs and they are calculated by their sensitivity of stock prices to bitcoin during the past 12 months. Goldman also scanned the company’s filings to identify the 19 stocks with blockchain exposure.
Furthermore, “An equal-weighted portfolio of the stocks has demonstrated roughly 60% correlations with bitcoin and the Bloomberg Galaxy Crypto Index during the last several months, compared with 20% correlations for the S&P 500,” Goldman report discloses.
11 of the 19 blockchain stocks are in the software and services industry and trade at twice the price-to-earnings valuation as the median U.S. stock.