Goldman Sachs Identifies 19 Larger US Stocks With High Crypto and Blockchain Exposure

April 27, 2021 8:02 AM EDT
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Goldman Sachs analyst Ben Snider has identified a group of 19 stocks with market caps greater than $1 billion that offer exposure to blockchain and cryptocurrencies.

The screening of stocks was done using three approaches:

  1. A text search for relevant keywords e.g. cryptocurrency, blockchain;
  2. Regression betas of share prices to Bitcoin during the past 12 months, after controlling for market betas;
  3. Membership in six third-party blockchain indices and ETFs.

“On average, these stocks have outperformed the S&P 500 by 34 percentage points YTD (+46% vs. +12%) alongside an 86% rise in the price of Bitcoin and a 156% rally in the Bloomberg Galaxy Crypto Index. The stocks lagged the market by 10 pp in the past two weeks as cryptocurrency prices dipped, but outperformed by 2 pp today. The median stock in our screen trades at twice the P/E and EV/sales valuation as the median US stock,” the analyst writes in a note sent to clients.

Here’s the list of stocks (starting with stocks with the highest exposure):

  • Marathon Digital Holdings (NASDAQ: MARA);
  • Riot Blockchain (NASDAQ: RIOT);
  • MicroStrategy (NASDAQ: MSTR);
  • Silvergate Capital (NYSE: SI);
  • Square (NYSE: SQ);
  • PayPal (NASDAQ: PYPL);
  • Overstock (NASDAQ: OSTK);
  • InvestView (OTC: INVU);
  • Ideanomics (NASDAQ: IDEX);
  • Tesla (NASDAQ: TSLA);
  • JP Morgan(NYSE: JPM);
  • Visa (NYSE: V)
  • Bank of New York Mellon (NYSE: BK);
  • Facebook (NASDAQ: FB);
  • Mastercard (NYSE: MA);
  • Broadridge Financial Solutions (NYSE: BR);
  • IBM (NYSE: IBM);
  • Coinbase (NASDAQ: COIN)

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