Goldman Sachs Identifies 19 Larger US Stocks With High Crypto and Blockchain Exposure
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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:
- A text search for relevant keywords e.g. cryptocurrency, blockchain;
- Regression betas of share prices to Bitcoin during the past 12 months, after controlling for market betas;
- 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);
- NVIDIA (NASDAQ: NVDA);
- 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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