U.S. stocks exposed to blockchain and cryptocurrencies have outperformed the Standard & Poor’s 500 Index by about 34 percentage points year-to-date, according to Goldman Sachs, in a reminder of how the fast-growing technologies’ appeal extends to investors in traditional markets.
The Wall Street firm identified 19 stocks with a market capitalization of at least $1 billion and high exposure to blockchain technology or cryptocurrencies.
On average, the stocks have climbed 46% year-to-date, versus 12% for the S&P 500, according to the Goldman report dated April 26. Notably, the average lagged behind a direct bet on bitcoin (BTC), which gained 89% over the period.
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).
