Goldman Sachs’s chief technician Sheba Jafari issued a bullish note on the cryptocurrency markets as a whole, singling out 19 individual stocks that she believes are set to benefit from the recent bitcoin and blockchain boom. The list is a mix of both old and new, including some of the largest names in the business, such as: Bitcoin Investment Trust (OTC: GBTC) Hive Blockchain Technologies (OTC: PRELF)
Investment bank Goldman Sachs has compiled a list of 19 major cryptocurrency stocks that have significantly outperformed the S&P 500. On average, these stocks have significantly outperformed the S&P 500 in recent months amid a surge in bitcoin prices, the company writes.
19 stocks with exposure to cryptocurrencies that outperformed the S&P500
Last week, Goldman Sachs released a research note that listed 19 large-cap U.S. blockchain and cryptocurrency stocks that have outperformed the S&P 500.
Ben Snyder, strategist and managing director of the bank, said: Our research uncovered 19 stocks with a market value of more than $1 billion….. On average, these stocks outperformed the S&P 500 by 34 percentage points over the year (+46% versus +12%). He noted that during the same period, the price of bitcoin rose 86% and the Bloomberg Galaxy Crypto Index rose 156%.
A strategist at Goldman Sachs says more:
On average, these stocks have significantly outperformed the S&P 500 in recent months, while the price of bitcoin rose sharply.
Goldman’s list includes the following stocks: Marathon Digital Holdings; Riot Blockchain; Microstrategy, class A; Silvergate Capital Corp, class A; Square, class A; Paypal Holdings; Overstock; Nvidia; Investview; Ideanomics; Tesla; JPMorgan Chase; Visa, class A; Bank of New York Mellon Corporation; Facebook, class A; Mastercard, class A; Broadridge Financial Solutions; IBM; and Coinbase, class A.
Analysts at Goldman Sachs used a three-part strategy to find these stocks. The first was a text search, in which the company looked for the keywords blockchain and cryptocurrency in company reports, earnings announcements, presentations and news articles over the past 12 months.
Second, the company used a regression beta analysis to test the regression beta of these companies’ stock prices relative to bitcoin, or the change in stock prices when the price of bitcoin changes. Finally, the firm examined the inclusion of blockchain and third-party exchange-traded funds (ETFs) in the indices.
Meanwhile, Goldman Sachs has brought back its bitcoin trading division and is launching a range of cryptocurrency investment products. In March, the company reported strong institutional demand for BTC. CEO David Solomon said earlier this month that he expects a major shift in the regulation of crypto-currencies.
What do you think of Goldman Sachs’ list of crypto stocks that have outperformed the S&P 500? Let us know your comments in the section below.
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