Goldman Sachs analyst Ben Snider has collected a group of stocks connected to crypto and blockchain that could get a boost if Bitcoin (CCC:BTC-USD) soars again.
Let’s take a look at those companies below.
- Marathon Digital Holdings (NASDAQ:MARA)
- Riot Blockchain (NASDAQ:RIOT)
- MicroStrategy (NASDAQ:MSTR)
- Silvergate Capital (NYSE:SI)
- Square (NYSE:SQ)
- PayPal (NASDAQ:PYPL)
- Overstock.com (NASDAQ:OSTK)
- Nvidia (NASDAQ:NVDA)
- InvestView (OTCQB:INVU)
- Ideanomics (NASDAQ:IDEX)
- Tesla (NASDAQ:TSLA)
- JPMorgan Chase (NYSE:JPM)
- Visa (NYSE:V)
- Bank of New York Mellon (NYSE:BK)
- Facebook (NASDAQ:FB)
- Mastercard (NYSE:MA)
- Broadridge Financial (NYSE:BR)
- IBM (NYSE:IBM)
- Coinbase (NASDAQ:COIN)
Snider had the following to say about the collection of crypto-related stocks in a note sent to investors, relayed through TheStreet.com.
“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.”
So how were the stocks for this list chosen? Three factors determined the list. That includes a manual text search of relevant keywords, regression beta for share prices compared to bitcoin over the last year, as well as inclusion in several third-party blockchain indices and ETFs.
BTC was up 2.4% as of Tuesday morning and is up 88.9% since the start of the year.
Investors that want to bitcoin news should continue reading.
InvestorPlace.com has been covering the cryptocurrency and stocks related to it. That includes a look at Marathon Digital, when to get into bitcoin, as well as price predictions for the cryptocurrency. You can check out this content below.
More Bitcoin News
- Invest in Marathon Digital as an Attractive Entry to Bitcoin
- When to Buy Bitcoin on Weakness
- Can Bitcoin Prices Hit $130,000 in 2021? What Coinbase’s Listing Tells Us
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.