Here Are The Top Stocks Riding The Crypto Wave And ‘Dramatically’ Outperforming The Market
- Date: 27-Apr-2021
- Source: Forbes
- Sector:Financial Markets
- Country:Middle East
Here Are The Top Stocks Riding The Crypto Wave And ‘Dramatically’ Outperforming The Market
Share to Linkedin As cryptocurrencies rebound from a massive $300 billion flash crash this month, Goldman Sachs analysts have lasered in on a growing crop of publicly traded companies that are highly exposed to blockchain and cryptocurrencies and have "dramatically outperformed" the broader stock market as a result“”though not without a taste of crypto's unyielding volatility. Goldman Sachs' basket of 19 stocks“”each with a high level of blockchain exposure“”has returned an ... [+] average of 43% this year In a note to clients Tuesday morning, Goldman analysts identified 19 U. S. stocks with market capitalizations over $1 billion that have the highest blockchain and cryptocurrency exposure according to public disclosures and found that the companies have averaged a 43% return this year“”more than three times the S&P's 13% gain over the same period. The two biggest gainers in the group are crypto-mining companies that operate industrial-scale facilities to process crypto transactions and generate new tokens: Las Vegas-based Marathon Digital Holdings, up a staggering 218% year to date, and Colorado-based Riot Blockchain, up 151%. Big players dabbling in the space include Tesla, which invested $1. 5 billion in bitcoin last quarter before selling about $300 million, and Facebook, which is hoping