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While there are hundreds of funds making large investments into the crypto and blockchain industries, banking giant Goldman Sachs stressed that crypto-related stocks are outperforming the indexes.
Goldman Sachs released a note to its investors on Tuesday. The bank’s analysts highlighted 19 U.S. stocks with each a market capitalization of over $1 billion and a relation to the crypto- and blockchain industry.
The top performing stocks were crypto mining companies. Marathon Digital Holdings and Riot Blockchain made significant gains of 218% and 151% this year to date.
Moreover, all 19 stocks have “dramatically outperformed” the stock market. These crypto stocks averaged returns of 43% this year, while the S&P 500 only gained 13% so far.
Tesla was also highlighted. The company has a solid year with the stock starting off powerful with an all-time high of $883 in January, just a couple of weeks before it announced to own $1.5 billion in Bitcoin. The stock is currently trading at $704.74. Facebook was included in the space considering its plans to launch its own cryptocurrency Diem this year.
Michael Saylor, with his firm MicroStrategy a strong backer of Bitcoin, saw his company’s stock price break out in mid-April just before Bitcoin’s all-time high. Reportedly, Goldman Sachs estimates that MicroStrategy’s Bitcoin holdings to be roughly at around a $4.5 billion value.
Other payment giants got mentioned in the note. Jack Dorsey’s Square, PayPal, MasterCard, and Visa are all leaning strongly towards cryptocurrency and are all offering a range of services.
Furthermore, it was noted that two large U.S. banks, BNY Mellon and JPMorgan Chase, are frontrunners in blockchain adoption through their crypto custody and interbank transactions.
Nasdaq listed, crypto exchange Coinbase completed the list. It was joined by exchange operator Overstock.com, blockchain pioneer IBM, microchip maker Nvidia, and financial services firms InvestView, Broadridge Financial, and Ideanomics.