US stocks of blockchain and cryptocurrency companies traded 34% higher on the Standard & Poor’s 500 barometer, according to Goldman Sachs.
The American investment bank located 19 shares of companies with a capitalisation of more than $1 billion and a high exposure in the cryptocurrency market. These shares “climbed” by 46% on an annual basis, compared to 12% in the S&P 500.
However, on average, digital currency-related stocks lagged far behind their direct performance in direct bitcoin stocks, which gained 89%.
Marathon Digital Holdings (NASDAQ: MARA), Riot Blockchain (NASDAQ: RIOT) and MicroStrategy (NASDAQ: MSTR) were listed on Goldman Sachs. The list also includes traditional finance companies such as JPMorgan Chase (NYSE: JPM) and Visa (NYSE: V).
In any case, Goldman selected stocks included in blockchain and ETF indices, calculated bitcoin price sensitivity over the past 12 months and then “scanned” its records to identify 19 stocks with blockchain exposure.
Eleven of the 19 blockchain shares are in the software and services industry and are traded at twice the value in PE terms of the US average.
The blockchain stock has been lower than the S&P 500 by about 10% in the last two weeks as encryption prices have fallen.