“On average, these stocks have dramatically outperformed the S&P 500 during the last several months alongside the surge in the price of Bitcoin,” strategists including Ben Snider and David Kostin wrote in a note. “An equal-weighted portfolio of the stocks has demonstrated roughly 60% correlations with Bitcoin and the Bloomberg Galaxy Crypto Index during the last several months, compared with 20% correlations for the S&P 500.”
The stocks identified are: 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) and Coinbase (NASDAQ:COIN).
To screen for the stocks, Goldman used:
Tesla talked up bitcoin potential on its conference call yesterday.
By: Kim Khan, SA News Editor