Goldman Sachs

Crypto Stocks Outperforms Broader Stock Market — Goldman Sachs Reports

In another good news for the crypto market, Goldman Sachs, one of Wall Streets’ famous banking firms, highlighted in its letter to investors that a growing number of crypto stocks performed better than the broader stock market.

Tuesday’s letter noted that as many as 19 American stocks with a market capitalization of a staggering $1 billion and enjoys relations with the new blockchain and cryptocurrencies have yielded tremendous returns for their investors within the last one year.

It further identified that many of these tokenized stocks, have averaged a whopping 43 percent in returns this year. Interestingly, this number is three times bigger than the S&P 500’s 13 percent gain during the same period. 

Per the Goldman Sachs  letter, the prominent two stocks that totally outperformed the broader market were crypto mining firms Riot Blockchain and Marathon Digital Holdings, with 151 percent and 218 percent, respectively. Besides that, Tesla also got lucky earlier this year, when its stock per share reached $883 following its massive $1.5 billion worth of investment in the leading digital asset.

Microstrategy, another crypto’s corporate backer, saw its stocks explode to an all-time high, which coincided with Bitcoin’s upward swing towards $60k. Sachs noted that the Michael Saylor led firm has as much as $4.5 billion in its Bitcoin holdings. 

Separately, the social media giant Facebook has also been in the news over its plans to launch its own cryptocurrency and enter the growing market.

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