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Blockchain-Exposed Stocks Could Show Massive Sales Growth Despite Recent Underperformance, Goldman Says
Bitcoin has become more correlated with equity index returns in recent months, the bank’s analysts said.

Blockchain-exposed stocks have on average underperformed the S&P 500 by 8% year to date, falling 13% versus a 5% decline for the index, Goldman Sachs (GS) said in a note on Wednesday.
- Despite the underperformance, median blockchain-exposed stocks are expected to increase sales at 16% annually through to 2024, compared with a 9% sales growth for median U.S. stocks, strategists led by David Kostin wrote.
- An equal-weight portfolio of these stocks returned 3% during the 19% rally in bitcoin (BTC) since the end of January, versus a flat return for the S&P 500, the report said. These stocks exhibited a 67% correlation with bitcoin in the last six months, according to the report.
- The bank notes that while these stocks are correlated with bitcoin, the cryptocurrency itself has become more correlated with equity index returns in recent months.
- Goldman screened 26 U.S. stocks with blockchain and cryptocurrency exposure, and with market caps greater than $1 billion.
Read more: Goldman: Bitcoin, Altcoins to Become More Correlated With Traditional Financial Market Variables
Will Canny
Will Canny is an experienced market reporter with a demonstrated history of working in the financial services industry. He's now covering the crypto beat as a finance reporter at CoinDesk. He owns more than $1,000 of SOL.
