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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.
Von Will Canny
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 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
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
Was Sie wissen sollten:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Tom Lee urges BitMine shareholders to approve share increase ahead of January 14 vote
The chairman of the former bitcoin miner-turned-ether treasury firm reiterated his view that Ethereum is the future of finance.
Was Sie wissen sollten:
- Tom Lee, chairman of Bitmine Immersion (BMNR), urged shareholders to approve an increase in the company's authorized share count from 500 million to 50 billion.
- Lee assured shareholders that the increase is not intended to dilute shares, but instead to enable capital raising, dealmaking, and future share splits.
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