Stocks linked to cryptocurrencies aka, "crypto stocks," are outperforming the S&P 500 benchmark index, which is the market-capitalization-weighted index of the 500 largest U.S. publicly traded companies.
Data from Yahoo Finance shows that stocks of publicly traded companies with exposure to cryptocurrencies have appreciated by over 35.6% in the last 30 days, compared to the S&P 500's gain of 4% over the same period.
Yahoo tracks the performance of the top 14 publicly traded stocks that have exposure to crypto through its so-called Top Crypto Bets. These are companies in which people who do not want to directly buy or trade crypto, but are interested in the space, can buy shares, since the companies are exposed to crypto in one way or another. In truth, the list includes no surprises: Microsoft Corporation, Visa Inc, Nvidia, Goldman Sachs, Nasdaq, CME, Advanced Micro Devices, Square, Cboe, TD Ameritrade, Grayscale Bitcoin Trust, Overstock.com, and Interactive Brokers, all of who have gotten involved in one or more projects in the crypto space.
Companies such as MGT Capital Investments and DPW Holdings, which run mining operations, are also benefiting from market changes. According to Yahoo Finance, the two have gained 100% and 124% in the last few days.
Top Crypto Bets is an “editorial, curated list” that's generated based on Yahoo Finance reports and the publication's expertise in judging which publicly traded companies/stocks are getting involved in crypto space enough to merit inclusion.
For instance, Microsoft has been accepting Bitcoin payments since 2014, PayPal is partnering with Coinbase to let users do free fiat withdrawals from Coinbase accounts to PayPal accounts, and Overstock has also been accepting Bitcoin since 2014, while the CME and the CBOE are already well-known for the Bitcoin futures products.
In an overarching sense, these changes have happened due to certain, positive developments in crypto this year.