The surging cryptocurrency market has been an opportunity for institutional investors to get in on the bandwagon and reap high returns. The potential of returns from cryptocurrencies has attracted a lot of investment from institutions. The bull run of 2021 has resulted in a much wider acceptance of cryptocurrencies, especially from institutional giants.

Goldman Sachs, in a note to investors on April 27, detailed that US stocks which were involved in the crypto markets have had a better performance than those you were not. Analysts of the banking giant has identified 19 such stocks that have outperformed the S&P 500 index itself. The 19 stocks have an accumulated market capitalization of $1 billion and have close involvement with the crypto sphere.

The stocks that were involved in cryptocurrencies had an average rate of return at 43% while the S&P’s returns stood at 13% – outperforming the stock market by a long shot. The two leading firms were Marathon Digital Holdings and Riot Blockchain – both crypto mining firms. The firms had year-to-date returns of 218% and 151% respectively.

The stocks also contained Tesla – the electric car company. Tesla’s stock had been soaring ever since the company had announced a $1.5 billion investment in Bitcoin. Elon Musk – the CEO – is an ardent believer in blockchain technology and often sends cryptocurrencies shooting upwards with his bullish tweets. Facebook is also getting into the cryptocurrency sphere with launching its own cryptocurrency.

Microstrategy’s Bitcoin (BTC) holdings totasl to $4.5 billion. The stock price of Microstrategy had surged along with Bitcoin’s price hike. Payment firm Square, banks JPMorgan Chase and BNY Mellon, the crypto exchange Coinbase, IBM, the microchip maker Nvidia, InvestView, Braodridge Financials, and Ideaonmics were some of the companies involved in cryptocurrencies whose stocks soared.