Bitcoin bull Tom Lee has identified 12 stocks that are perfect if you don’t want to own it (GBTC, MGTI, GROW, HIVE.CN, DCC.AU, NVDA, AMD, CME, CBOE, OSTK, GS, SQ, XBT)

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Screen Shot 2017 08 18 at 12.07.16 PMTom LeeFundstrat

Bitcoin is still too risky for many investors with a lot of money at stake.  

But there’s a handful of stocks that stand to benefit from bitcoin and the underlying blockchain technology, according to Tom Lee, a strategist at Fundstrat and one of the most prominent advocates for the cryptocurrency.

The basket of 12 stocks he recommended in a note Friday has gained 136% this year. That’s more than the S&P 500’s 18% rally, but is dwarfed by bitcoin’s 1,588% rise.  

“We believe investors should have exposure to blockchain, particularly given bitcoin has essentially zero correlation to equities, bonds and commodities — hence, as a portfolio strategy, bitcoin is a good diversification tool,” Lee said. He sees one bitcoin costing $25,000 by the end of 2022. 

The stocks Lee recommends offer “three types of leverage—  (i) price gains of bitcoin/tokens; (ii) transaction activity (either wallets or exchanges); and (iii) mining based on proof of work or proof of stake.” 

Here they are, in ascending order of how much exposure Lee estimates they have to bitcoin:

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Ticker: SQ

Market cap: $14.8 billion

Year-to-date performance: 179% 

Comment: Allows bitcoin to be bought and sold, accepts bitcoin.

Source: Fundstrat

Goldman Sachs

Ticker: GS

Market cap: $94.4 billion

Year-to-date performance: 4.5% 

Comment: Likely “first mover” investment bank in bitcoin. 

Source: Fundstrat


Ticker: OSTK

Market cap: $1.13 billion

Year-to-date performance: 158% 

Comment: Accepts bitcoin and owns Medici Ventures, its blockchain subsidiary.

Source: Fundstrat

Cboe Options Exchange

Ticker: CBOE

Market cap: $14.13 billion

Year-to-date performance: 70% 

Comment: Offers bitcoin futures

Source: Fundstrat

CME Group

Ticker: CME

Market cap: $52 billion

Year-to-date performance: 33% 

Comment: Will launch bitcoin futures

Source: Fundstrat



Markets Insider

Ticker: AMD

Market cap: $9.7 billion

Year-to-date performance: -11% 

Comment: GPU-card producer for mining tokens. 

Source: Fundstrat



Markets Insider

Ticker: NVDA

Market cap: $117.2 billion

Year-to-date performance: 81% 

Comment: GPU-card producer for mining tokens. 

Source: Fundstrat



Google Finance

Ticker: DCC.AU

Market cap: $109.25 million

Year-to-date performance: 389% 

Comment: Advisory and research services.

Source: Fundstrat

US Global Investors

Ticker: GROW

Market cap: $66.3 million

Year-to-date performance: 207% 

Comment: Leveraged stake in Hive Blockchain Technologies

Source: Fundstrat

Hive Blockchain Technologies

Hive Blockchain Technologies

Markets Insider

Ticker: HIVE.CN

Market cap: $775.8 million

Year-to-date performance: 238% 

Comment: Crypto Miner

Source: Fundstrat

MGT Capital

MGT Capital

Markets Insider

Ticker: MGTI

Market cap: $140 million

Year-to-date performance: 256% 

Comment: Crypto Miner

Source: Fundstrat

Bitcoin Investment Trust

Ticker: GBTC

Market cap: $3.4 billion

Year-to-date performance: 1,378% 

Comment: Exchange-traded note with ownership of bitcoin. 

Source: Fundstrat



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