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Oct. 6, 2021, 8:50 a.m. EDT

Bank of America identifies JP Morgan, Morgan Stanley, PayPal, and Walt Disney as ‘digital assets exposed companies’

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By Frances Yue

Bank of America has identified 20 U.S listed companies it rated “Buy” and “Neutral” that have exposure to digital assets. 

The companies are those that “may see market value expansion due to digital asset exposure,” BofA /zigman2/quotes/200894270/composite BAC -1.71% said in a report led by Alkesh Shah, head of the bank’s global cryptocurrency and digital asset strategy. The bank launched its digital asset research coverage on Monday. 

The digital assets-exposed companies range from crypto exchange Coinbase Global /zigman2/quotes/225893452/composite COIN -1.88% , to banks JP Morgan Chase /zigman2/quotes/205971034/composite JPM -0.82% , Morgan Stanley /zigman2/quotes/209104354/composite MS -0.74% , and Signature Bank /zigman2/quotes/204403715/composite SBNY +1.01% , to financial technology company PayPal /zigman2/quotes/208054269/composite PYPL -0.91% , to energy companies Exelon Corporation /zigman2/quotes/205982254/composite EXC -0.42% , NRG Energy /zigman2/quotes/208308731/composite NRG -1.06% and Vistra Energy /zigman2/quotes/202168943/composite VST -3.26%

The list also included Fox Corporation /zigman2/quotes/209921865/composite FOX +0.49% , Walt Disney Company /zigman2/quotes/203410047/composite DIS -0.70% , and Warner Music Group /zigman2/quotes/218669580/composite WMG -0.53% , among others. 

The report wrote that the digital asset universe is too large to ignore, and said decentralized finance apps and non-fungible tokens represent “the most innovation.” Regulatory uncertainty is the largest near-term risk, according to the report. 

“In the near future, you may use blockchain technology to unlock your phone; buy a stock, house or fraction of a Ferrari; receive a dividend; borrow, loan or save money; or even pay for gas or pizza,” the report wrote. 

In the first half of 2021, venture capital investments in digital assets and blockchain amounted to $17 billion, up from $5.5 billion for the whole year of 2020, the report noted. 

What else is going on about crypto?

  • Bitcoin /zigman2/quotes/31322028/realtime BTCUSD +0.35% has rallied 4.8% over the past 24 hours, recently trading at $52,403, after SEC chairman Gary Gensler said on Tuesday that the U.S. won’t ban cryptocurrencies as China did. When asked by North Carolina Rep. Ted Budd whether the U.S. would implement similar crypto bans like China, Gensler told the Congress, “I think our approach is really quite different.” Ether /zigman2/quotes/108573964/realtime ETHUSD +0.42% is recently trading at $3,445, up 0.1% over the past 24 hours.

  • AMC /zigman2/quotes/200235402/composite AMC -8.03% theaters now accepts payments in cryptocurrencies for gift cards through BitPay Wallets, AMC’s CEO Adam Aron tweeted on Tuesday.

  • The non-fungible tokens space has generated $10.7 billion in trading volume during the third quarter of 2021, up 704% from the previous quarter, according to a recent report by data provider DappRadar.

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