Bank of America Adds 23 More Firms to Its Crypto Research List

BofA now identifies a total of 43 publicly traded companies that may benefit from exposure to digital assets.

Oct 19, 2021 at 5:45 p.m. UTC
Updated Oct 19, 2021 at 7:05 p.m. UTC

Bank of America (BofA) has added 23 more stocks to its equities research coverage “that may see market value expansion due to digital asset exposure,” according to a research note dated Oct. 18.

BofA analysts flagged firms ranging from credit card companies to social media giants, revealing crypto’s growing reach into the world of Wall Street.

The additions are: Accenture, Advanced Micro Devices, American Express, Applied Materials, Avery Dennison, Facebook, FedEx, HDFC Bank, Hewlett Packard Enterprise, IBM, Infosys, J.B. Hunt Transport Services, Mastercard, Microsoft, NVIDIA, Oracle, Procter & Gamble, Tesla, Taiwan Semiconductor, Twitter, Visa, Viacom and Workday.

The U.S. bank launched its digital asset research team on Oct. 4 with a report listing 20 companies, and said that its “research aims to explore the implications across industries including finance, technology, supply chains, social media and gaming.”

Its analysts reiterated in the latest report that with $2.5 trillion in market value and more than 200 million users the “digital asset universe is too large to ignore.”

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