The Melanion Bitcoin Exposure Index underwent its quarterly rebalancing on September 19th, 2025, continuing its evolution alongside the ever-changing market of Bitcoin-related equities. While maintaining its core methodology—weighting constituents based on their beta with Bitcoin to maximize exposure—the index also adapts to new trends. This quarter’s changes highlight the exit of certain players and the inclusion of new companies aligned with the evolving digital asset landscape.
As the market matures and Bitcoin becomes more integrated into corporate balance sheets and FinTech companies, the index ensures it remains a relevant and comprehensive measure of exposure to Bitcoin-linked stocks.
New Additions: Expanding Exposure to Digital Finance
Following the latest rebalancing, two companies joined the Melanion Bitcoin Exposure Index, each playing a distinct role in the rapidly evolving digital finance ecosystem.
Cango ADR Inc. (CANG Equity)
Cango ADR Inc., a technology platform exposed to fintech services, has been added to the index. Its inclusion reflects the company’s growing correlation with Bitcoin-related equities as well as its strategic positioning in the digital finance space.
Mercurity Fintech Holding Inc. (MFH Equity)
Mercurity Fintech Holding specializes in digital financial services and blockchain infrastructure, offering platforms that support the adoption of digital assets. Its inclusion reflects the index’s methodology of integrating companies that contribute to the broader adoption of Bitcoin and digital asset markets.
Removed Companies: Adjusting to Market Realities
At the same time, two companies were removed from the index as they no longer meet the required criteria.
Core Scientific, Inc. (CORZ Equity)
Despite its role as a large-scale Bitcoin miner, Core Scientific was removed due to shifts in its correlation and overall market positioning. This adjustment ensures that the index remains focused on the most relevant exposures.
Neptune Digital Assets Corp (NPPTF Equity)
Neptune Digital Assets, previously included as a participant in the digital asset ecosystem, was also removed. Changes in liquidity and performance indicators led to its exclusion, making room for companies that better align with the index’s methodology.
Conclusion
This rebalancing illustrates the adaptability of the Melanion Bitcoin Exposure Index, which now includes companies such as Cango ADR Inc. and Mercurity Fintech Holding Inc., while removing those whose relevance has diminished, such as Core Scientific and Neptune Digital Assets Corp. These adjustments ensure that the index continues to reflect meaningful exposure to companies with the strongest ties to the Bitcoin ecosystem.
