The Melanion Bitcoin Exposure Index underwent its quarterly rebalancing on June 20, 2025, continuing to evolve alongside the dynamic Bitcoin equities market. While the index maintains its core methodology—weighting constituents based on their beta with Bitcoin to maximize correlation—it also adapts to emerging trends. This quarter, several companies with significant Bitcoin treasury positions were added, reflecting the growing role of corporate Bitcoin holdings in the broader market.
As more firms adopt Bitcoin as a strategic asset, the index follows this shift, ensuring it remains a relevant and comprehensive measure of Bitcoin-linked equity exposure.
Read on to see the latest changes and how they shape meaningful exposure for Bitcoin-focused investors.
New Additions: Companies Positioned for Future Growth
Following the latest rebalancing, five companies have been added to our Melanion Bitcoin Exposure Index. Both play a distinct and relevant role within the Bitcoin ecosystem, as outlined below.
The Blockchain Group (ALTBG FP Equity)
The Blockchain Group, a French company, has been added to our index. As a new and high-potential addition, The Blockchain Group is included in the index primarily due to its significant Bitcoin holdings, which stem from its strategic treasury allocation. While the company offers blockchain-related services, its prominence is largely attributed to its investment in Bitcoin.
WonderFi Technologies (WNDR CN Equity)
Although WonderFi backed out in March, it rejoins the index as a leader in creating regulated and accessible digital asset platforms. Its services, spanning crypto trading, DeFi access, and educational tools, help bridge traditional finance and blockchain technology. With growing demand for compliant digital asset solutions, WonderFi offers diversified exposure to Bitcoin-related services while actively contributing to ecosystem growth through acquisitions and platform innovation.
ALT5 Sigma Corporation (ALTS US Equity)
ALT5 Sigma has been added for its role in providing secure digital trading and payment solutions that support Bitcoin and other digital assets. Its focus on institutional-grade security, compliance, and transaction infrastructure makes it a key enabler of mainstream Bitcoin adoption. ALT5 Sigma’s platform supports both individual investors and large institutions, positioning it as a trusted intermediary in the evolving digital asset market.
Exodus Movement (EXOD US Equity)
Exodus Movement joins our index as a Bitcoin Treasury Operating Company (BTOC) — a company committed to accumulating Bitcoin on its balance sheet as part of a long-term buy-and-hold strategy. Known for its user-friendly cryptocurrency wallets and portfolio management tools, Exodus not only empowers individuals to securely manage their Bitcoin and digital assets but also reflects this philosophy at the corporate level. Its focus on self-custody solutions and its ambition to build BTC reserves aligns closely with the Bitcoin ecosystem’s long-term growth and our index’s methodology.
Fold Holdings (FLD US Equity)
Fold Holdings has been added to our index for its role as a Bitcoin Treasury Operating Company, following a strategy aimed at building Bitcoin reserves on its balance sheet. Through its app and card programs, Fold integrates Bitcoin rewards into everyday consumer payments, promoting Bitcoin’s adoption both as a medium of exchange and a store of value. Fold’s commitment to accumulating Bitcoin alongside its innovative, gamified user experience supports our objective of tracking companies that strengthen the Bitcoin ecosystem.
Companies Removed: Adjusting to New Market Realities
While the Blockchain Group, WonderFi Technologies, ALT5 Sigma Corporation, Exodus Movement, and Fold Holdings have joined our index; four companies, Beyond, Block, Bakkt Holdings, and BitFuFu, have been removed.
Beyond (BYON US Equity)
Beyond, initially seen as a promising participant in the technology and digital innovation space, is no longer part of our index. Despite its interesting positioning, the evolution of its performance indicators and market dynamics render its presence less relevant within the index’s methodology, as other companies now demonstrate a stronger correlation with the Bitcoin ecosystem.
Block (XYZ US Equity)
Block, a well-known player in digital financial services and payments technology, has also been removed from our index. Although the company maintains crypto-related initiatives, its overall market performance and strategic focus have evolved in ways that no longer align closely with our Bitcoin exposure criteria.
Bakkt Holdings (BKKT US Equity)
Bakkt Holdings, known for its digital asset custody and trading services, has exited the index as it no longer meets our size and liquidity criteria. This adjustment makes room for companies that better align with the index’s standards for exposure to the Bitcoin ecosystem.
BitFuFu (FUFU US Equity)
BitFuFu, active in Bitcoin mining and related services, has been removed from the index after no longer meeting the necessary size and liquidity requirements. This adjustment reflects the index’s focus on maintaining exposure to companies with sufficient market presence and trading volume to ensure reliable tracking of Bitcoin-related activity.
Conclusion
This rebalancing reflects the methodology of the Melanion Bitcoin Exposure Index, which aims to integrate companies with a strong correlation to the Bitcoin ecosystem, such as The Blockchain Group, WonderFi Technologies, ALT5 Sigma Corporation, Exodus Movement, and Fold Holdings. Conversely, the removals of Beyond, Block, Bakkt Holdings, and BitFuFu illustrate the index’s adjustment, eliminating companies with lower Bitcoin beta scores to ensure more focused exposure to the rapidly evolving Bitcoin market.
