Following the quarterly rebalancing of the Melanion Bitcoin Exposure Index, completed on March 21, 2025, and based on its design to weigh components according to the beta score with Bitcoin, this methodology was designed to provide a solution focused on the highest possible correlation with Bitcoin, especially in an environment marked by the rapid evolution of the Bitcoin ecosystem. Here’s everything you need to know!
New Additions: Companies Positioned for Future Growth
Two companies have joined our “Melanion Bitcoin Exposure Index”: Neptune Digital Assets and Tesla. Here’s how these companies are relevant to the Bitcoin ecosystem:
Neptune Digital Assets (NDA CN Equity)
Neptune Digital Assets has been included in our index due to its beta score with Bitcoin, which is higher than that of the companies that have left the index. In a context of increasing demand for crypto assets, Neptune establishes itself as a key player by managing a diversified portfolio including Bitcoin mining, staking, and blockchain infrastructure. The company generates revenue through proof-of-stake rewards, transaction fees, and the appreciation of its digital assets, while positioning itself in emerging blockchain technologies.
With the growth of the Bitcoin ecosystem and decentralized finance, Neptune’s active management provides a good positioning, in accordance with the index’s methodology and the growing Bitcoin market.
Tesla (TSLA US Equity)
The inclusion of Tesla in our index reflects its role as a leader in the adoption and integration of Bitcoin into its operations. As a pioneering company in the implementation of cryptocurrency, Tesla has shown a significant correlation with the Bitcoin ecosystem, notably through its investments in Bitcoin and its acceptance as a payment method. Tesla designs and produces both vehicles and sustainable energy systems, with the goal of accelerating the global transition to clean energy.
Its visionary approach to mobility and energy fully aligns with our goals: to invest in companies that push the boundaries of innovation while incorporating sustainability challenges. Tesla, leading the EV market and expanding in solar and energy storage, represents a strategic growth opportunity.
Companies Removed: Adjusting to New Market Realities
While Neptune Digital Assets and Tesla join our index, two companies, Wonderfi Technologies and Opera Ltd, have been removed.
Wonderfi Technologies (WNDR CT Equity)
Wonderfi Technologies, initially promising in fintech and digital assets, is no longer part of our index. The company operates a regulated crypto ecosystem through brands such as Bitbuy and Coinsquare, offering trading, staking, and custody services for individual and institutional clients. Despite an interesting integrated approach, the evolution of its performance indicators and market dynamics render its presence less relevant within the index’s methodology, as other companies have a higher beta score.
Opera Ltd (OPRA US Equity)
Opera Ltd, well-known in the tech world for its mobile and computer web browsers, has also been removed from our index. The company has diversified into e-commerce, gaming, and AI-assisted content discovery. However, despite this extensive digital presence, its growth prospects no longer meet our expectations.
Conclusion
This rebalancing reflects the methodology of the Melanion Bitcoin Index, aiming to integrate companies with strong correlation to the Bitcoin ecosystem, such as Neptune Digital Assets and Tesla. Conversely, the removals of Wonderfi Technologies and Opera Ltd illustrate the index’s adjustment, eliminating companies whose beta score with Bitcoin is lower, to ensure better exposure to the rapidly evolving Bitcoin market.
