The Melanion Bitcoin Exposure Index underwent its quarterly rebalancing on December 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.
Core Scientific, Inc. (CORZ Equity)
Core Scientific, Inc., a leading Bitcoin mining company, has been added to the index. Its inclusion reflects its strong link to Bitcoin network fundamentals and its growing correlation to Bitcoin-related equities.
Block, Inc. (SQ Equity)
Block, Inc., a global fintech innovator integrating Bitcoin across payments, treasury, and ecosystem tools, has entered the index as well. Its inclusion aligns with the index’s methodology focusing on companies driving mainstream Bitcoin adoption and digital financial infrastructure.
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.
Fold Holdings (FLD Equity)
Despite its positioning within the Bitcoin rewards and consumer adoption ecosystem, Fold Holdings was removed due to its change in liquidity and trading metrics; and overall relevance to the index’s exposure framework.
WonderFi Technologies Inc. (WNDR Equity)
WonderFi Technologies Inc., previously included for its role in digital asset services, 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 Core Scientific, Inc. and Block, Inc., while removing those whose relevance has diminished, such as Fold Holdings and WonderFi Technologies Inc. These adjustments ensure that the index continues to reflect meaningful exposure to companies with the strongest ties to the Bitcoin ecosystem.
