Capital Group used Bitcoin treasuries to gain exposure through public equities. These are companies that buy BTC and hold it as a treasury asset. The route kept the positions inside traditional markets while tracking the asset on balance sheets.
Mark Casey has worked at Capital Group for 25 years. He describes his style as shaped by Benjamin Graham and Warren Buffett. He told the Wall Street Journal team,
“I just love Bitcoin, I just think it is so interesting,”
and called Bitcoin “one of the coolest things that has ever been created by people” during an Andreessen Horowitz podcast.
The firm evaluated issuers with the same lens it uses for commodity linked businesses. Casey said, “We view Bitcoin as a commodity,” per the Wall Street Journal. The team looked at balance sheet impact, disclosure quality, and market cycles before increasing positions in Bitcoin treasuries.
Strategy Stake and the $6B Outcome
Strategy is Capital Group’s biggest bet among Bitcoin treasuries. In 2021, the firm acquired a 12.3 percent stake for over $500 million. After share issuance and some trimming, the stake sits at 7.89 percent.
The value rose with Strategy’s long run stock move. The shares advanced more than 2,200 percent over five years. That climb lifted Capital Group’s holding to about $6.2 billion.
Casey and colleagues assessed Strategy as they would a firm tied to gold or oil. They weighed treasury strategy, capital raises, and reported BTC holdings. The approach kept the focus on filings, liquidity, and governance rather than short term price moves.
Capital Group also owns five percent of Metaplanet, a Japan based company that adopted a Bitcoin treasuries model. The position adds regional diversification to the portfolio. It also extends the firm’s exposure beyond a single flagship issuer.
The portfolio includes shares of MARA Holdings, a mining company with production linked economics. That adds an operational angle to Capital Group’s Bitcoin treasuries exposure. It complements the balance sheet heavy approach seen at Strategy and Metaplanet.
Across the market, corporate Bitcoin treasuries hold over 1 million BTC, worth more than $117 billion, per BitcoinTreasuries.NET. Strategy remains the top holder with 636,505 BTC. MARA Holdings follows with over 52,000 BTC. New entrants such as XXI and Bitcoin Standard Treasury have begun to scale, while Metaplanet, Bullish, and Coinbase round out the top tier.
Metaplanet disclosed an accumulation target of 210,000 BTC by 2027. The plan places the company among the larger aspirants in corporate Bitcoin treasuries. It signals a multi year roadmap tied to funding and board approvals.
Semler Scientific set a target to acquire 105,000 BTC by 2027. The plan outlines potential purchases over time. The framework depends on financing conditions and internal governance.
These targets sit alongside current balances tracked by BitcoinTreasuries.NET. The dataset lists the Top 15 Bitcoin treasuries and their reported holdings. It provides a reference for comparing issuers such as Strategy, Metaplanet, MARA Holdings, XXI, and Bitcoin Standard Treasury.