Main Points :
- Capital Group, a traditionally conservative investment firm, has increased its exposure in Bitcoin treasury companies from about $1 billion to over $6 billion over the past four years.
- Its biggest holding is in Strategy, Inc. (formerly MicroStrategy), where its stake (approximately 7.89 %) is now valued at over $6.2 billion due to massive stock price gains.
- Other holdings include companies like Japan’s Metaplanet and the mining firm MARA Holdings.
- The total Bitcoin held by public “Bitcoin treasury” companies has crossed 1,000,000 BTC, representing over $100 billion in market value.
- There is a broader trend of Digital Asset Treasury companies emerging, not just focused on Bitcoin but expanding into assets like Ethereum, Solana etc.
- Stock prices of companies announcing crypto treasury strategies tend to jump significantly (often ~150 %) within a short time after announcement.
- Despite volatility and recent pullbacks, many investors see holding Bitcoin via treasury companies or direct ownership as a hedge, reserve asset, or inflation protection.
1. Background: What Are Bitcoin Treasury Companies?
Bitcoin treasury companies are public (or private) firms that accumulate and hold Bitcoin directly on their balance sheets as part of their treasury/reserve strategy, instead of treating BTC merely as a speculative asset. These can include mining firms, tech companies that pivot to “Bitcoin reserve” models, or firms whose strategy includes direct exposure to crypto via ownership of companies that hold Bitcoin.
Strategy, Inc. (formerly MicroStrategy) is the best-known example: it has for years been issuing equity, preferred shares, or convertible debt to fund purchases of Bitcoin. Others like MARA Holdings, Metaplanet, etc., follow similar or partially similar models.
2. Capital Group’s Shift: From Conservative Roots to $6B Exposure
2.1 Who is Capital Group and Who is Mark Casey
Capital Group is a nearly 94-year-old investment firm, known for value-oriented investing inspired by Benjamin Graham and Warren Buffett. Mark Casey, with ~25 years at Capital Group, has become the internal proponent of increasing exposure to Bitcoin, particularly via Bitcoin treasury companies.
2.2 The Growth Trajectory
- Around 4 years ago, Capital Group began with roughly $1 billion invested (in Bitcoin-related equities / treasury companies).
- Over time, through holding and strategic increase, that has grown to $6 billion+ in exposure.
- Key part of this exposure is their stake in Strategy: bought in 2021 for ~$500 million, over time diluted somewhat but still presently 7.89 % of the company; rapid growth in Strategy’s stock (on verge of ~2,200 % growth over five years) has magnified Capital Group’s holdings’ value to ~$6.2 billion.
2.3 Other Positions
Besides Strategy, Capital also holds shares in:
- Metaplanet (Japan) — which has converted from a hotel operating company to a Bitcoin-holding entity.
- MARA Holdings, a mining company with substantial holdings.
3. The Broader Trend: Digital Asset Treasuries & Market Impact
3.1 Scale of Bitcoin Treasuries
- According to BitcoinTreasuries.net, the top 100 publicly traded companies hold over 1,000,000 BTC in total.
- Corporate Bitcoin holdings (treasuries) by September 2025 are estimated to be over US$100–110 billion.
3.2 Rapid Growth in Treasury-Focused Firms
- Firms are not just passively holding; many have publicly declared “digital asset treasury” strategies, issuing stock, preferred shares, or raising capital to buy crypto.
- Strategy’s recent purchase: ~$531.9 million for nearly 4,980 BTC, bringing its total to approx 597,325 BTC valued at over $64 billion.
3.3 Volatility, Risk & Market Reaction
- While these firms’ stocks tend to surge after treasury strategy announcements (on average ~150% within one day), many have also seen pullbacks: for instance, Strategy and Metaplanet saw share prices drop sharply from June peaks, even while still being up over 100% year-to-date.
- Regulatory, macroeconomic, and even currency risk remain significant: the risks in holding Bitcoin—regulatory crackdowns, legal uncertainty, market volatility—continue to be concerns.
4. Recent Developments & Future Projections
4.1 Expansion into More Diverse Digital Assets
- Although Bitcoin remains primary, other assets like Ethereum, Solana, and even newer altcoins are increasingly being held or considered in digital treasury strategies.
- Example: Hong Kong’s HashKey is launching a $500 million Digital Asset Treasury fund, targeting a multi-asset exposure.
4.2 New Entrants & Geographic Spread
- Japan’s Metaplanet aims to hold 210,000 BTC by end-2027 (this would represent a major portion of its total reserves).
- Several smaller or newly converted firms are adopting treasury models: for instance, Forward Industries pivoting toward a Solana-centric treasury; Eightco Holdings focusing on Worldcoin etc.
4.3 Institutional Acceptance & Regulatory Tailwinds
- Inflation concerns, weakening fiat currencies, macro uncertainty—these are pushing institutions to look for reserve assets. Bitcoin is increasingly being viewed similarly to gold: store of value, hedge.
- Some governments or regulatory proposals are also shifting in ways that may favor clearer crypto regulation, making large public holdings less risky.
5. Implications for Investors Seeking New Crypto Exposure or Revenue Streams
For readers interested in exploring the next profitable crypto strategies or blockchain use cases, these are key takeaways and strategic implications:
- Indirect Exposure via Stocks: Investing in companies with large Bitcoin treasuries can give you exposure to Bitcoin price upside without holding it directly. But such stocks often have high beta vs Bitcoin (i.e. their stock price moves in tandem, and often more sharply) and carry additional equity risk.
- Direct Investment in Digital Asset Treasury Funds: New funds (like HashKey’s) that aggregate exposure across multiple assets can spread the risk and may be less volatile than single-company stock exposure.
- Be Wary of Hype Cycles: Big moves (stock doubling/tripling or more) happen around announcements. But sustaining value depends on Bitcoin’s price, regulatory developments, and whether treasury companies can maintain capital discipline.
- Regulatory & Policy Risks: Changes in laws, tax treatment, or government stance toward crypto can quickly alter the risk profile. Moreover, holding large crypto reserves may invite scrutiny.
- Use Cases Beyond Speculation: Some firms are using Bitcoin treasury holdings as part of broader balance sheet optimization, or even pivoting their business model (e.g. Metaplanet moving from hotels). This suggests there is scope for new business models in the intersection of real-sector firms & crypto.
6. Comparative Metrics & Recent Data (Graphs)
Below is a chart summarizing recent metrics for major Bitcoin treasury companies, and selected firms/dates. (Insert chart here in image file at this location.)
[Insert Graph: “Top Bitcoin Treasury Companies – BTC Holdings & Market Value”]
| Company / Entity | Approx COVID-era to Present BTC Holdings | Approx Market Value of Holdings* | Recent Strategy Notes |
|---|---|---|---|
| Strategy, Inc. (MSTR) | ~ 580,000-600,000 BTC | Over $60-$65 billion | Aggressive purchasing, $500M+ recent buyouts |
| MARA Holdings | ~ 50,000-55,000 BTC | ~$5-$6 billion (depending on price) | Mining plus holding strategy |
| Metaplanet (Japan) | ~ 20,000 BTC (increasing target to 210,000 by 2027) | $20-$22+ billion goal | Shifted from non-crypto business to crypto heavy |
| Total of Top Public BTC Treasuries | ~ 1,010,000 BTC | Over $100 billion+ | Aggregate measure across >100 companies |
*Values based on recent spot BTC price and reported holdings. Volatile and approximate. Graph should show trend over time (e.g. 2022-25) for Strategy vs others.
Summary & Outlook
The expansion of Capital Group’s exposure—from about $1 billion to over $6 billion—into Bitcoin treasury companies marks a significant milestone: institutions long shying away from crypto are now embracing it in serious ways. This is part of a larger movement:
- Public companies are accumulating more Bitcoin at scale (Strategy leading the charge).
- New corporate treasury models are being adopted globally, including in Asia and Japan.
- Digital asset treasuries are growing not just in Bitcoin, but in other major crypto assets.
- Investor returns & stock price dynamics have so far rewarded early entrants, though with high risk and volatility.
For those seeking new investment or revenue sources linked to blockchain and crypto, these suggest actionable paths:
- Look at stocks of Bitcoin-holding companies as a proxy if you want leverage without direct custody of crypto.
- Consider participation in funds or businesses that adopt treasury strategies.
- Monitor regulatory developments carefully—both upside potential (official recognition, clearer rules) and risks (duty, tax, legal exposures).
- Assess sustainability: are companies buying more with equity issuance? Are they diversifying assets or relying heavily on leverage?
In conclusion, we are likely seeing a mainstreaming of Bitcoin as a treasury asset: what was once fringe is becoming increasingly integral to corporate finance strategy. The trend may bring further growth in valuation, but also demands due diligence. For investors and practitioners, it offers both opportunity and new kinds of risk — those who understand both will be best positioned for what comes next.
