Firms investing in bitcoin outperform the S&P 500 and NASDAQ

Key facts


  • 8% of bitcoin supply is held in the treasury of numerous corporations.

  • Grayscale, and MicroStrategy lead in their respective segments.

In a report released Wednesday, Ecoinometrics conducts an analysis of bitcoin investment by private and public companies, as well as proposes an index based on the latter. This index shows higher returns than bitcoin and is far superior to traditional indices such as S&P 500 and NASDAQ.

Looking at the group of public companies that have invested in bitcoin, Ecoinometrics notes that at first glance these are firms that were already connected to the cryptocurrency. In the case of MicroStrategy, however, it is a company that develops business intelligence software. While it is natural that most public companies that consider bitcoin in their business area are the first to invest in this cryptocurrency, this does not always have to be the case, the study points out.

The report

proposes the idea of a bitcoin index of treasuries that includes public companies listed on a U.S. exchange that hold at least 0.005% of bitcoin’s supply, or just over 900 BTC.

The weight of each company in the index will be calculated by the amount of BTC in its treasury. The graph below shows the composition of the index through the percentage weights of each company in the index. As can be seen, Microstrategy (MSTR) leads this index, followed by Tesla (TSLA) and, in third place, Square (SQ). The rest of the companies that make up this proposed index are Coinbase (COIN), Hut 8 (HUT), Bitfarms (BITF) and RIOT.

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tesorerias-bitcoin-compañías-públicas Index of public bitcoin companies vs BTC price. Source: Ecoinometrics.

The chart below shows the contrast of the public companies index (red) vs BTC price (orange).

indice-supera-rendimiento-bitcoin-ultimos-14-eses The index outperforms bitcoin over the past 14 months. Source: Ecoinometrics.

The growth of the index outperforms the price performance of that cryptocurrency, although the performance of companies on the exchange is driven by bitcoin.

Moreover, compared to the growth of this index and bitcoin, the S&P 500 and NASDAQ indices have negligible performance, as noted in the chart.

While MicroStrategy’s momentum is key to the performance of the index of public bitcoin companies, the best performance came from the mining companies listed on the exchange: Marathon had 10 times the return of bitcoin over the period, while H

ut 8 doubled the appreciation of BTC in the last 14 months.

A CoinShares study on the valuation of companies in the bitcoin industry, commented by this media on September 3, revealed that in addition to the upward movement of bitcoin prices, mining companies were also favored by the fall in the hash rate of the Bitcoin network as a result of mining bans

in China, a fact reported by CryptoNews. desempeño-bolsa-compañias-mineria-bitcoin The stock market performance of bitcoin mining companies outperformed the cryptocurrency several times over. Source: Ecoinometrics.

In the absence of a bitcoin ETF in the U.S., many investors invest in companies in the bitcoin industry, and among these mining companies appear to be an excellent way to have indirect exposure to bitcoin, Econoimetrics notes.

An X-ray of the bitcoin market

The analytics firm also made a graphical version of the bitcoins (BTC) held by public and private companies that have invested in that cryptocurrency. Also included are the BTC corresponding to bitcoin ETFs, investment funds similar to those exchange-traded funds, and BTC held by governments.

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For this report we take data from, which specifies the distribution of 1,661,696 BTC, or 7.9% of the bitcoin supply, spread across four groups. In first place is bitcoin ETFs

or similar funds, which dominate with 6.1% of the supply. This group accumulated 862,679 BTC.

This is followed by private companies, which hold 1.6% of the supply, 341,383 BTC. In third place come governments, which accumulate 260,486 BTC, representing 1.2% of the supply, and finally public companies, those listed on the stock exchange, with 0.9% of the total or 195,367 BTC.

Ecoinometrics cautions that these 1.66 million BTC do not represent all of the coins held by companies. This is because there are private companies that are not required to disclose bitcoin


The chart below shows the four groups of institutional investors, which highlights the BTCs held by ETFs and similar funds at the top. As you scroll down the chart, private companies, governments, and public companies (those that have been disclosed) appear.

<img src=”” alt=’grayscale-major-investor-institutional-investor’ width=”565″ height=”595″ /> Grayscale is the largest institutional investor in bitcoin. Source: Ecoinometrics.

Within the ETF group, Grayscale’s GBTC fund stands out, holding 654,885 BTC. This represents 39.4% of the total of this ETF group. Ecoinometrics highlights the fact that GBTC alone accounts for just over 3% of the BTC supply. “Imagine what a real bitcoin ETF could achieve if approved in the U.S.,” says Ecoinometrics.

Although GBTC qualifies as similar to a bitcoin ETF, it differs from actual exchange-traded funds. Shares in an ETF are freely traded, while GBTC has restrictions, such as a 6-month wait before they can be traded. There are also requirements on minimum purchase amounts of GBTC shares.

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A chart with data since 2013 on BTC held by different players serves as a good complement to Ecoinometrics’ information.

It is a

compilation of data

made by analyst Willy Woo, and commented by CryptoNews . Firms investing in bitcoin outperform the S&P 500 and NASDAQ Evolution of institutional investment in bitcoin since 2013. Source:

The purple line, representing ETF-like funds, starts in 2013 with Grayscale’s fund, and since 2020 other bitcoin and other cryptocurrency

funds are incorporated.

At the time of writing, updated information from Bitcoin Treasuries reflects a lower amount of BTC held than reflected in this article, with a total of 1,476,568 BTC, a decline of 11.1%. This could be attributed to heavy selling from last September 7, when the price of BTC dropped nearly USD 10,000 in a few hours. The current price is USD 46,500, which represents a 0.71% appreciation in the last 24 hours.