Not All Bitcoin Proxy Stocks Are Created Equal

Bitcoin Treasuries Report, June 2025

Public companies with Bitcoin on their balance sheet offer another way to get exposure to Bitcoin.

For some investors, it’s the only available option, because of mandates or regulatory constraints. For others, these stocks are a tactical choice. They can provide exposure with different characteristics than holding Bitcoin directly or using ETFs.

But here’s the catch: these companies are not created equal.

In this issue, we take a closer look at the landscape through the lens of correlations, to understand who really tracks Bitcoin, how these stocks relate to one another, and what actually drives their price movements.

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Not All Bitcoin Proxy Stocks Are Created Equal

The Takeaway

This issue breaks down the behaviour of public companies holding Bitcoin to understand how they actually function as proxy investments.

While many of these stocks show high correlation to Bitcoin’s price, their internal dynamics differ widely. Some, like the miners and Coinbase, move as a single high-beta cluster. Others, like MicroStrategy, are more independent and driven by balance sheet strategy.

By decomposing returns into equity beta, Bitcoin-specific price action, and idiosyncratic factors, we show that not all Bitcoin proxies offer the same exposure or the same tactical value.