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Capital Group turns initial Bitcoin-linked stake into multibillion-dollar position
U.S. investment giant Capital Group has transformed what began as a roughly $1 billion exposure to Bitcoin-linked equities into a position now valued at more than $6 billion. The move underscores growing institutional interest in Bitcoin and highlights an expanding trend: public companies building corporate Bitcoin treasuries as a strategic reserve asset.
From cautious asset manager to a prominent Bitcoin investor
Founded 94 years ago, Capital Group manages over $3 trillion in assets and historically avoided speculative fads. That changed after veteran portfolio manager Mark Casey convinced the firm to take a meaningful stake in 2021, when Capital Group acquired shares in Strategy (formerly MicroStrategy). Casey, who has publicly described Bitcoin as akin to a commodity like gold or oil, has since reallocated portions of the firm’s portfolio to other Bitcoin-related public companies.
Capital Group’s largest single holding remains in Strategy, where its stake has been diluted to 7.89% after new share issuances and modest portfolio trimming. Thanks to Strategy’s dramatic outperformance—its stock has surged more than 2,200% over five years—Capital Group’s position in that name alone is now valued at approximately $6.2 billion.
Portfolio diversification into miners and international plays
Beyond Strategy, Capital Group has built exposure across the Bitcoin ecosystem, taking positions in mining operators and international players. Reported holdings include a roughly 5% stake in Japan’s Metaplanet and shares in MARA Holdings, a U.S.-listed Bitcoin miner. These allocations reflect the firm’s view that Bitcoin can serve as a long-term store of value and a strategic commodity allocation for institutional portfolios.
Corporate treasuries: over 1 million BTC held by public companies
The rise of corporate Bitcoin treasuries continues to bolster institutional adoption. Public companies collectively now hold more than 1 million BTC across roughly 190 public firms. Strategy remains the largest corporate holder with about 638,460 BTC in its treasury, a position that helped define the modern corporate Bitcoin treasury movement when it began adding BTC in August 2020.
Bitcoin’s price performance since corporate treasuries emerged has been substantial—rallying in the range of 860% to 900% from those early purchases—fueling more interest from public and private issuers seeking exposure.
New entrants and notable corporate conversions
New entrants into the corporate-treasury landscape continue to appear. KindlyMD, which transitioned from a healthcare company through a merger with Nakamoto Holdings, executed an initial purchase of 5,743.91 BTC. Other public firms have announced plans or adopted Bitcoin treasury strategies this year, including Trump Media & Technology Group, Canada’s Rumble, and Hong Kong-based HK Asia Holdings.
These moves illustrate a broader shift in how corporate treasurers and asset managers evaluate Bitcoin. Firms like Capital Group analyze Bitcoin-related equities similarly to companies exposed to traditional commodities, weighing balance sheets, production or holdings, and macro demand dynamics.
Outlook: Bitcoin as a commodity and institutional adoption
Capital Group’s leadership—particularly Mark Casey—has argued that Bitcoin could one day rival or surpass gold in global value held. While the firm remains skeptical of many altcoins and questions whether rivals such as Ethereum will achieve comparable roles, its concentrated exposure to Bitcoin-linked equities and miners signals a strategic bet on Bitcoin’s long-term utility as a store of value.
For crypto investors and institutional watchers, Capital Group’s evolution from cautious observer to a major Bitcoin-linked investor provides insight into how traditional asset managers may incrementally adopt crypto exposure: selective, research-driven, and positioned within diversified portfolios. As more corporations add BTC to their treasuries and institutional allocations expand, the contours of Bitcoin’s role in financial markets will continue to evolve.
Source: crypto
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