Beat Bitcoin Basket
Alex Adelman@alexadelman
−10.4%
since Sep 30
The idea
I believe bitcoin becomes the world's default digital store of value as money supplies keep expanding, and I want to beat the coin itself, not just hold it. About half the basket is spot bitcoin as the steady anchor, with the rest spread across leveraged treasury companies, exchanges that earn fees as adoption grows, and miners for extra torque. I spread bets across several names in each layer so no single company can sink it, and I keep a small cash sleeve to add when bitcoin has one of its deep drawdowns. This is meant to be held for years, not traded around price swings.
What it owns
- Spot bitcoin ETFs provide direct exposure to bitcoin as a digital store of value amid expanding money supplies. · iShares Bitcoin TrustThe largest and most liquid spot bitcoin ETF, it tracks the coin directly as wealth moves to digital stores of value., Fidelity Wise Origin Bitcoin FundA second spot bitcoin ETF through a different issuer, spreading the direct coin exposure across multiple custodians., Bitwise Bitcoin ETFA third spot bitcoin ETF from a crypto-native issuer, completing the diversified core layer of direct bitcoin holdings.47%
- Trading platforms and infrastructure earn fees on adoption volume regardless of price movements in any period. · Coinbase GlobalIt collects trading and custody fees on every transaction as more wealth migrates to digital assets., Robinhood MarketsIt earns crypto revenue from retail adoption, capturing fees as ordinary people buy bitcoin for the first time., Galaxy DigitalIt provides trading, lending and asset management to institutions moving into bitcoin, earning fees on institutional adoption., Block IncIt integrates bitcoin into everyday payments through consumer apps and holds coin on its balance sheet for long-term appreciation., CME GroupIt operates the regulated bitcoin futures market where institutions hedge and trade, earning fees on growing adoption volume.19%
- Mining operations see earnings swing harder than bitcoin's price, multiplying gains when the coin climbs. · MARA HoldingsIt is the largest US bitcoin miner and holds most of the coin it mines instead of selling, combining mining exposure with treasury holdings that amplify price swings., CleanSparkIt mines at some of the lowest costs in the sector, staying profitable during price dips that squeeze less efficient competitors., Riot PlatformsIt operates one of the largest US bitcoin mining operations, adding a second leveraged swing on the coin's price through mining margins., Hut 8 CorpIt combines mining with owned power infrastructure, generating revenue from energy sales while lowering mining costs., TeraWulfIt mines on nearly all zero-carbon power, keeping energy costs low while appealing to institutions with carbon constraints.14%
- Companies that borrow money to buy bitcoin amplify price moves in both directions compared to the underlying coin. · Strategy IncIt borrows to accumulate bitcoin and holds far more coin per share of equity than a plain ETF, so the stock tends to move harder than bitcoin itself., Twenty One CapitalBuilt to accumulate bitcoin per share through balance-sheet leverage, it amplifies gains when the coin climbs.12%
- Cash8%