BTC-linked bucket
Updated
What it is
The BTC-linked bucket is AA's own internal portfolio-construction grouping, not a market category, that bundles bitcoin itself together with publicly traded bitcoin-treasury vehicles such as Strategy (MSTR) and Twenty One Capital (XXI) for the purposes of constructing owner portfolios. Grouping these together lets AA analyze combined BTC exposure across direct holdings and corporate-treasury equity proxies.
Why it matters lately
Strategy (MSTR), the largest corporate holder of bitcoin by roughly a factor of ten over any other public company, held approximately 847,000 BTC (worth about $50.9 billion at the time) in 2026 and has continued to fund further purchases primarily via at-the-market equity and preferred-stock sales. Twenty One Capital (XXI), formed via a SPAC merger and listed on the NYSE, is the second-largest corporate bitcoin holder, holding approximately 43,500 BTC (worth roughly $4 billion) after moving the coins out of escrow as part of its 2026 listing process.
Asymmetric Analytics view
Inference (AA): AA uses this bucket to size aggregate direct-plus-proxy bitcoin exposure and funding-mechanism risk (e.g., equity dilution at MSTR/XXI) within owner portfolios.