Methodology
BTC Exposure Score
Measures how directly an equity or ETF wrapper is exposed to Bitcoin price, treasury, flow, revenue, or mining economics.
What this score measures
| Area | Current state | Notes |
|---|---|---|
| Purpose | Measures how directly an equity or ETF wrapper is exposed to Bitcoin price, treasury, flow, revenue, or mining economics. | Research context |
| Methodology version | v0.1 | Versioned scoring model |
| Interpretation | Scores are analytical signals | Not investment ratings |
How it is calculated
Exposure score combines BTC balance-sheet sensitivity, wrapper ownership, crypto revenue dependence, mining production economics, and disclosure freshness.
| Area | Current state | Notes |
|---|---|---|
| Direct BTC or wrapper exposure | 35% | Source-backed scoring input |
| Revenue or operating sensitivity | 25% | Source-backed scoring input |
| Balance-sheet leverage to BTC | 20% | Source-backed scoring input |
| Disclosure freshness | 10% | Source-backed scoring input |
| Peer-relative concentration | 10% | Source-backed scoring input |
Worked example
The scoring model uses the issuer or ETF exposure category as the first explicit exposure driver while deeper holdings, flow, and premium data are added as source coverage expands.
| Example component | Score effect | Source context |
|---|---|---|
| BTC treasury company | 85 points | Operating company with disclosed BTC treasury strategy |
| Bitcoin miner | 80 points | Operating leverage to mining production economics |
| Spot bitcoin ETF | 90 points | ETF wrapper with direct spot bitcoin exposure |
| Driver input | Public label |
|---|---|
| Driver 1 | Spot bitcoin ETF wrapper (driver weight: 90) |
| Driver 2 | Bitcoin mining operations (driver weight: 80) |
| Driver 3 | Bitcoin treasury strategy (driver weight: 85) |
Covered crypto-equity entity with direct or operating BTC exposure
A spot ETF template maps to the highest exposure band; a miner template maps to a high operating-exposure band.
Current examples
Examples show covered tickers and public driver labels used by this methodology. They are not a ranking table.
| Ticker | Coverage case | Public driver labels |
|---|---|---|
| MSTR - Strategy Inc | Operating company whose research case centers on a disclosed bitcoin treasury strategy. | Bitcoin treasury strategy (driver weight: 85) |
| MARA - MARA Holdings | Bitcoin miner with operating exposure to production economics. | Bitcoin mining operations (driver weight: 80) |
| IBIT - iShares Bitcoin Trust ETF | ETF wrapper designed to track spot bitcoin exposure. | Spot bitcoin ETF wrapper (driver weight: 90) |
Score range interpretation
| Area | Current state | Notes |
|---|---|---|
| 0-24 | Limited direct BTC exposure. | Research-only framing |
| 25-49 | Meaningful but indirect exposure. | Research-only framing |
| 50-74 | High operating or balance-sheet sensitivity. | Research-only framing |
| 75-100 | BTC is central to the ticker's research case. | Research-only framing |
Limitations
- ETF wrappers need separate AUM, flow, and premium/discount treatment.
- Treasury values must be tied to issuer disclosures and market prices.
- Market-data fields are displayed only where licensing permits public presentation.