Crypto Financialization
Crypto as listed equity beta: exchanges and brokers monetizing volume, stablecoin float income under the GENIUS Act framework, corporate token treasuries, and miners whose power portfolios double as AI-datacenter optionality. The sector's cash flows are increasingly regulated and real, but the basket still trades as high-beta bitcoin in equity wrappers — which is the point: it is the cleanest read on speculative appetite in the tape.
Performance
Follow the theme against the wider market.
Series before each basket's creation date are a backtest of the membership as of creation; live tracking starts at creation.
| Return | 1 day | 5 days | 20 days | 60 days | MTD | YTD | 1 year |
|---|---|---|---|---|---|---|---|
| Basket | -2.5% | +5.9% | +12.5% | +33.8% | +5.1% | +6.5% | -4.9% |
| vs S&P 500 | -2.1% | +5.7% | +12.9% | +25.9% | +4.6% | -5.9% | -20.4% |
Inside the basket · 4 stocks
Current members and the reasoning behind each inclusion. Returns are for individual stocks.
| Why it’s included | Added | |||||
|---|---|---|---|---|---|---|
| HOOD | Retail flow aggregator — crypto is the margin driver, plus tokenization and prediction-market optionality | -2.1% | +17.1% | +30.9% | +8.0% | 2026-07-21 |
| COIN | The regulated exchange: spot, derivatives, USDC economics and custody for the ETF complex | -4.2% | +3.3% | +20.2% | -18.4% | 2026-07-21 |
| XYZ | Corporate bitcoin holder plus Cash App bitcoin rails and Proto mining hardware (Block) | -0.7% | -1.0% | +4.8% | +27.1% | 2026-07-21 |
| PYPL | PYUSD stablecoin and crypto on/off-ramps across a two-sided network — the diluted leg | -3.0% | +2.7% | -6.7% | -5.0% | 2026-07-21 |
Partial price histories: COIN from 2021-04-14, HOOD from 2021-07-29.
How this basket is built
Equal-weighted, monthly-rebalanced, buy-and-hold between rebalances; dated membership changes take effect same-day.
Tracked since 2026-07-21. Membership decisions are documented below.
Read the methodology →Reading the returns
Basket returns include dividends. “vs S&P 500” compares the basket’s compounded growth with the benchmark’s. Green means positive; red means negative.
Cross-checked against BITQ. Daily return correlation: 0.78 across 1335 sessions. the pure-play crypto-equity index; holds many of the same names plus foreign-listed miners (IREN, BTDR) outside our US-only universes
Membership history & changes
- create
Initial composition: 16 names — exchanges/brokers (COIN, HOOD), diluted S&P payment rails with real crypto books (XYZ, PYPL), stablecoins (CRCL), merchant banking (GLXY, GEMI), token treasuries (MSTR, BMNR), and the miner complex with its AI-conversion optionality (MARA, RIOT, CLSK, CORZ, CIFR, WULF, HUT). Reference pinned to BITQ. Considered and excluded: IREN, BTDR and BLSH (foreign-domiciled, outside the FW 3000), APLD (now an AI-datacenter landlord, no longer a crypto business), SBET and BTBT (sub-scale ether treasuries — BMNR carries that leg), CME (crypto futures are a small slice of a rates/equities franchise; it stays in capital-markets), and BLK/BK (ETF issuance and custody economics too diluted to read).