How the Listed Bitcoin Index is built
Methodology 2.0, dated 2026-10-11.
What every figure promises
Every figure is read from its own source on a stated date; none is estimated, backfilled or taken from an aggregator. It changes only through a dated entry in the append-only corrections log.
Independence
Eligibility never depends on any relationship with the publisher; no constituent pays to be included or to remain. Constituent changes are published to everyone at one timestamp, on this page and on the data feed; nobody sees them earlier. This index is calculated by the publisher under the published rules. It is not a registered benchmark and is not administered by a registered benchmark administrator.
Who is considered
180 listed companies are staged as leads from an aggregator's list (read 2026-09-24), shown nowhere until their own disclosures are read. Today 28 of 180 are admitted, 20 sourced but held, and 132 await sources.
How a company gets in
A company enters only by satisfying every rule. R1–R5 make a record; R6 decides whether the record belongs in a bitcoin index. A company whose record passes R1–R5 but not R6 stays in the register, with its page and its reason, and is not a constituent.
- R1-HOLDINGS-SOURCEA company is admitted only if its bitcoin holding is attributable to a named, dated, independently reachable source — the company's own disclosure venue or a regulator's filing index. An aggregator alone does not satisfy this rule.
- R2-LISTING-VENUEA company is admitted only if its listing venue and ticker are stated and carry a source with an access date. The source must be one of three kinds: the exchange's own record or filing platform, a securities regulator's registrant record, or the issuer's own regulated filing that names the venue and ticker. A quote page, a data vendor or an aggregator is not a listing source. An unlisted or delisted holder is out of scope: this is an index of LISTED companies.
- R3-SHARE-COUNT-SOURCEA company is admitted only if its share count carries its own source and its own as-of date. Cap weight is share count times price; an unsourced share count is an unsourced weight.
- R4-PRICE-OBSERVATIONA company is admitted only if it carries a dated price observation in a stated currency with a stated USD conversion factor. Without an observed price there is no capitalisation, and a constituent with no capitalisation would silently carry zero weight rather than be absent.
- R5-PRIMARY-ISSUERA company is admitted once, as one corporate group at its primary listing. A majority-owned listed subsidiary, or a second line of the same shares (an ADR or an over-the-counter line), points to its group's primary row and is not admitted, because the group's holding would otherwise be counted twice. Each row states why it stands for its group.
- R6-MATERIALITYA company that passes R1-R5 is admitted only if it satisfies Rule A or Rule B at the review. Rule A, a bitcoin business: at least 50 % of its latest fiscal-year revenue, as reported in its own annual filing, comes from activities whose existence depends on bitcoin - bitcoin mining, bitcoin mining hardware, or exchange, brokerage or custody services in which bitcoin is a material asset (among the two largest assets by traded volume or by assets under custody in the company's own latest disclosure). A business built on another protocol's token (Ethereum, Solana or any other) does not qualify under Rule A, whatever its size. Rule B, a material holder: the company holds at least 1,000 BTC and, valued at the reference BTC-USD close on the review's data date, that holding is worth at least 30 % of its market capitalisation (share count x price, as sourced under R3 and R4); a constituent already admitted under Rule B leaves only if the same measure is below 20 % at a later review; a measure above 300 % admits nothing by itself and sends the record back for a check. Rule B is measured at each quarterly review on the review's data date and nowhere else. Both rules are the publisher's own; the index is a research series, not a registered benchmark.Thresholds as published with the rule: min revenue share pct 50 · min btc 1000 · admit pct 30 · exit pct 20 · review pct 300. Each constituent's page states which limb admitted it, with the Rule A filing or the Rule B figures it was measured on.
Review, reconstitution and corrections
Membership is reviewed quarterly, in March, June, September and December, effective at the close of the last trading day of the review month. The next review is 2026-12-31; where a market is closed that day, its last session before it counts.
Between reviews, a new filing updates a company's record, not its membership. A company leaves between reviews only on an observed terminal event: a delisting, a completed take-private or a bankruptcy.
At each review the publisher checks token lists, DEX aggregators and the index's own pages for unlicensed use of the index name.
Each day's close refresh records which constituents' closes were carried forward; the data feed serves that list as status_watch.
A change to the methodology itself takes effect at a close announced in the corrections log at least 15 trading days ahead; 2.0 took effect on publication, before any external party cited the series, and the 1.x series (base 2026-09-22) is closed, not revised.
Review calendar
| Notice | Data cutoff | Decision | Announced | Last close, old list | Effective |
|---|---|---|---|---|---|
| LBTC-REV-2026Q4 | 2026-12-16 | 2026-12-22 | 2026-12-23 22:00 UTC | 2026-12-31 | 2027-01-04 |
| LBTC-REV-2027Q1 | 2027-03-16 | 2027-03-22 | 2027-03-23 22:00 UTC | 2027-03-31 | 2027-04-01 |
| LBTC-REV-2027Q2 | 2027-06-15 | 2027-06-22 | 2027-06-23 22:00 UTC | 2027-06-30 | 2027-07-01 |
| LBTC-REV-2027Q3 | 2027-09-16 | 2027-09-22 | 2027-09-23 22:00 UTC | 2027-09-30 | 2027-10-01 |
Business days are New York Stock Exchange trading days. Inputs are frozen at the close ten business days before the last close; a market closed that day contributes its last close before it, marked carried. The result is published five business days ahead, on this page, in the data feed and in the corrections log at once. Each review's result is announced at the stated time even when nothing changes, as a no-change notice in the corrections log.
Weighting and the divisor
Each constituent is weighted by market capitalisation: price, converted to dollars, times share count. The level is the aggregate capitalisation divided by the divisor, times 100, from a base of 100 on 2026-10-09. When a company is admitted, the divisor is scaled so the level is the same immediately before and after, and both divisors are recorded in the corrections log. The divisor today is 87,353,358,429.
No single company carries more than 20% of the index at a review: a company above the cap is set to exactly 20%, the weight it gives up is shared among the companies below the cap in proportion to their capitalisation, and the step repeats until none is above it. The result is a capping factor per company, set on 2026-10-09 and fixed until the next review; each company enters the aggregate, and therefore the level, as its factor times its capitalisation, so the cap binds in the level and the weights drift between reviews as a capped index's do. Each company's plain share of capitalisation is published beside its weight.
CoinBucha Listed Bitcoin Index, holdings-weighted (CBLBTCH, methodology 2.0, dated 2026-10-11) is a sister series over the same constituents, admitted by the same rules. Each company weighs its disclosed bitcoin as a share of the constituents' total. The level is the sum of each weight times the company's dollar price relative to the reference reading of 2026-10-09, the reading CBLBTC's divisor recomputes from, times 100; both series share the base of 100 on 2026-10-09.One company, Strategy, holds about 73 % of the constituents' bitcoin and therefore carries about 73 % of the weight. No cap is applied: the weights are the holdings as disclosed. CBLBTCH JSON
Changes in 2.0
Dated 2026-10-11. a materiality rule (R6) - a constituent is a bitcoin business (Rule A: at least 50 % of latest fiscal-year revenue from bitcoin mining, mining hardware, or exchange/brokerage/custody in which bitcoin is a material asset) or a material holder (Rule B: at least 1,000 BTC worth at least 30 % of market capitalisation at the review; exit below 20 %; above 300 % = record check). The 20 % single-name cap now binds in the level through capping factors set at each review. The index is re-based: 100 on 2026-10-09. Why: on 2026-10-09 Space Exploration Technologies and Tesla were 94.5 % of the index's market capitalisation and each held 0.1 % of its own market capitalisation in bitcoin; under 1.x the single-name cap was a display view and the level measured two non-bitcoin businesses. The publisher's decision of 2026-10-11 (A-or-B, 30 % admit, 20 % exit). Rule A evidence is each company's own annual filing, cited on its row (materiality.rule_a); Rule B is measured on each row from its holding, the reference BTC-USD close of 2026-10-09 (82,546.32) and its market capitalisation as recorded (materiality.rule_b), so a reader recomputes it. Of the 32 constituents 28 pass: 6 under Rule A alone (Coinbase Global, Hut 8, Riot Platforms, Ionic Digital, Bitdeer, Keel Infrastructure), 15 under Rule B alone, 7 under both measures (Bullish, Galaxy Digital, MARA, CleanSpark, Gemini, BitFuFu, Canaan - admitted on Rule B today, their Rule A revenue line to be cited by the next review). Four do not pass either and leave: Space Exploration Technologies (0.1 %), Tesla (0.1 %), Block (1.6 %), Core Scientific (1.4 %). Their company pages remain in the register with this reason; 1,163,627 of 1,203,813 BTC (96.7 %) stays in the index. Mechanics: nobody cites the 1.x series yet, so the publisher chose a clean base over chaining a three-week-old series with a composition it now rejects. Base date 2026-10-09 = 100 (the last close before the decision); the 1.x series, base 2026-09-22 = 100 under divisor 3686509878964.8403, is closed at its 2026-10-08 reading in the effective view and its 2026-10-09 reading stays in the record view; no 1.x figure is revised. Capping factors: Strategy 0.294608, Coinbase Global 0.369127, every other constituent 1; capped weights on the base date Strategy 20.00 %, Coinbase 20.00 %, Hut 8 11.89 %. The 17 rows admitted pending review under 1.x are re-screened under R6 at the next review (2026-12-31); on 2026-10-09 figures Bitmine Immersion (an Ethereum treasury), GameStop and Figma would not pass either rule. Methodology changes from this version take effect at a pre-announced close; this first one takes effect on publication because no external party cites the series yet.
Cite this index
CoinBucha (2026). CoinBucha Listed Bitcoin Index, methodology 2.0 (2026-10-11). https://coinbucha.com/listed-bitcoin/methodology CoinBucha operates no exchange, broker, fund or custody, and earns no trading, referral-share or staking revenue on any asset or constituent. No constituent pays us. No constituent is told of a change before publication.
Sourced, not admitted
Admitted pending review: passes every acceptance rule on sources read 2026-10-04. Under methodology 1.7 membership changes only at the quarterly review, so it enters the index at the close of the next review, not before.
Admitted pending review: passes every acceptance rule on sources read 2026-10-05. Under methodology 1.7 membership changes only at the quarterly review, so it enters the index at the close of the next review, not before.
Admitted pending review: passes every record rule (R1-R5) on sources read 2026-10-22. Membership changes only at the quarterly review, so it enters the index only if R6 admits it at the close of the next review, not before.
Cipher Digital (Nasdaq: CIFR) · Fold Holdings (Nasdaq Capital Market: FLD) · Exodus Movement (NYSE American: EXOD) · GD Culture Group (Nasdaq Capital Market: GDC) · Figma (NYSE: FIG) · HIVE Digital Technologies (Nasdaq: HIVE) · Bit Digital (Nasdaq: BTBT) · GameStop (NYSE: GME) · Alliance Resource Partners (Nasdaq Global Select Market: ARLP) · Bitmine Immersion Technologies (NYSE: BMNR) · Apimeds Pharmaceuticals US (NYSE American: APUS) · Angel Studios (NYSE: ANGX) · DDC Enterprise (NYSE American: DDC) · Digi Power X (Nasdaq Capital Market: DGXX) · iPower (Nasdaq: IPW) · Datacentrex (Nasdaq: DTCX) · Where Food Comes From (Nasdaq: WFCF) · ZOOZ Strategy (Nasdaq: ZOOZ) · Remixpoint (Tokyo Stock Exchange: 3825) · AsiaStrategy (Nasdaq: SORA)
Float and liquidity evidence: coverage
Fields a float- or liquidity-screened variant needs, over the 40 companies considered. A cell counts only with a primary source; no screen or cut-off is chosen until they are filled.
| Field | Sourced | Missing |
|---|---|---|
| Total shares (sourced) | 30 of 40 | 10 |
| Free float, shares or value (sourced) | 15 of 40 | 25 |
| Float methodology stated | 15 of 40 | 25 |
| 3-month ADTV, listing currency | 0 of 40 | 40 |
| 3-month ADTV, USD (dated FX) | 0 of 40 | 40 |
| 6-month share volume | 0 of 40 | 40 |
| 6-month traded-session coverage | 0 of 40 | 40 |
| Last positive-volume session | 0 of 40 | 40 |
| Rule A sourced (R6 revenue line, constituents) | 11 of 28 + 1 pending | 17 |
Limits
Holdings, share counts and prices each carry their own date. Prices are refreshed once a day from each market's last regular-session close; a close that cannot be read keeps its previous value and is counted as stale in the research series. Each row is dated by the day most constituents closed; a close already in for the next day, usually from an Asian market, is used and counted as ahead, and a day on which fewer than half closed gets no row.
Since 2026-10-16, a close carried for 10 or more NYSE sessions is flagged on the row and listed by the health check; the level keeps using it, and the company's membership goes on the next review's agenda. Each row's BTC/USD close is informational: the level never reads it, and a row without one records why.
A recorded reading is never edited. A correction is a new row that names the row it replaces and says why; corrections after 2026-10-02 name it by its hash, earlier ones by its date. The series serves one live reading per date by default and every row, each marked live, superseded or void, on ?view=record.
A New York Stock Exchange session with no reading, between a series' first and last reading, is never filled in afterwards: it is listed once beside the rows (missing_sessions, missing_sessions_h) with its reason, and the chart breaks the line there. The recorder's heartbeat is /api/listed-bitcoin/health.
| Session | Series | Why there is no reading | Recorded |
|---|---|---|---|
| 2026-10-12 | LBTC-H | The nightly runs of 2026-10-12 and 2026-10-13 committed nothing: the pre-commit test gate was red until it was fixed on 2026-10-14. The 2026-10-14 run recorded LBTC's 2026-10-12 reading late (recorded_late_on 2026-10-14) and both series' 2026-10-13 readings, but the late-session pass covers LBTC only, so LBTC-H has no 2026-10-12 reading. No observation was taken for it; the series is append-only, so the session is recorded as missing and not backfilled (D1). | 2026-10-15 |
| 2026-10-27 | LBTC-H | no LBTC-H reading was recorded for this NYSE session; the next reading is 2026-10-30, and the series is append-only and never goes backwards, so it is recorded as missing and not backfilled (D1) | 2026-10-31 |
| 2026-10-28 | LBTC-H | no LBTC-H reading was recorded for this NYSE session; the next reading is 2026-10-30, and the series is append-only and never goes backwards, so it is recorded as missing and not backfilled (D1) | 2026-10-31 |
| 2026-10-29 | LBTC-H | no LBTC-H reading was recorded for this NYSE session; the next reading is 2026-10-30, and the series is append-only and never goes backwards, so it is recorded as missing and not backfilled (D1) | 2026-10-31 |
The main series is not free-float adjusted: weights use total shares outstanding, insiders and strategic holders included. 16 of 28 constituents have a free-float figure from their own filing: mostly the non-affiliate value on an annual report cover, at an earlier date; one is the public share count from a company's own shareholding table. A float-adjusted series is the next rule.
This index is a measurement of a published universe. It is not a tradeable product, not a recommendation, and no part of it says anything about whether any security should be bought, held or sold.