How the Listed Bitcoin Index is built

Who is considered

180 listed companies are staged from an aggregator's list (read 2026-09-24). A staged company is a lead, not a record: it is not shown anywhere on this site until its own disclosures have been read. Today 10 of 180 are admitted, 4 are fully sourced but held, and 166 await sources.

How a company gets in

A company enters only by satisfying every rule. The rules are data in the published file, and the code only evaluates them.

1. R1-HOLDINGS-SOURCE

   A 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.

2. R2-LISTING-VENUE

   A company is admitted only if its listing venue and ticker are stated and carry a source with an access date. An unlisted or delisted holder is out of scope: this is an index of LISTED companies.

3. R3-SHARE-COUNT-SOURCE

   A 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.

4. R4-PRICE-OBSERVATION

   A 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.

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 2026-09-22. When a company is admitted, the divisor is scaled so the level is the same immediately before and after; the old and new divisor are recorded in the corrections log. The divisor today is 94,004,898,035.

Every figure and its source

Sourced, not admitted

Fully sourced, not admitted. Its bitcoin is a small fraction of its market value, and the index is cap-weighted: admitting the four held companies under the current rules would put 94% of the index's weight in them and 88% in Tesla alone, so the level would mostly measure companies whose value comes from other businesses. Whether a materiality rule is added, or these are admitted as they are, is a methodology decision that has not been made. Until it is, they stay out.

Tesla (Nasdaq: TSLA) · Coinbase Global (Nasdaq: COIN) · Block (NYSE: XYZ) · Core Scientific (Nasdaq: CORZ)

Limits

Holdings, share counts and prices are each stated at their own date, and those dates differ. The level is not yet a daily series: it moves when a recorded figure is updated, not with the market.

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.

An index is a measurement of a published universe. This page is information, not financial advice, and nothing on it is a recommendation to buy, hold or sell any security or asset.