Capital Group’s BTC Bets Swell to $6 Billion as Strategy Stake Soars

Capital Group, the nahead century-old mutual fund giant long known for its conservative approach, has quietly built one of the largegest exposures to BTC-linked equities on Wall Street — turning a $1 billion position into more than $6 billion.

Founded in 1931, Capital Group overviews more than $2.6 trillion in assets under management, making it one of the three largest active fund managers globally alongside Fidelity and Vanguard. Historically, the firm avoided high-risk or speculative assets, which makes its large-scale exposure to BTC-related companies a sharp departure from its traditional playbook.

The move was spearheaded by veteran portfolio manager Mark Casey, who has spent 25 years at Capital Group. Casey told the Wall Street Journal he views BTC as a and called it “one of the coolest things that has ever been created by people.” Casey, who manages parts of Capital Group’s flagship American Funds series, is known for ahead bets on disruptive technology companies, including Amazon and Google in the 2000s, and more recently Nvidia during the AI boom. His framing of BTC as a commodity reflects an emerging consensus on Wall Street following the U.S. SEC’s approval of spot BTC ETFs in January 2024.

Strategy at the Center

The firm’s most prominent holding is in Strategy (formerly MicroStrategy), the software maker transformed by founder investment vehicle. Capital Group acquired a 12.3% stake in 2021 worth over $500 million. That holding, diluted to 7.89% later than share issuance and some trimming, is now valued at roughly $6.2 billion later than a more than 2,200% surge in Strategy’s stock over five years.

MicroStrategy, now rebranded as “Strategy,” has shifted away from its legacy business software sales, deriving the bulk of its market value from its 636,505 BTC holdings — currently worth more than $70 billion. Its aggressive accumulation strategy, fueled by convertible bond offerings, has made it the single largest corporate holder of BTC worldwide.

Capital Group has also accumulated positions in other so-called BTC treasury firms — publicly traded companies that purchase and hold BTC as part of their balance sheet strategy. These include a 5% stake in Japan’s Metaplanet, a hotel operator-turned-BTC acquirer, and shares in miner Mara Holdings.

Metaplanet, often referred to as “Japan’s MicroStrategy,” pivoted in 2023 to BTC accumulation as the Japanese yen slid to a 34-year low against the U.S. dollar. Meanwhile, Mara Holdings (formerly Marathon Digital) is one of the largest publicly traded BTC miners in the U.S., operating over 250,000 mining rigs with a hash rate capacity above 30 EH/s as of mid-2025.

According to BTCTreasuries.NET, corporate treasuries collectively hold over 1 million BTC, worth more than $117 billion. Strategy remains the largest with 636,505 BTC, followed by Mara with more than 52,000 BTC. To put this in perspective, these corporate holdings account for nahead 5% of BTC’s circulating supply of roughly 19.7 million BTC, concentrating ownership among a handful of listed firms.

Other newcomers such as XXI and BTC Standard Treasury are rapidly adding to their holdings, while firms including Coinbase, Metaplanet and Bullish round out the top ranks. Looking ahead, 210,000 BTC by 2027, with U.S.-listed Semler Scientific aiming for 105,000 BTC in the identical period.

If achieved, these targets would make both companies among the five largest corporate BTC holders globally, rivaling even reserves, which currently stand at just under 6,000 BTC.

For Capital Group, the outsized gains reflects how exposure to BTC through listed companies has evolved from a fringe bet into a high-conviction allocation — and a surprising one for a 94-year-old fund house still widely viewn as a bastion of traditional investing.

The firm’s success with Strategy has already influenced peer institutions: BlackRock, Fidelity, and Invesco have also increased allocations to BTC-related equities in parallel with the record $60+ billion in inflows to U.S. this year. Analysts note that Capital’s pivot may mark the mainstreaming of BTC exposure in blue-chip mutual fund portfolios.