Crypto Equity Proxies 5
Calibrated launch value from the rulebook. This basket carries no order panel today.
Why this basket exists
What the construction is trying to capture, who it is built for, and how it is meant to be sized inside a wider allocation.
Five public companies whose stocks behave like crypto with extra leverage. Strategy (formerly MicroStrategy) is essentially a Bitcoin treasury wrapper. Coinbase is the largest regulated US exchange. Circle issues USDC. Robinhood captures retail flow into both crypto and equities. MARA mines Bitcoin. For allocators who want crypto beta but need an equity ticker on the statement.
- Equities family · Growth risk tier
- Rule-based, divisor-method NAV
No committee note is published for this basket yet, so the catalogue description above stands in until one is written.
5 holdings, drawn to scale
Each tile's area is its weight in the basket, so the picture and the table below it are the same data read two ways.
| Holding | Share | Weight | |
|---|---|---|---|
| 01COINon | 25% | ||
| 02HOODon | 25% | ||
| 03MSTRon | 25% | ||
| 04CRCLon | 15% | ||
| 05MARAon | 10% | ||
| Total | 100% |
Why each name earned its seat
Research notes per constituent: the case for the asset, the regime that suits it, and the risk the seat carries.
- COINon25%Tactical
Coinbase is the largest regulated US crypto exchange and the canonical equity proxy for crypto-trading-volume cycles.
Performs in retail-led crypto bull cycles. Sensitive to SEC enforcement and regulatory clarity around staking and listings.
regulatory tail riskvolume-cycle exposure - HOODon25%Tactical
Robinhood is the dominant US retail-trading platform with growing crypto and derivatives revenue.
Performs in retail-trading bull cycles and in high-rate regimes (cash sweep). Sensitive to retail-activity downturns.
retail-flow cyclicality - MSTRon25%Tactical
Strategy (formerly MicroStrategy) is essentially a publicly traded BTC treasury wrapper. The premium-to-NAV creates leveraged BTC exposure inside an equity ticker.
Performs as leveraged BTC exposure with additional multiple-expansion risk. Drawdowns in BTC bear cycles are amplified.
NAV-premium volatilitydebt-financing risk - CRCLon15%Tactical
Circle Internet Group issues USDC, the second-largest fiat stablecoin by circulation. The regulated-stablecoin issuer thesis at scale.
Performs in stablecoin-issuance growth cycles. Sensitive to rate cuts that compress reserve yield and to stablecoin regulation.
rate-sensitivitystablecoin regulation - MARAon10%Tactical
MARA Holdings is the largest publicly traded Bitcoin mining operator. Provides leveraged BTC-price exposure plus operational mining beta.
Higher beta than BTC. Performs in BTC bull cycles and hash-rate growth narratives. Sharper drawdowns in BTC bear cycles.
operational mining exposureenergy-cost sensitivity
What the numbers say
Simulated on historical constituent prices. A Sharpe is only published once the measured window clears 90 days, and drawdowns keep their sign.
Every figure above is simulated on historical constituent prices for a basket that has not traded. It describes how the rules would have behaved, not how they will behave. OCPT5 is part of a public preview.
Max expected loss over the horizon · 95% confidence · historical distribution. There is a 5% chance the actual loss is larger.
| Window | Return | Sharpe | vs BTC |
|---|---|---|---|
| Full window | −1.4% | −0.02 | +0.48 |
| 1 year | −24.6% | −0.45 | +0.33 |
| 6 months | +28.7% | 1.27 | −0.25 |
| 3 months | +1.5% | 0.12 | −1.08 |
| 1 month | +32.0% | Not graded | · |
Returns are simulated over each window. A Sharpe is published only once that window clears 90 days, so the shorter rows read Not graded and carry no comparison with bitcoin. Short windows flatter and punish at random; read the full window first and treat the rest as texture.
What could go wrong
Priced off this basket's own weights rather than off a generic disclaimer, so every figure below can be checked against the table above.
Higher beta than the broad market. Drawdowns of 40 to 60% during risk-off regimes are within historical range. Size accordingly.
- Top-name weightLow
MSTRon is the largest position at 25%. Capped by methodology but still drives index direction.
- Short price historyHigh
MSTRon, HOODon, COINon and 2 more have under a year of usable history. Backtest metrics carry wider error bars.
- Routing dependenceMedium
Routes through Dinari (stocks) and Backed Finance (ETFs). Settles on the EVM rail. KYC at the OLTA layer, not available in the US today.
- Deep historical drawdownMedium
Max drawdown reached −63% in the backtest window. Size accordingly.
| Scenario | Loss on net asset value |
|---|---|
| COINon loses half its valueLargest holding, 25.0% of the basket | −12.5%Mechanical |
| The three largest holdings fall 30%COINon, HOODon, MSTRon · 75.0% of the basket together | −22.5%Mechanical |
| The deepest simulated fall repeatsRecorded once in the window, 203 days to recover | −62.9%Recorded |
| A bad month, one in twenty95% historical value at risk over 30 days | −28.3%Measured |
The mechanical rows hold every other holding still, which is the optimistic case. This basket measured 0.67 correlation to bitcoin over its window: the holdings often move together, though less tightly than a broad crypto basket. Read the figures as a floor on the damage, never a ceiling.
The research behind the construction
Tokenized equity execution is not open yet
Single stocks route through Dinari and ETF coverage through Backed Finance, settling on the EVM rail once identity checks clear. The execution surface for this family arrives with the next release. Composition, weights and the measured record above are current.