Where the listed crypto economy sits

The index is at 134. Its lowest published day was 91 and its highest 204, so it sits about 38% of the way up its own range. The high was set on 14 August 2025 with 13 constituents and the low on 5 February 2026 with 18; today there are 24. The range was set by a smaller basket than the one being measured against it.

This is a position in a 1.3-year history, which spans about one bitcoin cycle. A percentile describes where the index sits among its own published days. It is NOT a statement about how far a cycle has to run: one cycle cannot establish where tops occur, and any reading phrased that way would be a claim about a distribution observed once.

No constituent may exceed 12% of the index and no sleeve more than 40%. Weighting by market value rather than by treasury holdings is deliberate: it is the only measure every sleeve shares, since a miner and an exchange have no treasury to weigh.

9 companies were considered and are not in the index. A stale or absent share count is a limit of the filings rather than a judgment about the company.

One question decides it: would this company’s revenue or balance sheet be materially different if crypto ceased to exist? A company that merely accepts crypto, or names it in its risk factors, is out.

Two automated screens were built first and both selected the wrong universe. A balance-sheet test — crypto assets over total assets — measures what proportion of a company is a pile of coins: Coinbase scored 5.5% and was excluded as immaterial, while a $2m shell holding nothing else scored 79% and qualified. A text test counting how many crypto phrases a filing contains scored Coinbase at four and the same shell at five, because a company that has just pivoted writes expansively about its new strategy while Coinbase describes its operations in plain, narrow language.

Segment revenue would settle it and cannot be read: it has no standard XBRL element, and the SEC’s company-facts API flattens away the dimensions that would carry it. So the list is a judgment, and the judgment is published rather than implied. The candidate universe behind it is mechanical — every US filer whose annual report discusses crypto as a business — so nothing is omitted without having been considered.

It is about one cycle long. Most constituents are recent — several are 2025 and 2026 pivots from furniture, medical devices and pharmaceuticals — and a market-value index admits a company only from the date it became one. So a percentile here describes where the index sits among its own published days. It is not a statement about how far a cycle has to run: one cycle cannot establish where tops occur.

Some share counts are approximate. Several large filers tag no instant count at all, so a weighted average is used — an average across the period rather than a figure at a moment. It lags mid-quarter issuance, which understates exactly the companies that fund purchases by issuing stock. Every affected constituent is marked in the table.

It is not investable. There is no free-float adjustment, no liquidity screen and no corporate-action handling. Point-in-time free float is a commercial product and is not reconstructable from filings, so this measures the economic size of the listed crypto sector rather than something a fund could track.

5 of 25 constituents use an approximate share count: GEMI, CRCL, XYZ, MSTR, XXI.