Key Takeaways
Bitcoin’s surge is fueling equity gains. Czech Central Bank’s Coinbase buy adds BTC exposure, and with MSTR joining the S&P 500, a direct Bitcoin move may be on the table.
As Bitcoin [BTC] pushed to a new all-time high of $118k, 100% of holders found themselves in net profit. In turn, marking the onset of full-cycle price discovery.
However, the impact extended far beyond on-chain participants. Publicly traded firms with BTC exposure saw a sharp risk-on response.
MicroStrategy [MSTR] is a prime example. After a sluggish Q1, the stock rallied 40% in Q2, breaking above the $400 mark. It’s now kicking off Q3, posting an 8.5% gain in the first weekly candle.
Source: TradingView (MSTR/USD)
Meanwhile, Bitcoin miners also participated in the upside. Marathon Digital Holdings [MARA] has climbed 24% from its Q2 close of $15.36, aligning closely with BTC’s 9.4% advance over the same period.
So, what does this tell us? Simply put, holding Bitcoin is paying off big time. MSTR now holds 597,325 BTC. That stash is sitting on over $6 billion in unrealized profit and is worth around $70 billion at current prices.
Naturally, that upside is getting priced into its equity valuation. And that brings the Czech Central Bank into focus. It recently added Coinbase shares as part of its broader S&P500 equity strategy.
But with Bitcoin pushing into new all-time highs, and MicroStrategy set to join the index, could this be the shift that finally nudges the bank toward buying BTC outright?
Central bank’s portfolio quietly gains Bitcoin exposure
There’s a quiet shift happening. Banks haven’t started buying Bitcoin directly yet, but they’re getting closer. The Czech Central Bank is a prime example.
The bank recently announced a strategy to allocate part of its reserves into S&P500 stocks. The idea? Tap into higher-return, risk-on assets that might outperform traditional safe havens like gold.
Coincidence or not, two of its recent additions, Tesla and Coinbase, are among the top corporate holders of Bitcoin. Tesla holds 11,509 BTC (around $1.3 billion), and Coinbase holds 6,885 BTC (roughly $805 million).
Source: CoinGecko
And the exposure may soon deepen. Market expectations are rising around MSTR joining the S&P500. If added, it would further increase the bank’s indirect BTC exposure.
Why? MSTR delivered over 40% returns in Q2, far outpacing gold’s 4.8% gain over the same period.
Put simply, as Bitcoin continues to drive asymmetric returns across public equities, it may only be a matter of time before central banks begin allocating to BTC directly. The Coinbase share purchase? It might just be the start.
