Q1 2026 Index Review: Additions and Exclusions
On March 20, 2026, the Melanion Bitcoin Equities ETF underwent its first quarterly rebalancing of the year. Executed four times annually, this systematic rebalancing is a vital mechanism to ensure the ETF (and the index it tracks) remains highly relevant, true to its core theme, and accurately reflective of the fast-paced digital asset ecosystem.
This quarter’s rebalancing reflects a continued shift toward companies structurally aligned with Bitcoin’s maturation into a more stable and institutional asset class. The adjustments prioritize firms with direct exposure to digital asset infrastructure, treasury strategies, and monetization frameworks, while decisively reducing exposure to companies with indirect or inconsistent crypto linkage.
“We are highly satisfied with the adaptability and flexibility of our index methodology,” states Ghali Laraqui, Executive Director at Melanion. “This framework allows us to systematically integrate the most relevant companies making headlines today, while mechanically filtering out those whose correlation and trend are diverging from Bitcoin.”
A core strength of the index methodology is its quantitative approach to corporate treasury adopters. This is perfectly illustrated by the addition of Trump Media & Technology Group and Rumble Inc.
Trump Media has materially increased its exposure to Bitcoin through a multi-billion-dollar treasury strategy, allocating a significant portion of its balance sheet to Bitcoin and related securities. This approach mirrors a growing institutional trend where Bitcoin is treated as a strategic reserve asset and hedge against monetary debasement. By embedding Bitcoin into its capital structure, the company contributes to reducing circulating supply and reinforcing long-term holding behavior, both of which support price stability.
Although Rumble has maintained Bitcoin on its balance sheet since 2024, its inclusion in the current rebalancing is entirely quantitative. The stock recently exhibited a marked increase in sensitivity to Bitcoin price action. Our methodology dynamically tracks these exact metrics, making Rumble’s addition a mechanical response to its tightening market alignment.
Beyond corporate treasuries, the index targets the core pillars of the digital asset ecosystem, highlighted by the addition of Circle Internet Group.
Circle Internet Group as the issuer of the USDC stablecoin, Circle acts as the primary liquidity rail for the entire digital asset ecosystem. This foundational role inherently ties its transaction-based business to Bitcoin’s broader market volumes, driving a strong correlation that mechanically qualifies it for inclusion in the index’s infrastructure segment.
Just as the methodology captures highly correlated players, it efficiently removes indirect and volatile crypto exposure.
Tesla’s involvement with Bitcoin acts as a short-term tactical play rather than a core, structural business driver. Because this opportunistic stance lacks sustained strategic alignment, the stock’s correlation metrics fell below the index’s required thresholds, resulting in its mechanical exclusion.
Cango Inc. no longer meets the necessary quantitative market criteria, triggering its automatic removal from the index this quarter.
Through this systematic review, the index methodology is designed to continuously align the ETF with the latest market realities. This rigorous process seeks to offer investors a dynamically adjusted and pure-play exposure to the ongoing institutionalization of the Bitcoin ecosystem.
