The universe
The coverage here is derived, not chosen: every US-listed entity with bitcoin on its balance sheet seeds a scan of N-PORT filings; every fund holding a seed joins; every fund holding one of those joins; and so on to depth four. The universe is whatever emerges — and how many US-listed funds have bitcoin exposure is a number that only moves one way.
The funnel, stated plainly: 13 975 fund series examined by the recursion → 4 526 disclose positions in the exposure graph → 3 413 resolve to a computable equity look-through figure (the rest hold only derivative or otherwise unresolvable exposure — excluded and disclosed, never estimated).
The series starts here
This page will chart the count over time as the scan repeats quarterly (current window: N-PORT filings 2025-07-15 → 2026-08-23). A single data point is not a series; pretending otherwise would be exactly the kind of implied precision this site exists to avoid. Come back after the next N-PORT window.
What is excluded, and why
- Non-US listings without SEC filings — the filing-linked discipline does not extend to them.
- Derivative exposure (futures, options, swaps) — reported in N-PORT but converting notional to exposure is a modelling choice, not a fact. Excluded and disclosed per position.
- Funds whose only exposure runs through a delisted security.
- Cycles (fund-of-fund loops) — detected, broken, and logged rather than resolved.