U.S. investment giant Capital Group has steadily expanded its portfolio by investing in Bitcoin-focused companies over the past several years. Veteran portfolio manager Mark Casey told The Wall Street Journal that the firm views Bitcoin as a commodity akin to gold or oil.
The 94-year-old mutual fund powerhouse manages over $3 trillion in assets. While Capital Group has traditionally avoided speculative trends, Casey persuaded the firm to make its first major Bitcoin investment in 2021, acquiring a $500 million stake in Strategy (formerly MicroStrategy).
Since that initial investment, Capital Group has gradually reallocated portions of its portfolio into other Bitcoin-related firms, including a 5% stake in Japan’s Metaplanet and shares in mining company MARA Holdings.
“I just love Bitcoin; I think it’s so interesting,” Casey said in a podcast hosted by venture-capital firm Andreessen Horowitz last year. He first became a Bitcoiner after meeting early advocate Wences Casares in 2013, describing Bitcoin as “one of the coolest things that has ever been created by people.”
As of 2025, Capital Group’s stake in Strategy has diluted to 7.89% due to new share issuance and some minor portfolio trimming. However, with Strategy stock up over 2,200% in the past five years, the firm’s position is now valued at roughly $6.2 billion. While exact figures remain undisclosed, the WSJ reported that Casey and Capital Group have transformed an initial investment of less than $1 billion into more than $6 billion.
Bitcoin Could Rival Gold
Casey and colleagues at Capital Group believe Bitcoin could eventually rival—or even surpass—gold in terms of global value held. At the same time, he remains skeptical about other cryptocurrencies, doubting that rivals like Ethereum will achieve similar long-term significance. The firm evaluates Bitcoin-related companies the same way it assesses firms involved in commodities such as gold or oil.
“We view Bitcoin as a commodity,” Casey told the WSJ.
Corporate Bitcoin Treasuries on the Rise
Bitcoin’s role as a corporate treasury asset has grown, with public companies like Strategy, MARA Holdings, and XXI collectively holding over 1 million BTC across 190 publicly listed firms.
Strategy remains the largest corporate holder, with 638,460 BTC in its coffers. Since the company pioneered corporate Bitcoin treasuries in August 2020, Bitcoin has surged between 860% and 900%.
Despite Bitcoin trading near all-time highs of over $120,000, new corporate players continue to enter the market. Last month, healthcare company KindlyMD executed its first purchase of 5,743.91 BTC shortly after merging with Nakamoto Holdings. Earlier this year, Trump Media & Technology Group announced plans to establish a Bitcoin treasury, joining other public companies like Canada’s Rumble and Hong Kong-based HK Asia Holdings in unveiling similar strategies.
