Capital Group is one of the oldest mutual fund firms in the world. The company has managed money for almost a century with a reputation for being careful and conservative. Yet over the past four years, Capital Group has surprised many by building a massive position in Bitcoin-related stocks. What started as about $1 billion has grown into more than $6 billion, showing how even traditional firms are now part of the Bitcoin story.
The move into Bitcoin was led by Mark Casey, a portfolio manager who has worked at Capital Group for 25 years. Casey has said his style was shaped by Benjamin Graham and Warren Buffett, two of the most famous value investors in history. Despite his conservative background, he has become a strong advocate for Bitcoin. He told The Wall Street Journal that he finds Bitcoin fascinating and even called it one of the coolest things ever created by people. In a podcast with Andreessen Horowitz, he spoke about why he believes Bitcoin should be treated seriously, much like gold or oil.
Capital Group has not been buying Bitcoin directly. Instead, the firm has invested in public companies that hold large amounts of Bitcoin on their balance sheets. These are called Bitcoin treasury companies, and they have become a growing part of the corporate world. By investing in these firms, Capital Group has built major exposure to Bitcoin without holding it directly. Corporate Bitcoin treasuries now total more than 1 million BTC, worth over $117 billion, according to BitcoinTreasuries.NET.
The biggest part of Capital Group’s Bitcoin investment is in Strategy, the company once known as MicroStrategy. Strategy was transformed by its founder, Michael Saylor, from a software business into one of the largest Bitcoin holders in the world. In 2021, Capital Group bought a 12.3% stake in Strategy worth more than $500 million. Although that stake has since dropped to 7.89% because of share dilution, the value has surged to about $6.2 billion. That growth comes from a 2,200% rise in Strategy’s stock price over five years, almost all of it driven by Bitcoin.
Mark Casey and his team study these companies much as they study traditional commodity firms. They treat Bitcoin as a commodity, like gold or oil, and use similar methods to value the companies. For Capital Group, the bet on Bitcoin treasuries is a way to invest in digital gold while still working within a familiar framework.
Capital Group’s portfolio also includes a 5% stake in Metaplanet, a Japanese hotel operator that shifted into Bitcoin holding. Metaplanet has gained attention as Japan’s version of a corporate Bitcoin treasury. In addition, Capital Group owns shares of Mara Holdings, one of the largest Bitcoin mining companies. Mara controls over 52,000 BTC, making it one of the biggest players in the space.
Corporate Bitcoin treasuries now cover a wide range of companies. Along with Strategy and Mara Holdings, firms such as Coinbase, Bullish, and Metaplanet are part of the top 10. Newer groups like XXI and Bitcoin Standard Treasury are also entering the market. Together these companies highlight how Bitcoin adoption has spread from individual investors to large institutions across the globe.
Mark Casey’s support of Bitcoin shows how the conversation has shifted in traditional finance. Not long ago, most mutual fund managers dismissed Bitcoin as too risky or speculative. But Casey, who once focused only on conservative value investing, now believes Bitcoin is a serious asset with staying power. His view that Bitcoin is a commodity makes it easier for Capital Group to explain the investment to clients who are familiar with commodities like oil and gold.
The rise of Capital Group’s Bitcoin exposure is also part of a larger trend of institutional adoption. From Tesla to Square and now Metaplanet, more companies have started adding Bitcoin to their balance sheets. Michael Saylor’s leadership at Strategy has been central to this movement, inspiring many firms to consider Bitcoin as a treasury reserve. Bitcoin’s fixed supply of 21 million coins makes it attractive as an inflation hedge, similar to gold.
Capital Group’s role is important because of its long history and reputation. A 94-year-old mutual fund giant with trillions under management moving into Bitcoin signals a deep change in how institutions see digital assets. Instead of avoiding Bitcoin, Capital Group has embraced it in a way that fits its conservative roots. By investing in companies like Strategy, Metaplanet, and Mara Holdings, the firm shows confidence in Bitcoin’s role in the future of money and commodities.
Bitcoin treasuries are now a global phenomenon. From the United States to Japan, public companies are buying and holding Bitcoin as part of their core strategy. Investors watch sites like BitcoinTreasuries.NET to track the top holders, with Strategy at number one holding over 636,000 BTC. The fact that Capital Group has tied itself to this trend through multi-billion-dollar stakes highlights how Bitcoin has become mainstream in institutional portfolios.
For many investors, the story of Capital Group’s Bitcoin growth offers a clear lesson. Even the most traditional firms can change when they see long-term value. Mark Casey, with his roots in Graham and Buffett’s value style, has found in Bitcoin something that matches the idea of a scarce, durable, and independent asset. By treating Bitcoin like digital gold and investing through treasury firms, Capital Group has managed to turn a cautious approach into a winning position worth billions.
