Real-World & Alternative DataCore researchlive in productionNew
Bitcoin Treasury Proxies
Updated dailyData needs: mediumlong onlyshort onlylong short
paper
2021
Source
Liu, Y., Tsyvinski, A. (2021). "Risks and Returns of Cryptocurrency." Review of Financial Studies, 34(6), 2689-2727.
Read the paper →
In plain terms
MSTR/miners track BTC momentum with leverage.
How it works
BTC momentum (1w/1m) predicts itself; miners have 3-5x operating leverage to BTC.
Live results
39 times picked on its own · 56 times inside a blend (54 beat the stock) · updated 2026-06-06This strategy is a frequent ingredient in blends that combine a few strategies on one stock. It has contributed to 56 such blended picks (54 of which beat simply holding the stock). Picking it on its own is only one of the ways it shows up.
How its picks scored vs. buy & hold
Each pick is graded on a recent year it was never tuned on, against simply owning the same stock
Where its edge concentrates
Share of picks in each company-size group that beat buy & hold
How often it trades
Active vs. patient. Bars on the left mean it waits for rare setups; bars on the right mean it trades often
Return vs. buy & hold
How much each pick beat or trailed simply owning the stock over the test year (extreme microcap moves trimmed)
Loading substrate evidence…
Data dependencies
- Daily prices
Adjusted-close OHLCV for every US-listed ticker; primary price feed.
Expected edge
- Reported return
- BTC Sharpe 1.2
- Reported Sharpe
- 1.2
- Tested over
- 2011-2019
Liu-Tsyvinski 2021: BTC momentum Sharpe ~1.2; 3-5x in miners.
Example tickers where this is likely to fire
Illustrative only, the signal fires based on the live data, not a fixed list.
Related families
Explore Bitcoin Treasury Proxies on alphactor.ai
See which tickers this family is currently firing on, with live signals and rankings.