VettaFis chef för energiforskning, Stacey Morris, berättade tillsammans med Steve Darling från Proactive om resultatet och det växande investerarintresset för Alerian Midstream Energy Dividend ETF. ETFen följer ett utdelningsviktat index för amerikanska och kanadensiska midstream-energiinfrastrukturföretag och amerikanska master limited partnerships.

Morris betonade att midstream-företag, som hanterar transport, lagring och bearbetning av olja och naturgas, genererar mer stabila kassaflöden än andra energisektorer. Detta beror på deras avgiftsbaserade affärsmodell och långsiktiga kontrakt.

Hon redogjorde för tre viktiga skäl till att investerare allokerar kapital till midstream, inklusive positiva tillväxttrender i den nordamerikanska efterfrågan på naturgas, den defensiva karaktären hos midstream-tillgångar under volatilitet på oljemarknaden och en attraktiv utdelning som överträffar de som erbjuds av energibolag och REITs.

Morris noterade att midstream erbjuder exponering mot naturgasinfrastruktur utan råvarans prisvolatilitet. Hon tillade att resultaten för första kvartalet 2025 visade motståndskraft, där företagen bekräftade EBITDA-prognosen.

Tillväxtmöjligheterna i sektorn är centrerade kring naturgas och flytande naturgas, särskilt genom export av flytande naturgas (LNG) och ökad efterfrågan på el. Mellanstora företag bygger ut infrastruktur från produktion till export, med stöd av långsiktiga kontrakt och attraktiva avkastningar.

Handla JMLP ETF

HANetf Alerian Midstream Energy Dividend UCITS ETF (JMLP ETF) är en europeisk börshandlad fond som handlas på bland annat London Stock Exchange och tyska Xetra.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel  Nordnet, SAVR, DEGIRO och Avanza.

Amundi MSCI World UCITS ETF DR – USD (D) (MWOF ETF) med ISIN IE000CNSFAR2, försöker följa MSCI World-indexet. MSCI World-indexet spårar aktier från 23 utvecklade länder över hela världen.

Den börshandlade fondens TER (total cost ratio) uppgår till 0,12 % p.a. ETFen replikerar resultatet av det underliggande indexet genom full replikering (köper alla indexbeståndsdelar). Utdelningarna i ETFen delas ut till investerarna (Årligen).

Amundi MSCI World UCITS ETF DR – USD (D) är en stor ETF med tillgångar på 820 miljoner euro under förvaltning. Denna ETF lanserades den 9 juni 2022 och har sin hemvist i Irland.

Investeringsmål

AMUNDI MSCI WORLD UCITS ETF strävar efter att så nära som möjligt replikera utvecklingen för MSCI World Index (nettototalavkastningsindex), i USD, oavsett om trenden är stigande eller fallande. Denna ETF gör det möjligt för investerare att dra nytta av en exponering mot stora och medelstora marknader i 23 utvecklade länder.

Handla MWOF ETF

Amundi MSCI World UCITS ETF DR – USD (D) (MWOF ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel DEGIRO, Nordnet, Aktieinvest och Avanza.

Börsnoteringar

Största innehav

Denna fond använder fysisk replikering för att spåra indexets prestanda.

Innehav kan komma att förändras

Bitcoin advocate and Strategy’s founder, Michael Saylor, kicked off the trend of incorporating Bitcoin into the company’s balance sheet back in 2020, and now, it’s catching fire. This year, alongside institutional adoption and the rise of nation-state involvement, corporate Bitcoin holdings have surged dramatically. Companies have invested an estimated $25 billion in Bitcoin in just the first five months of 2025. This influx accounts for about 1.20% of Bitcoin’s total fixed supply, underscoring a supply-demand imbalance that’s fueling Bitcoin’s growing appeal as a treasury asset.

Source: 21Shares, BitcoinTreasuries, Data as of January 1, 2025.

Which companies are betting on Bitcoin?

One prominent example of corporate Bitcoin adoption is GameStop, the American video game retailer, which recently raised $1.5 billion to build its Bitcoin reserve. Known for its role as a meme stock in early 2021, when retail investors on Reddit’s WallStreetBets forum triggered a massive short squeeze, GameStop survived the saga with spare capital. This resilience allowed the company to revamp its commercial strategy, positioning it to strategically deploy capital into Bitcoin and align with the growing trend of corporate crypto adoption.

Adding to this momentum, Strive Asset Management, backed by entrepreneur Vivek Ramaswamy, announced plans to go public via a reverse merger with Nasdaq-listed Asset Entities, aiming to become a publicly traded Bitcoin treasury company. Strive targets up to $1 billion in capital through equity and debt offerings to accelerate its Bitcoin accumulation, with plans for equity-for-Bitcoin swaps for accredited investors, offering a novel approach to scaling corporate Bitcoin exposure.

Another notable player is MetaPlanet in Japan, which has accumulated over $700 million in Bitcoin, reflecting the broadening international interest in Bitcoin as a treasury asset. Similarly, 21 Capital is poised to become the second-largest corporate holder with 42,000 Bitcoin, while in Europe, the Blockchain Group has set an ambitious target to acquire up to 260,000 Bitcoin by 2033, aiming for $20 billion in holdings.

Michael Saylor’s Strategy is leading the institutional charge and has established itself as the benchmark for corporate Bitcoin accumulation. As of May 2025, Strategy holds 555,450 Bitcoin, representing approximately 2.6% of Bitcoin’s total fixed supply, making it the largest public holder of Bitcoin globally. Year-to-date, the company has added 109,050 Bitcoin at an average purchase price of roughly $94,000, bringing the total market value of its Bitcoin position to approximately $55 billion.

How can Strategy’s Bitcoin balance sheet change market dynamics?

At the beginning of the year, Strategy held around 386,700 Bitcoin. Now, it has increased its holdings to over 550,000 Bitcoin. This imbalance underscores increasing structural pressure on Bitcoin’s supply. As a scarce and finite asset, such aggressive accumulation by a single entity signals potential supply-side constraints, particularly as more institutions seek long-term allocations.

Figure 2: The Effect of Strategy’s Acquisitions on Bitcoin’s Supply in 2025

Source: 21Shares, BitcoinTreasuries, Data as of May 7, 2025.

Beyond the sheer size of Strategy’s Bitcoin treasury, its growth also speaks to the company’s consistency and discipline. Since August 2020, Strategy has steadily added to its holdings every quarter, signaling a long-term, methodical strategy rather than short-term opportunism.

Confident as ever, Strategy maintains that its outstanding convertible notes and preferred equity are significantly overcollateralized and is actively urging credit rating agencies to adopt a framework that recognizes Bitcoin as a viable, high-grade reserve asset. If realized, this framework could catalyze the development of a Bitcoin-native bond market, one in which corporations raise debt capital directly against Bitcoin reserves, while institutional investors gain exposure to a new, collateralized digital asset class.

More players join the Bitcoin club

Strategy’s proposal is rippling through the corporate world, hinting at the next phase of Bitcoin adoption: a Bitcoin-native financial market. Riot Capital and Coinbase have partnered to let companies use Bitcoin as collateral for working capital, turning idle reserves into active assets. Strike has rolled out Bitcoin-backed loans, while Europe’s Relai now lets users spend fiat without selling their Bitcoin. These early moves, echoing Strategy’s vision, mark a shift toward integrating Bitcoin directly into corporate finance, expanding its role as a macro asset, and attracting a new wave of institutional players.

By Maximiliaan Michielsen

Research Newsletter

Each week the 21Shares Research team will publish our data-driven insights into the crypto asset world through this newsletter. Please direct any comments, questions, and words of feedback to research@21shares.com

Disclaimer

The information provided does not constitute a prospectus or other offering material and does not contain or constitute an offer to sell or a solicitation of any offer to buy securities in any jurisdiction. Some of the information published herein may contain forward-looking statements. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those in the forward-looking statements as a result of various factors. The information contained herein may not be considered as economic, legal, tax or other advice and users are cautioned to base investment decisions or other decisions solely on the content hereof.
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