Crypto + Exchange Proxies: Miners, Exchanges, Treasury Firms

Speculative mixed portfolio: 30% direct crypto (BTC/ETH) as anchor, 70% listed proxies that mix crypto beta with equity risk - Bitcoin Treasury (Strategy), Exchanges/Stablecoin (Coinbase, Circle, Galaxy), ETH Treasury (Bitmine) and miners who are currently pivoting to AI data centers (IREN, Core Scientific, TeraWulf, Hut 8, CleanSpark, Riot, MARA). Core thesis: The miner pivot to AI hosting partially decouples the valuation from the hash price, which remains weak despite 84k BTC (CryptoSlate, 2026-09-21). Position sizes: Anchor 20/10%, proxies 4-7% each, no single value above 8%. Stop rule per share: -35% from the entry or break of the mark mentioned in the note; BTC below $57,700 weekly close = entire proxy book halved. This is not a dividend portfolio and not a replacement for spot crypto - proxies fall more sharply than the coin in crises.