The Scrypt
Reserve.
We are a treasury company holding coins secured by the Scrypt proof-of-work network — the world's second-largest decentralized crypto network. Like MicroStrategy holds Bitcoin, we hold Scrypt. We believe Scrypt is fundamentally undervalued by 9.6× and act accordingly.
Radical Transparency
Our Treasury
We believe that any serious treasury company owes its stakeholders complete transparency. Every coin we hold and every wallet we control is published here in full. No exceptions. No delays.
| Coin | Units Held | Avg. Cost (USD) | Current Price (USD) | Value (USD) | Unrealised P&L | Public Address |
|---|---|---|---|---|---|---|
|
DOGE
Dogecoin
|
— | — | — | — | — | — |
|
LTC
Litecoin
|
— | — | — | — | — | — |
|
PEP
Pepecoin
|
— | — | — | — | — | — |
|
DINGO
Dingocoin
|
— | — | — | — | — | — |
|
LKY
Luckycoin
|
— | — | — | — | — | — |
|
JKC
Junkcoin
|
— | — | — | — | — | — |
|
TRUMPOW
TrumPOW
|
— | — | — | — | — | — |
|
SHIC
Shibacoin
|
— | — | — | — | — | — |
|
BELLS
Bellscoin
|
— | — | — | — | — | — |
Note on exchange balances: As part of our buying process, we may temporarily hold coins on exchanges before transferring them to our public wallets. These in-flight balances are not reflected in the addresses above and are typically settled to cold storage within a short window of acquisition.
Our target portfolio weights are not arbitrary. Each coin's allocation is derived from a blended score across three fundamentals — market capitalisation, project longevity, and network hash-rate. The three factors are equally weighted and combined into a single score, which determines the share of treasury capital each coin should represent over the long run.
The size of the asset in the broader market — a proxy for liquidity, adoption, and existing demand.
How long the chain has continued to operate — a measure of resilience, persistence, and proven survival.
The mining power securing the chain — the most direct measure of decentralised security and miner conviction.
Custody & Controls
Security &
Governance
A treasury is only as credible as the controls behind it. All coins held by Scrypt Strategy are stored in multi-signature wallets requiring approval from multiple independent key-holders before any transaction can be executed. No single person — including any member of management — can unilaterally move funds. This is our baseline, non-negotiable security standard.
Our Investment Thesis
Why We Believe
in Scrypt
"Scrypt is the world's second-largest decentralized crypto-network — yet it has been decimated to only power 1.0% of today's crypto assets, with its share steadily falling. We think this is the greatest mispricing in crypto today."
— Scrypt Strategy Investment Thesis, 2025Scrypt already secures Litecoin and Dogecoin — two of the most battle-tested chains on the planet. In all new blockchain projects, security is the hardest thing to achieve. With Scrypt merge-mining, new coins inherit world-class security from day one, at zero marginal cost.
Merge-mining is Scrypt's superpower. A single miner can simultaneously mine multiple Scrypt coins with no additional hardware or electricity. This means the entire mining community can back new projects at essentially zero marginal cost — creating an extraordinary economic flywheel.
Over one million miners power the Scrypt network. While centralized alternatives like Ethereum, Solana, and Ripple dominate by market cap, they sacrifice decentralization. Scrypt is the rare exception that combines real-world utility with genuine decentralization.
Bitcoin can only be a store of value. Ethereum and Solana sacrificed decentralization. Scrypt is fast enough for real-world use cases, decentralized enough to be trusted, and secure enough to underpin anything. It is uniquely positioned to solve what no other network has managed.
When you compare market capitalization to the size of the security network, Scrypt shows a 9.6× undervaluation relative to Bitcoin. The Scrypt network today is worth approximately $21.4bn. By this measure, it should be worth $204bn. That gap is our opportunity.
The decline of Scrypt's market share is not due to bad fundamentals — it is due to a lack of use-case driven innovation. The Scrypt ecosystem has a powerful ability to be a kingmaker for new and existing projects. Supporting a new ecosystem of challengers has the potential to 7× current mining rewards.
| Network | Algorithm | Participants | Market Share | Undervalue Multiple |
|---|---|---|---|---|
| Bitcoin | SHA-256 | 7.6 million | 78% | 1.0× (baseline) |
| Scrypt | Scrypt | 1.0 million | 1% | 9.6× undervalued |
| Solana | Hybrid PoS | 499 thousand | 3% | 2.04× |
| Ethereum | Eth2 PoS | 118 thousand | 13% | 0.09× |
| Cardano | Blake2b | 2.9 thousand | 0% | 0.06× |
| Ripple | Ripple Protocol | ~200 | 4% | 0.00× |
Undervalue multiple = ratio of market cap to security network size, normalised to Bitcoin. Data as of Q2 2026.
Our Holdings Universe
The Coins We
Invest In
We invest across the full spectrum of coins that maintain substantial hash rate on the Scrypt blockchain. Our portfolio spans the two established Tier-1 anchors — Litecoin and Dogecoin — and seven innovative Tier-2 projects we believe are deeply undervalued and positioned for significant growth.
Tier 1 — Established Anchors
The original memecoin and one of the most recognisable names in crypto. Dogecoin's massive community, fast block times, and high liquidity make it the most accessible Scrypt coin. A top-20 asset and cultural phenomenon.
dogecoin.com ↗
The original "silver to Bitcoin's gold." Litecoin was the first coin to demonstrate merge-mining at scale and has been securing the Scrypt network since 2011. Its proven track record, deep liquidity, and broad exchange support make it a bedrock of our treasury.
litecoin.org ↗Tier 2 — Innovation & Growth
A proof-of-work Scrypt blockchain version of the iconic PEPE token. Pepecoin brings the world's most famous meme into the decentralised mining ecosystem, secured by real hash rate rather than speculation.
pepecoin.org ↗
The longest-running Tier-2 Scrypt project with a serious ambition: becoming a currency for smaller payments. With 330 TPS throughput and real-world payment partnerships including The Flip App, Dingocoin is building genuine utility.
dingocoin.com ↗
A revived coin with historical significance — Luckycoin claims to be the chain that Dogecoin originally forked from. Restarted in 2024, continuing from block 81745 of the original 2013 chain. A living piece of Scrypt history.
luckycoinfoundation.org ↗
A community-driven Scrypt coin embracing the grassroots spirit of early crypto. Junkcoin represents the ethos that anyone can participate in building decentralised money — unpolished, honest, and mined by the people.
junk-coin.com ↗
A proof-of-work memecoin riding one of the most powerful brand narratives in modern culture. TrumPOW is secured by Scrypt merge-mining, giving it the network security of Litecoin and Dogecoin from day one.
trumpow.meme ↗
A Scrypt proof-of-work version of the SHIB token, bringing one of the most recognised meme brands into the world of real decentralised mining. Where SHIB is an ERC-20 token, Shibacoin is mined by real hardware securing a real blockchain.
shibacoinshic.org ↗
A unique project that restarted from block 1 in 2023 — a clean slate built on an original Scrypt chain first incepted in 2013. Bellscoin combines the credibility of a decade-old protocol with a fresh community positioning it as a Scrypt memecoin.
bellscoin.com ↗The Company
Who We Are
Scrypt Strategy is a Norwegian limited liability company (aksjeselskap) building a long-term treasury of coins secured by the Scrypt proof-of-work network.
We believe Scrypt — the world's second-largest decentralised PoW network — is fundamentally underpriced relative to the assets it secures. Our work is to hold these assets on a long horizon, transparently, and to support the ecosystem along the way.