The BitcoinTreasuries.net website levels up

Companies are buying massive amounts of bitcoin, and a four-year-old data site is betting that investors will want high-quality information about those businesses.

Why it matters: It's hard for an investor who has conviction about this trend to decide which crypto-infused stock to invest in, but a site like this can be at the forefront of working out the key metrics.

The big picture: Companies following the lead of Michael Saylor's Strategy, Inc. (formerly Microstrategy), have been buying the world's oldest cryptocurrency as a way to get passive upside on their cash and to hedge against macro uncertainty.

• Bitcoin Treasuries has been quietly tracking publicly available data about companies and other major institutions that hold bitcoin, but it's gearing up to take the endeavor much more seriously.
• Started as a bootstrapped project by NVK, founder of Coinkite, it is announcing today that it brought on Pete Rizzo, former editor at CoinDesk and managing editor at Bitcoin Magazine (and your author's former boss), as CEO and partner, to lead product expansion for the company.

What they're saying: "Everybody is kind of sleeping on and being dismissive of this trend," Rizzo tells Axios.

Zoom out: There are roughly two kinds of companies that hold bitcoin these days.

• Companies like Tesla and Block Inc. that bought some as a side bet out of their excess profits.
• And others, like Metaplanet, that have made leveraged bets, often using convertible notes with downside protection for investors.

By the numbers: The site already sees interest growing, with traffic up 170% over the last 90 days and citations across major media.

The bottom line: "We see ourselves ultimately as the platform for educating and connecting the market participants," Rizzo says.