Most metrics are derived mechanically from disclosed inputs — no forecasts or assumptions about issuer actions. BTC Risk and BTC Credit use a lognormal price model with fixed parameters.
btc_holdings × btc_priceHoldings from filings; price is the live market rate.
Cash, cash equivalents, and short-term investments. Held constant between disclosures.
btc_reserve + fiat_reserveCombined value of bitcoin holdings and cash.
shares × share_priceLive share price × shares outstanding. Defaults to fully diluted on the homepage; issuer pages offer a basic/diluted toggle.
(debt − fiat_reserve) / btc_reserve × 100Net debt as % of BTC reserve. Excludes preferreds.
(debt + prefs − fiat_reserve) / btc_reserve × 100Net full capital structure as % of BTC reserve.
Σ(outstanding_i × maturity_i) / Σ(outstanding_i)Across convertibles and other debt, weighted by outstanding.
Σ(outstanding_i × conv_price_i) / Σ(outstanding_i)Outstanding-weighted average conversion price. Convertibles only.
(stock_price − wavg_conv_price) / wavg_conv_price × 100Positive = in the money, negative = out.
Σ(outstanding_i / conv_price_i) / shares × 100% share increase if all convertible instruments fully convert.
btc_debt / total_debt × 100Share of debt connected to BTC strategy. Only shown when < 100%.
Per-issuer capital stack position. Lower number = more senior. Secured debt first, then senior unsecured, then subordinated, then preferreds. Instruments are ordered by maturity within the same tier.
min(maturity_date, put_date)Years to effective maturity — the earlier of maturity or put date. Perpetual preferreds without a put date use 100 / yield, or default to 10 years.
btc_nav / (outstanding + senior_claims − fiat_reserve)Per-instrument coverage ratio. Computed by walking the capital stack from most senior to most junior. Each instrument's claims include all more senior outstanding amounts. Above 1.0× = BTC reserve fully covers cumulative claims. Fiat reserve offsets the most senior claims first.
net_cumulative_claims / btc_holdingsThe BTC price at which the instrument's BTC Rating would fall to exactly 1.0×. Below this price, BTC reserves no longer fully cover cumulative claims through this tranche.
P(BTC_T < floor)Probability that BTC price falls below the instrument's price floor before its duration expires. Uses a geometric Brownian motion model with 30% annual return and 45% annual volatility. The result is a lognormal CDF calculation.
−ln(1 − btc_risk) / duration × 10,000Annualized credit spread in basis points necessary to compensate for BTC Risk over the instrument's duration. Issuer-level BTC Credit is the outstanding-weighted average across all instruments.
Σ(outstanding_i × rate_i)Total annual financing obligation across all BTC-connected instruments — coupon payments on convertibles and other debt, plus preferred dividends. Step-up preferreds use the current effective rate.
annual_debt_cost / btc_reserveAnnual return on BTC holdings needed to cover all financing costs. Lower is better — a 2% breakeven means BTC only needs to appreciate 2% annually to service the debt.
btc_reserve / annual_debt_costHow many years the BTC reserve could cover annual financing costs at current prices, assuming no BTC appreciation. Higher is better.
Illustrative snapshot — Dec 31, 2025
STRD preferred sits at rank 17 — the most junior position. 762,099 BTC at $67,306. Fiat reserve $2.30B. All 16 senior instruments total $16.74B. STRD has 14.02M shares × $100 face = $1.40B. Duration = 100 / 13.37% effective yield = 7.48 years.
Net claims = $18.14B − $2.30B fiat = $15.84B. BTC NAV ($51.3B) covers that 3.24×. BTC would need to fall below ~$20,786 for the rating to reach 1.0×. Under the GBM model (30% ARR, 45% vol), the probability of that over 7.48 years is 1.53%, translating to a 21 bps credit spread.
Metrics filter to one of two instrument scopes:
Instruments with proceeds earmarked for BTC acquisition or issued as part of the company's stated bitcoin strategy.
Amplification, Leverage, WAM, WAC, ITM%, Annual Coupon/Dividend Cost, BTC Breakeven ARR, BTC Years of Coverage
Full capital structure regardless of instrument purpose.
Dilution, FD Shares, FD Market Cap, FD mNAV, Sats Per Share, Total Debt, BTC Rating, BTC Risk, BTC Credit
Each issuer's metrics are computed in its stock currency. BTC holdings, outstanding amounts, and fiat reserves are converted using live FX rates. The home table converts all values to USD.
ADS / Depositary Receipts: When an ADS ratio applies, effective shares = basic shares / ADS ratio. Conversion prices reference the depositary share price.
Preferred Yield: Annual dividend per share / current market price — the yield at today's price, not the stated coupon on face value.
BTC Rating, Risk, and Credit are derived from a geometric Brownian motion (GBM) model applied to each instrument in the capital stack.
Model assumptions: BTC follows a lognormal price process with 30% annual expected return and 45% annual volatility. These are fixed defaults — not calibrated per issuer — and can overstate or understate risk depending on market conditions.
Capital stack walk: Instruments are sorted by seniority rank (most senior first, then by maturity within the same tier). Cumulative claims are tallied as the stack is traversed. Fiat reserves offset the most senior claims first, reducing net exposure.
Risk calculation: For each instrument, the model computes the probability that BTC price falls below its price floor before the instrument's duration expires: P(ln(S_T/S_0) < ln(floor/spot)) where ln(S_T/S_0) ~ N((μ − σ²/2)T, σ²T).
Credit spread: Converts BTC Risk into an annualized basis-point spread — the theoretical compensation an investor would require to bear the risk that BTC reserves become insufficient.
The Financials section on issuer pages shows reported balance sheet, income, and cash flow data. This is display-only — it does not feed computed metrics (those use event-driven snapshots).
Fiscal year labels (e.g., “Q3 FY2026”) refer to the company's fiscal year, which may not match the calendar year. The “As of” badge shows the actual period-end date.
Period comparisons (▲/▼) compare to the most recent prior period of the same type — quarterly vs quarterly, annual vs annual.