BTC Holdings
Total bitcoin held by the company, as reported in SEC filings.
Data Coverage
Comprehensive coverage of Bitcoin treasury companies and their digital credit instruments — with live metrics updated throughout the trading day.
3Companies
8Securities
45+Metrics
LiveReal-time
TimeseriesHistorical
Bitcoin Treasury Companies
Real-time snapshot of the companies we track, including their key treasury and capital-structure metrics.
Strategy Inc.
MSTRUS5 securities
Strategy pioneered the adoption of Bitcoin as a primary corporate treasury asset, amassing one of the world's largest holdings through innovative financing, and has pivoted to building a digital credit platform that issues Bitcoin-backed preferred equity to generate stable yields and transform Bitcoin into a capital markets tool.
BTC Holdings
₿ 766,970
BTC Reserve
$54.36B
Market Cap
$44.13B
Amplification
34.14%
Net Leverage
15.11%
mNAV
1.11x
Pref. Notional
$10.35B
Annual Dividends
$1.12B
Div. Coverage
48.5y
STRFSTRKSTRCSTRDSTRE
Strive Inc.
ASSTUS1 security
Strive Asset Management has transformed into a publicly traded Bitcoin treasury company focused on maximizing Bitcoin per share through efficient capital deployment, with a pivot to digital credit via preferred stock offerings to fund non-dilutive growth and set Bitcoin as the benchmark for value creation.
BTC Holdings
₿ 13,741
BTC Reserve
$973.93M
Market Cap
$708.89M
Amplification
44.79%
Net Leverage
1.03%
mNAV
1.03x
Pref. Notional
$426.27M
Annual Dividends
$54.35M
Div. Coverage
17.9y
SATA
Metaplanet Inc.
MTPLFJP2 securities
Metaplanet Inc., inspired by leading Bitcoin treasuries, has pivoted to Bitcoin as its core reserve asset, using equity raises, loans, and derivatives to accumulate significant holdings and generate income, with ambitions to hold a notable portion of Bitcoin's supply for long-term growth.
BTC Holdings
₿ 40,177
BTC Reserve
$2.85B
Market Cap
$2.55B
Amplification
13.91%
Net Leverage
8.60%
mNAV
1.03x
Pref. Notional
$151.10M
Annual Dividends
$7.29M
Div. Coverage
390.7y
MARSMERCURY
Strategy Inc.
MSTRUS5 securities
Strategy pioneered the adoption of Bitcoin as a primary corporate treasury asset, amassing one of the world's largest holdings through innovative financing, and has pivoted to building a digital credit platform that issues Bitcoin-backed preferred equity to generate stable yields and transform Bitcoin into a capital markets tool.
BTC Holdings
₿ 766,970
BTC Reserve
$54.36B
Market Cap
$44.13B
Amplification
34.14%
Net Leverage
15.11%
mNAV
1.11x
Pref. Notional
$10.35B
Annual Dividends
$1.12B
Div. Coverage
48.5y
STRFSTRKSTRCSTRDSTRE
Strive Inc.
ASSTUS1 security
Strive Asset Management has transformed into a publicly traded Bitcoin treasury company focused on maximizing Bitcoin per share through efficient capital deployment, with a pivot to digital credit via preferred stock offerings to fund non-dilutive growth and set Bitcoin as the benchmark for value creation.
BTC Holdings
₿ 13,741
BTC Reserve
$973.93M
Market Cap
$708.89M
Amplification
44.79%
Net Leverage
1.03%
mNAV
1.03x
Pref. Notional
$426.27M
Annual Dividends
$54.35M
Div. Coverage
17.9y
SATA
Metaplanet Inc.
MTPLFJP2 securities
Metaplanet Inc., inspired by leading Bitcoin treasuries, has pivoted to Bitcoin as its core reserve asset, using equity raises, loans, and derivatives to accumulate significant holdings and generate income, with ambitions to hold a notable portion of Bitcoin's supply for long-term growth.
BTC Holdings
₿ 40,177
BTC Reserve
$2.85B
Market Cap
$2.55B
Amplification
13.91%
Net Leverage
8.60%
mNAV
1.03x
Pref. Notional
$151.10M
Annual Dividends
$7.29M
Div. Coverage
390.7y
MARSMERCURY
Digital Credit Instruments
HodlBase provides comprehensive coverage of the emerging digital credit market — perpetual preferred securities and convertible bonds issued by Bitcoin treasury companies. Every instrument is tracked with live metric snapshots updated throughout the trading day, plus full historical time series for backtesting, research, and portfolio analytics. Below, each metric category outlines what we cover and shows the latest data side by side across all tracked securities.
Instrument Details
Core structural attributes of each preferred security, including dividend type (fixed vs floating), payment frequency, cumulative status, issue date, and current trading status. These details define the contractual terms investors receive and are essential for comparing instruments side by side.
Dividend TypePayment FrequencyCumulativeIssue DateStatus
| Instrument Details | | | | | | | |
|---|---|---|---|---|---|---|---|
| Dividend Type | FLOATING | FLOATING | FIXED | FIXED | FIXED | FIXED | FIXED |
| Payment Frequency | MONTHLY | MONTHLY | QUARTERLY | QUARTERLY | QUARTERLY | QUARTERLY | QUARTERLY |
| Cumulative | Yes | Yes | Yes | Yes | No | Yes | Yes |
| Issue Date | 2025-07-24 | 2025-11-09 | 2025-03-25 | 2025-01-30 | 2025-06-05 | 2025-11-13 | 2025-12-29 |
| Status | ACTIVE | ACTIVE | ACTIVE | ACTIVE | ACTIVE | ACTIVE | ACTIVE |
Fundamental Metrics
A real-time view of each security's market pricing and valuation. Track the latest close price, effective yield, total market capitalization, par-based notional value, the current dividend rate, and shares outstanding. Everything you need to assess how the market values each instrument relative to its structure.
Close PriceEffective YieldMarket CapNotional ValueDividend RateShares Outstanding
| Fundamental Metrics | | | | | |
|---|---|---|---|---|---|
| Close Price | $100.00 | $98.01 | $96.50 | $71.88 | $74.45 |
| Effective Yield | 11.50% | 13.01% | 10.36% | 11.13% | 13.43% |
| Market Cap | $5.35B | $417.79M | $1.24B | $1.01B | $1.04B |
| Notional Value | $5.35B | $426.27M | $1.28B | $1.40B | $1.40B |
| Dividend Rate | 11.50% | 12.75% | 10.00% | 8.00% | 10.00% |
| Shares Outstanding | 53.55M | 4.26M | 12.84M | 14.02M | 14.02M |
Volume Metrics
Liquidity matters. Track daily trading volume in both shares and currency terms, volume traded above par value, 30-day rolling averages, volume-weighted average price (VWAP), and cumulative lifetime volume. These metrics help you assess market depth, investor demand, and how actively each instrument trades.
Daily VolumeDaily Volume Above ParAverage 30-Day VolumeVWAPCumulative VolumeCumulative Volume Above Par
| Volume Metrics | | | | | |
|---|---|---|---|---|---|
| Daily Volume | $333.16M | $7.88M | $11.87M | $8.53M | $8.06M |
| Daily Volume Above Par | $295.97M | $0.00 | $0.00 | $0.00 | $0.00 |
| Average 30-Day Volume | $264.06M | $16.96M | $11.00M | $13.41M | $8.49M |
| VWAP | $100.00 | $97.81 | $97.00 | $71.89 | $74.71 |
| Cumulative Volume | $20.46B | $1.32B | $6.16B | $7.16B | $3.61B |
| Cumulative Volume Above Par | $5.11B | $5.69M | $4.22B | $2.21B | $0.00 |
ATM & Capital Metrics
At-the-market (ATM) issuance is a key capital-raising mechanism for Bitcoin treasury companies. These metrics track how much capital each preferred security has raised cumulatively and year-to-date through ATM programs, total dividends paid back to investors, and the amount of Bitcoin accumulated from issuance proceeds, connecting capital markets activity directly to BTC acquisition strategy.
Cumulative Capital RaisedCumulative ATM Capital RaisedTotal Dividends PaidATM Capital Raised (YTD)Total Bitcoin Accumulated
| ATM & Capital Metrics | | | | | |
|---|---|---|---|---|---|
| Cumulative Capital Raised | $5.03B | $359.33M | $1.19B | $1.24B | $1.16B |
| Cumulative ATM Capital Raised | $2.55B | $1.23M | $480.00M | $667.62M | $184.30M |
| Total Dividends Paid | $233.62M | $6.19M | $84.81M | $87.68M | $74.26M |
| ATM Capital Raised (YTD) | $2.39B | $0.00 | $0.00 | $3.40M | $0.00 |
| Total Bitcoin Accumulated | ₿ 55,359 | ₿ 1,592 | ₿ 12,559 | ₿ 12,312 | ₿ 11,278 |
Credit Quality
HodlBase's proprietary credit quality metrics measure how well each preferred security is backed by the issuer's Bitcoin reserve. The Bitcoin Rating and Pure Bitcoin Rating quantify BTC coverage relative to the instrument's notional and all higher-seniority obligations, while the Higher Seniority Notional shows the total debt and preferred capital ranking above each security in the capital stack.
Bitcoin RatingPure Bitcoin RatingHigher Seniority Notional
| Credit Quality | | | | | |
|---|---|---|---|---|---|
| Bitcoin Rating | 4.3 | 3.5 | 7.5 | 3.7 | 3.4 |
| Pure Bitcoin Rating | 3.7 | 2.3 | 5.7 | 3.2 | 3.0 |
| Higher Seniority Notional | $14.85B | $426.27M | $9.50B | $17.03B | $18.43B |
Credit Spreads
Credit spreads measure the yield premium investors earn above risk-free or benchmark rates. HodlBase calculates spreads versus the U.S. 10-Year Treasury, SOFR (Secured Overnight Financing Rate), and the AAA corporate bond index, giving you a clear picture of how the market prices the credit risk of each preferred security relative to traditional fixed-income benchmarks.
Credit Spread vs AAACredit Spread vs SOFRCredit Spread vs US 10Y
| Credit Spreads | | | | | |
|---|---|---|---|---|---|
| Credit Spread vs AAA | 6.02% | 7.53% | 4.88% | 5.65% | 7.95% |
| Credit Spread vs SOFR | 7.88% | 9.39% | 6.74% | 7.51% | 9.81% |
| Credit Spread vs US 10Y | 7.17% | 8.68% | 6.03% | 6.80% | 9.10% |
Advanced Metrics
Advanced analytics for deeper quantitative analysis. Macaulay Duration measures each security's price sensitivity to yield changes, while the 90-day correlations (both price-level and log-return) with Bitcoin reveal how closely each instrument tracks BTC movements. The 30-day historical volatility captures recent price variability, useful for risk management and portfolio construction.
Macaulay Duration90-Day BTC Price Correlation30-Day Historical Volatility90-Day BTC Return Correlation
| Advanced Metrics | | | | | |
|---|---|---|---|---|---|
| Macaulay Duration | 9.70 yrs | 8.69 yrs | 10.65 yrs | 9.98 yrs | 8.45 yrs |
| 90-Day BTC Price Correlation | -26.74% | 2.67% | 74.94% | 84.77% | 41.16% |
| 30-Day Historical Volatility | 1.64% | 14.62% | 18.07% | 29.16% | 19.44% |
| 90-Day BTC Return Correlation | 69.88% | 63.33% | 64.63% | 70.43% | 61.55% |
API coverage
Glossary of company and security metrics available via the API
Company metrics
Fundamental Metrics
BTC Reserve
Market value (USD) of the company's BTC (holdings × BTC price).
BTC per Share
Bitcoin holdings ÷ Fully Diluted Shares Outstanding, expressed in satoshi.
Enterprise Value
Market Cap + Debt + Pref, less cash denominated in USD.
mNAV
Enterprise value ÷ BTC Reserve.
Common Equity
Common Stock Price
Latest traded price (close price) of the common stock.
Market Cap
Total market value of all outstanding common shares.
Basic Shares Outstanding
Actual class A and class B common stock outstanding.
Fully Diluted Shares Outstanding
Basic shares outstanding plus shares from conversion, options, RSUs, and PSUs.
Shares per BTC
Fully diluted shares divided by BTC holdings.
Capital Structure & Leverage
Debt Outstanding
Aggregate principal amount of outstanding debt, as reported in SEC filings, denominated in USD.
Amplification
(Total debt outstanding + total preferred notional) divided by BTC Reserve.
Net Leverage
(Total debt outstanding − USD Reserve) ÷ BTC Reserve.
Gross Leverage
Debt ÷ BTC Reserve.
Preferred Amplification
Total Preferred Notional divided by BTC Reserve.
Digital Credit Aggregates
Total Preferred Notional
Aggregate notional value of outstanding perpetual preferred stock, as reported, denominated in USD.
Total Preferred Market Cap
Total market value of all outstanding preferred shares.
Total Dividends Paid
Cumulative dividends paid on preferred stock since issuance, denominated in USD.
USD Cash Reserve
Cash or cash equivalents reserved for dividend payments, as of last reported date.
Dividends & Coverage
Annual Preferred Dividends
Total annual dividend obligation for all preferred securities / bonds in USD
Annual Dividends (Total)
Combined annual cash obligations to preferred shareholders and convertible bondholders, denominated in USD.
BTC Years Dividend Coverage
Number of years of total annual dividends covered by the BTC reserve
USD Months Dividend Coverage
Number of months of total annual dividends covered by USD cash reserves
Volatility
BTC 7-Day Historical Volatility
Annualized BTC volatility over 7 days
BTC 30-Day Historical Volatility
Annualized BTC volatility over 30 days
Other
Bitcoins Bought YTD
Net bitcoin purchased by the company year-to-date, based on reported transactions.
Capital Raised YTD
Capital raised through at-the-market (ATM) common and preferred equity programs, year-to-date.
Security metrics
Fundamental Metrics
Close Price
Latest traded price of the security.
Effective Yield
Annualized yield based on dividend rate and current price.
Market Cap
Total market value of all outstanding shares of the security.
Notional Value
Face value (USD) of the security used as the basis for dividends, interest, and related metrics.
Dividend Rate
Annual dividend rate (fixed or current floating rate as declared by the board).
Shares Outstanding
Total preferred shares outstanding
Credit Quality
Bitcoin Rating
BTC Rating adjusted for the company's USD reserve. Does not represent a rating from any agency.
Pure Bitcoin Rating
BTC Reserve divided by the total notional of the rated instrument plus all senior and certain pari passu earlier-maturing or putable liabilities
Higher Seniority Notional
Sum of preferred notionals and maturity debt at or above this seniority level of the respective preferred security
ATM & Capital Metrics
Cumulative Capital Raised
Total capital raised for the security, including IPO proceeds and ATM issuances.
Cumulative ATM Capital Raised
Cumulative capital raised through at-the-market (ATM) equity programs.
Total Dividends Paid
Cumulative dividends paid on this preferred security over the period or since issuance.
ATM Capital Raised (YTD)
Year-to-date net proceeds from ATM issuances
Total Bitcoin Accumulated
Total BTC accumulated from all issuances since inception.
Volume Metrics
Daily Volume
Daily trading volume in USD.
Daily Volume Above Par
Daily trading volume in USD at and above par.
Average 30-Day Volume
Average trading volume (USD) over 30 calendar days.
VWAP
Volume Weighted Average Price over time.
Cumulative Volume
Total volume traded (USD) since inception, for the security.
Cumulative Volume Above Par
Cumulative currency volume above par over time.
Credit Spreads
Credit Spread vs AAA
Yield spread of this security over the AAA reference rate.
Credit Spread vs SOFR
Yield spread of this security over SOFR.
Credit Spread vs US 10Y
Yield spread of this security over the U.S. 10-year Treasury.
Advanced Metrics
Macaulay Duration
(1 + Effective Yield) ÷ Effective Yield, in years. Measures price sensitivity to yield.
90-Day BTC Price Correlation
Rolling 90-day correlation of this security's price with Bitcoin (price levels).
30-Day Historical Volatility
Annualized standard deviation of daily log return over the last 30 trading days.
90-Day BTC Return Correlation
90-day rolling log-return correlation with Bitcoin