Vocabulary

Definitions of terms used across HodlBase Suite. Terms are stated generically and apply to the company or issuer in context.

For a more extensive vocabulary, see the glossary of Strategy at strategy.com/notes.

Amplification: Debt + Pref divided by the BTC Reserve.
ATM Capital Raised: The amount of capital raised through at-the-market (ATM) equity offering programs over a given period.
Avg. Trading Volume (30D): The average trading volume over 30 calendar days.
Basic Shares Outstanding: The actual class A common stock and class B common stock outstanding as of the dates presented.
BPS: Bitcoin Per Share (BPS) is the ratio between the company's bitcoin holdings and its Fully Diluted Shares Outstanding, expressed in Satoshi. A Satoshi (Sat) is one one-hundred-millionth of one bitcoin.
BTC: The total number of bitcoin held by the company as most recently reported in its public filings with the SEC. Shown in the suite as Bitcoin Holdings.
BTC Correlation: Statistical measure of how a security's price movements correlate with Bitcoin price movements over the preceding 90 trading days.
BTC Rating: For a preferred security or debt instrument: the ratio of (i) the BTC Reserve to (ii) the sum of the notional values of the instrument being rated and all instruments that are senior to it. For common stock: the ratio of (i) BTC Reserve less Debt less Pref plus USD Reserves to (ii) Market Cap. Does not represent a rating from any rating agency.
BTC Reserve: The market value of the company's BTC, calculated by multiplying bitcoin holdings by the BTC price. Shown in the suite as Bitcoin Reserve (USD).
Credit Spread: The yield spread of a security over a reference rate (e.g. AAA, SOFR, or US 10-year Treasury). In the suite, credit spread is shown versus AAA, SOFR, and US10Y.
Debt: The aggregate principal amount of the company's outstanding indebtedness as most recently reported in its public filings with the SEC.
Dividend Rate: The annual dividend rate of a preferred stock instrument, whether a fixed rate or, for floating-rate preferred, the current rate based on the rate most recently declared by the company's board of directors.
Duration: For preferred stock, the Macaulay Duration: the number of years equal to (1 + Effective Yield) / Effective Yield. For bonds, the sooner of stated maturity or the date the bond may become due upon exercise of a repurchase right by the holder.
Effective Yield: The annualized yield on a security based on its fixed or current dividend rate and its current price.
Enterprise Value: The sum of the company's common stock Market Cap, total Debt, and total Pref, less the company's most recently reported cash balance.
Fully Diluted Shares Outstanding: The aggregate of the company's Basic Shares Outstanding plus all additional shares from the assumed conversion of convertible notes and preferred stock, exercise of stock options, and settlement of RSUs and PSUs.
Historical Volatility (30D): Annualized standard deviation of the daily natural log return of a security over the last 30 trading days.
Macaulay Duration: For preferred stock, the number of years equal to (1 + Effective Yield) / Effective Yield. Measures sensitivity of price to yield.
Market Cap: Total market value of an asset; for a stock, the market value of all outstanding shares.
MC / BTC Reserve Ratio: The ratio of the company's common stock Market Cap to the BTC Reserve. Shown in the suite as MC / BTC Reserve Ratio.
mNAV: The multiple of the BTC Reserve, calculated as the company's enterprise value divided by the BTC Reserve. Although labelled "NAV", it is not equivalent to net asset value in the traditional sense.
Net Leverage: The difference of Debt less the dollar amount held in the USD Reserve, divided by the BTC Reserve.
Notional: The total face value (in USD) of shares or securities used as the basis for calculating dividends, interest, and related metrics.
Pref: The aggregate Notional value of the company's outstanding perpetual preferred stock as most recently reported in its public filings.
Preferred Market Cap: The total market value of all of the company's outstanding preferred shares. Shown in the suite as Preferreds : Total Market Cap or Pref Market Cap.
Preferred Shares Outstanding: The number of preferred shares outstanding as of the dates presented, as reported in the company's public filings.
Price: The latest traded price of a security. For common stock, often referred to as close price or stock price.
Shares per Bitcoin: The ratio of Fully Diluted Shares Outstanding (or Basic Shares Outstanding) to bitcoin holdings; the inverse of BPS. Shown in the suite as Shares/BTC.
Total Capital Raised: Cumulative capital raised from equity offerings (e.g. IPO, ATM) for the company or security over a period or since issuance.
Total Dividends Paid: The cumulative dividends paid by the company on its preferred stock (or on a specific preferred security) over a given period or since issuance.
Trading Volume: The total value or number of shares of a security traded over a given period (e.g. on-exchange volume in USD or in shares).
USD Reserve: The cash or cash equivalents on the company's balance sheet reserved for payment of dividends, as of the last reported date.

Vocabulary

Definitions of terms used across HodlBase Suite. Terms are stated generically and apply to the company or issuer in context.

For a more extensive vocabulary, see the glossary of Strategy at strategy.com/notes.

Amplification

Debt + Pref divided by the BTC Reserve.

ATM Capital Raised

The amount of capital raised through at-the-market (ATM) equity offering programs over a given period.

Avg. Trading Volume (30D)

The average trading volume over 30 calendar days.

Basic Shares Outstanding

The actual class A common stock and class B common stock outstanding as of the dates presented.

BPS

Bitcoin Per Share (BPS) is the ratio between the company's bitcoin holdings and its Fully Diluted Shares Outstanding, expressed in Satoshi. A Satoshi (Sat) is one one-hundred-millionth of one bitcoin.

BTC

The total number of bitcoin held by the company as most recently reported in its public filings with the SEC. Shown in the suite as Bitcoin Holdings.

BTC Correlation

Statistical measure of how a security's price movements correlate with Bitcoin price movements over the preceding 90 trading days.

BTC Rating

For a preferred security or debt instrument: the ratio of (i) the BTC Reserve to (ii) the sum of the notional values of the instrument being rated and all instruments that are senior to it. For common stock: the ratio of (i) BTC Reserve less Debt less Pref plus USD Reserves to (ii) Market Cap. Does not represent a rating from any rating agency.

BTC Reserve

The market value of the company's BTC, calculated by multiplying bitcoin holdings by the BTC price. Shown in the suite as Bitcoin Reserve (USD).

Credit Spread

The yield spread of a security over a reference rate (e.g. AAA, SOFR, or US 10-year Treasury). In the suite, credit spread is shown versus AAA, SOFR, and US10Y.

Debt

The aggregate principal amount of the company's outstanding indebtedness as most recently reported in its public filings with the SEC.

Dividend Rate

The annual dividend rate of a preferred stock instrument, whether a fixed rate or, for floating-rate preferred, the current rate based on the rate most recently declared by the company's board of directors.

Duration

For preferred stock, the Macaulay Duration: the number of years equal to (1 + Effective Yield) / Effective Yield. For bonds, the sooner of stated maturity or the date the bond may become due upon exercise of a repurchase right by the holder.

Effective Yield

The annualized yield on a security based on its fixed or current dividend rate and its current price.

Enterprise Value

The sum of the company's common stock Market Cap, total Debt, and total Pref, less the company's most recently reported cash balance.

Fully Diluted Shares Outstanding

The aggregate of the company's Basic Shares Outstanding plus all additional shares from the assumed conversion of convertible notes and preferred stock, exercise of stock options, and settlement of RSUs and PSUs.

Historical Volatility (30D)

Annualized standard deviation of the daily natural log return of a security over the last 30 trading days.

Macaulay Duration

For preferred stock, the number of years equal to (1 + Effective Yield) / Effective Yield. Measures sensitivity of price to yield.

Market Cap

Total market value of an asset; for a stock, the market value of all outstanding shares.

MC / BTC Reserve Ratio

The ratio of the company's common stock Market Cap to the BTC Reserve. Shown in the suite as MC / BTC Reserve Ratio.

mNAV

The multiple of the BTC Reserve, calculated as the company's enterprise value divided by the BTC Reserve. Although labelled "NAV", it is not equivalent to net asset value in the traditional sense.

Net Leverage

The difference of Debt less the dollar amount held in the USD Reserve, divided by the BTC Reserve.

Notional

The total face value (in USD) of shares or securities used as the basis for calculating dividends, interest, and related metrics.

Pref

The aggregate Notional value of the company's outstanding perpetual preferred stock as most recently reported in its public filings.

Preferred Market Cap

The total market value of all of the company's outstanding preferred shares. Shown in the suite as Preferreds : Total Market Cap or Pref Market Cap.

Preferred Shares Outstanding

The number of preferred shares outstanding as of the dates presented, as reported in the company's public filings.

Price

The latest traded price of a security. For common stock, often referred to as close price or stock price.

Shares per Bitcoin

The ratio of Fully Diluted Shares Outstanding (or Basic Shares Outstanding) to bitcoin holdings; the inverse of BPS. Shown in the suite as Shares/BTC.

Total Capital Raised

Cumulative capital raised from equity offerings (e.g. IPO, ATM) for the company or security over a period or since issuance.

Total Dividends Paid

The cumulative dividends paid by the company on its preferred stock (or on a specific preferred security) over a given period or since issuance.

Trading Volume

The total value or number of shares of a security traded over a given period (e.g. on-exchange volume in USD or in shares).

USD Reserve

The cash or cash equivalents on the company's balance sheet reserved for payment of dividends, as of the last reported date.