BTC credit ratings, risk analysis, and fleet coverage
Per-instrument BTC coverage, risk probability, and credit spread100 instruments
| # | Label | Issuer | Type | Outstanding | mNAV | Maturity | BTC Rating | Price Floor | Duration | BTC Risk | ▼BTC Credit |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | BMAX-Jun28 | 377030 | Conv | $26.6M | 1.38x | 2028-06-20 | 1.0x | $75K | 0.0y | 67.2% | >9,999 bps |
| 2 | BMAX-Jul28 | 377030 | Conv | $33.2M | 1.38x | 2028-07-14 | 0.5x | $135.2K | 0.0y | 100.0% | >9,999 bps |
| 3 | DEVS-Jan27 | DEVS | Conv | $10M | 0.95x | 2027-01-18 | 0.2x | $413.2K | 0.6y | 100.0% | >9,999 bps |
| 4 | HAMA-Dec26 | HAMA | Conv | $3.4M | 3.52x | 2026-12-04 | 0.6x | $127.7K | 0.5y | 91.9% | >9,999 bps |
| 5 | DJT-May28 | DJT | Conv | $941.9M | 3.97x | 2028-05-29 | 0.9x | $84.6K | 0.5y | 55.3% | >9,999 bps |
| 6 | IPW-Dec27 | IPW | Conv | $3.7M | 1.36x | 2027-12-23 | 0.7x | $111.1K | 1.6y | 57.3% | 5,439 bps |
| 7 | MATA-Dec27 | MATA.V | Conv | $10.5M | 0.41x | 2027-12-07 | 1.2x | $59.8K | 1.5y | 18.1% | 1,308 bps |
| 8 | BTCW-Dec29 | BTCW | Conv | $1.4M | 1.49x | 2029-12-30 | 1.0x | $72.4K | 3.6y | 19.7% | 611 bps |
| 9 | LGHL-Jun28 | LGHL | Conv | $24.4M | 0.52x | 2028-06-23 | 1.5x | $49.9K | 2.1y | 10.9% | 559 bps |
| 10 | LMFA-Mar26 | LMFA | Other | $1.5M | 0.15x | 2026-06-30 | 1.4x | $53K | 0.1y | 0.5% | 536 bps |
| 11 | MARA-Aug32 | MARA | Conv | $1B | 2.43x | 2032-08-01 | 1.5x | $50.4K | 3.6y | 10.1% | 295 bps |
| 12 | 3189-NP | 3189 | Other | $50.1M | 0.37x | 2027-08-31 | 2.0x | $37.1K | 1.3y | 3.2% | 263 bps |
| 13 | SQNS-Jul28 | SQNS | Conv | $94.5M | 0.43x | 2028-07-07 | 1.9x | $37.9K | 2.1y | 4.9% | 240 bps |
| 14 | CPTLB-A05 | ALCPB.PA | Conv | $7.6M | 1.29x | 2030-07-31 | 1.8x | $39.8K | 4.2y | 5.9% | 144 bps |
| 15 | Kraken BTC-Collateralized Loan | NAKA | Other | $210M | 0.33x | 2026-12-04 | 2.0x | $36.7K | 0.5y | 0.7% | 136 bps |
| 16 | CPTLB-B04 | ALCPB.PA | Conv | $5.9M | 1.29x | 2030-06-30 | 2.0x | $37.2K | 4.1y | 5.1% | 127 bps |
| 17 | CPTLB-A04 | ALCPB.PA | Conv | $5.8M | 1.29x | 2030-06-30 | 2.1x | $35.2K | 4.1y | 4.5% | 112 bps |
| 18 | DJT-WC-TL | DJT | Other | $5.5M | 3.97x | Perp | 0.9x | $85.2K | 10.0y | 9.8% | 103 bps |
| 19 | CPTLB-A03 | ALCPB.PA | Conv | $7M | 1.29x | 2030-06-12 | 2.2x | $33.2K | 4.0y | 3.9% | 98 bps |
| 20 | CPTLB-B02C | ALCPB.PA | Conv | $2.8M | 1.29x | 2030-06-12 | 2.4x | $30.9K | 4.0y | 3.3% | 82 bps |
| 21 | CPTLB-B03 | ALCPB.PA | Conv | $5.4M | 1.29x | 2030-05-26 | 2.5x | $29.9K | 4.0y | 3.0% | 76 bps |
| 22 | BTCW-UCoin | BTCW | Other | $12.6M | 1.49x | Perp | 1.1x | $65.3K | 10.0y | 7.0% | 72 bps |
| 23 | CPTLB-B02B | ALCPB.PA | Conv | $67.9M | 1.29x | 2030-05-26 | 2.6x | $28.1K | 4.0y | 2.6% | 65 bps |
| 24 | MARA-Sep31 | MARA | Conv | $300M | 2.43x | 2031-09-01 | 3.1x | $23.9K | 2.8y | 1.3% | 47 bps |
| 25 | NCTY-EF | NCTY | Other | $21M | 3.31x | Perp | 1.6x | $47.1K | 10.0y | 4.4% | 45 bps |
| 26 | BTCT-Jun30 | BTCT | Conv | $18.1M | 0.63x | 2030-06-23 | 3.1x | $23.9K | 2.1y | 0.9% | 43 bps |
| 27 | VANA-Tkn26 | VANA | Other | $9.3M | 0.50x | Perp | 1.7x | $43.7K | 10.0y | 3.9% | 40 bps |
| 28 | 3189-Dec35 | 3189 | Conv | $5M | 0.37x | 2035-12-03 | 1.8x | $40.6K | 9.5y | 3.7% | 40 bps |
| 29 | LMFA-Galaxy | LMFA | Other | $11M | 0.15x | 2026-06-26 | 1.5x | $48.6K | 0.1y | 0.0% | 33 bps |
| 30 | GPUS-SerE | GPUS | Pref | $16.3M | 1.35x | Perp | 2.2x | $34K | 10.0y | 2.6% | 27 bps |
| 31 | SATA | ASST | Pref | $437.3M | 1.21x | Perp | 2.9x | $25.2K | 7.7y | 1.9% | 25 bps |
| 32 | H100-T7 | H100 | Conv | $23.8M | 0.70x | 2030-07-09 | 3.8x | $19.5K | 4.1y | 0.9% | 23 bps |
| 33 | STRD | MSTR | Pref | $1.4B | 0.96x | Perp | 3.5x | $21.1K | 7.0y | 1.3% | 19 bps |
| 34 | NDA-CF | NDA | Other | $9.5M | 2.83x | Perp | 3.3x | $22K | 10.0y | 1.3% | 13 bps |
| 35 | STRK | MSTR | Pref | $1.4B | 0.96x | Perp | 3.8x | $19.4K | 8.8y | 1.1% | 12 bps |
| 36 | BLSH-BO | BLSH | Other | $505.6M | 3.64x | Perp | 3.7x | $19.9K | 10.0y | 1.0% | 10 bps |
| 37 | DMGI-Sygnum | DMGI | Other | $9.4M | 1.46x | Perp | 3.7x | $19.9K | 10.0y | 1.0% | 10 bps |
| 38 | STRC | MSTR | Pref | $6.4B | 0.96x | Perp | 4.4x | $16.6K | 8.7y | 0.8% | 9 bps |
| 39 | STRE | MSTR | Pref | $902.4M | 0.96x | Perp | 4.1x | $17.7K | 10.0y | 0.8% | 8 bps |
| 40 | GPUS-SerD | GPUS | Pref | $3.4M | 1.35x | Perp | 7.4x | $10K | 6.8y | 0.2% | 3 bps |
| 41 | STRF | MSTR | Pref | $1.3B | 0.96x | Perp | 8.3x | $8.8K | 9.8y | 0.2% | 2 bps |
| 42 | PNIX-AMINA | PNIX | Other | $3M | 0.61x | Perp | 8.6x | $8.5K | 10.0y | 0.2% | 2 bps |
| 43 | LMFA-Sep27 | LMFA | Other | $2M | 0.15x | 2027-09-15 | 4.5x | $16.3K | 1.3y | 0.0% | 2 bps |
| 44 | MARA-Jun31 | MARA | Conv | $291.6M | 2.43x | 2031-06-01 | 4.5x | $16.2K | 1.0y | 0.0% | 1 bps |
| 45 | Mercury | 3350.T | Pref | $148.2M | 0.90x | Perp | 7.2x | $10.3K | 20.4y | 0.1% | 1 bps |
| 46 | 3350-CFB | 3350.T | Other | $130M | 0.90x | Perp | >10x | $5.3K | 10.0y | 0.1% | 1 bps |
| 47 | 3350-CFC | 3350.T | Other | $50M | 0.90x | Perp | >10x | $6.6K | 10.0y | 0.1% | 1 bps |
| 48 | OBTC3-Oct30 | OBTC3 | Conv | $25.4M | 0.85x | 2030-10-07 | >10x | $6.8K | 4.4y | 0.0% | 1 bps |
| 49 | SWC-CF01 | SWC | Other | $16.2M | 0.85x | Perp | >10x | $5.1K | 10.0y | 0.1% | 1 bps |
| 50 | FLD-SATS27 | FLD | Other | $13M | 1.22x | 2027-02-26 | 4.0x | $18.6K | 0.7y | 0.0% | 1 bps |
| 51 | MSTR-Dec29 | MSTR | Conv | $3B | 0.96x | 2029-12-01 | >10x | $2.1K | 2.0y | 0.0% | 0 bps |
| 52 | MSTR-Mar30B | MSTR | Conv | $2B | 0.96x | 2030-03-01 | >10x | $5.6K | 1.8y | 0.0% | 0 bps |
| 53 | MSTR-Sep28 | MSTR | Conv | $1B | 0.96x | 2028-09-15 | >10x | $0 | 1.3y | 0.0% | 0 bps |
| 54 | MSTR-Mar30A | MSTR | Conv | $800M | 0.96x | 2030-03-15 | >10x | $3.1K | 2.3y | 0.0% | 0 bps |
| 55 | MSTR-Jun32 | MSTR | Conv | $800M | 0.96x | 2032-06-15 | >10x | $7.3K | 3.0y | 0.0% | 0 bps |
| 56 | MARA-Mar30 | MARA | Conv | $632.5M | 2.43x | 2030-03-01 | 8.5x | $8.6K | 1.5y | 0.0% | 0 bps |
| 57 | MSTR-Mar31 | MSTR | Conv | $603.8M | 0.96x | 2031-03-15 | >10x | $6.3K | 2.3y | 0.0% | 0 bps |
| 58 | XXI-Dec30 | XXI | Conv | $486.5M | 1.00x | 2030-12-01 | 8.7x | $8.5K | 2.5y | 0.0% | 0 bps |
| 59 | MARA-LOC1 | MARA | Other | $200M | 2.43x | Perp | >10x | $0 | 10.0y | 0.0% | 0 bps |
| 60 | GEMI-RWF | GEMI | Other | $154.4M | 1.57x | 2027-11-15 | >10x | $0 | 1.5y | 0.0% | 0 bps |
| 61 | 3350-CFA | 3350.T | Other | $100M | 0.90x | Perp | >10x | $2.1K | 10.0y | 0.0% | 0 bps |
| 62 | BRR-Dec28 | BRR | Conv | $100M | 0.47x | 2028-12-05 | >10x | $5.1K | 2.5y | 0.0% | 0 bps |
| 63 | GEMI-NYDIG | GEMI | Other | $75M | 1.57x | 2026-06-30 | >10x | $0 | 0.1y | 0.0% | 0 bps |
| 64 | CAN-BTCLoan | CAN | Other | $52.2M | 3.08x | Perp | >10x | $0 | 10.0y | 0.0% | 0 bps |
| 65 | EMPD-MRA25 | EMPD | Other | $50M | 0.66x | 2026-08-31 | 6.9x | $10.7K | 0.3y | 0.0% | -0 bps |
| 66 | MARA-Dec26 | MARA | Conv | $48.1M | 2.43x | 2026-12-01 | >10x | $0 | 0.5y | 0.0% | 0 bps |
| 67 | MSTR-CL26 | MSTR | Other | $31.1M | 0.96x | 2026-12-31 | >10x | $0 | 0.6y | 0.0% | 0 bps |
| 68 | CANG-Apr28 | CANG | Other | $30.6M | 2.45x | 2028-04-30 | >10x | $0 | 1.9y | 0.0% | 0 bps |
| 69 | DDC-Jul27 | DDC | Conv | $26.3M | 0.40x | 2027-07-01 | 9.0x | $8.2K | 1.1y | 0.0% | 0 bps |
| 70 | BMAX-Feb28 | 377030 | Conv | $16.6M | 1.38x | 2028-02-13 | 8.4x | $8.7K | 0.0y | 0.0% | 0 bps |
| 71 | CPTLB-B01 | ALCPB.PA | Conv | $16.5M | 1.29x | 2030-03-06 | >10x | $5K | 3.8y | 0.0% | 0 bps |
| 72 | SWC-Aug26 | SWC | Conv | $13.1M | 0.85x | 2026-08-06 | 7.4x | $9.9K | 0.2y | 0.0% | -0 bps |
| 73 | GPUS-Nov27 | GPUS | Conv | $12.8M | 1.35x | 2027-11-30 | >10x | $0 | 1.5y | 0.0% | 0 bps |
| 74 | GEMI-Galaxy | GEMI | Other | $12.5M | 1.57x | Perp | >10x | $0 | 10.0y | 0.0% | 0 bps |
| 75 | ASST-Aug30 | ASST | Conv | $10M | 1.21x | 2030-08-01 | >10x | $0 | 4.2y | 0.0% | 0 bps |
| 76 | ASST-Loan | ASST | Other | $10M | 1.21x | Perp | >10x | $0 | 10.0y | 0.0% | 0 bps |
| 77 | FLD-TP26 | FLD | Other | $10M | 1.22x | 2026-10-01 | >10x | $2.8K | 0.3y | 0.0% | -0 bps |
| 78 | CANG-Apr28A | CANG | Conv | $10M | 2.45x | 2028-04-01 | >10x | $0 | 1.8y | 0.0% | 0 bps |
| 79 | BMAX-Mar28 | 377030 | Conv | $10M | 1.38x | 2028-03-15 | 2.7x | $26.8K | 0.0y | 0.0% | -0 bps |
| 80 | MSTR-TL27 | MSTR | Other | $9.2M | 0.96x | 2027-06-01 | >10x | $0 | 1.0y | 0.0% | 0 bps |
| 81 | 3189-Jun27 | 3189 | Other | $7.2M | 0.37x | 2027-06-02 | >10x | $2.1K | 1.0y | 0.0% | -0 bps |
| 82 | BLSH-XRP | BLSH | Other | $5.6M | 3.64x | 2027-09-01 | >10x | $0 | 1.3y | 0.0% | 0 bps |
| 83 | UUU-KfW | UUU | Other | $5.5M | 1.40x | Perp | >10x | $0 | 10.0y | 0.0% | 0 bps |
| 84 | USBC-Mar27 | USBC | Other | $5M | 1.95x | 2027-03-18 | >10x | $902.00 | 0.8y | 0.0% | -0 bps |
| 85 | LMFA-Aug26 | LMFA | Other | $5M | 0.15x | 2026-08-06 | 7.0x | $10.5K | 0.2y | 0.0% | -0 bps |
| 86 | GPUS-Ault | GPUS | Other | $3.6M | 1.35x | Perp | >10x | $4.9K | 10.0y | 0.1% | 0 bps |
| 87 | UUU-Würz29 | UUU | Other | $3.5M | 1.40x | 2029-07-30 | >10x | $0 | 3.2y | 0.0% | 0 bps |
| 88 | 288330-CB1 | 288330 | Conv | $3.3M | 2.02x | 2028-07-01 | >10x | $0 | 2.1y | 0.0% | 0 bps |
| 89 | BTCW-May28 | BTCW | Conv | $3M | 1.49x | 2028-05-01 | >10x | $3.4K | 1.9y | 0.0% | 0 bps |
| 90 | LGHL-Jan28 | LGHL | Conv | $2.1M | 0.52x | 2028-01-23 | >10x | $0 | 1.6y | 0.0% | 0 bps |
| 91 | IMG-Aug27 | IMG | Conv | $1.6M | 0.03x | 2027-08-12 | >10x | $2.1K | 1.2y | 0.0% | 0 bps |
| 92 | Pref A | BTC AB | Pref | $783.5K | 0.76x | Perp | >10x | $4.3K | 10.0y | 0.0% | 0 bps |
| 93 | LGHL-May28 | LGHL | Conv | $750K | 0.52x | 2028-05-23 | >10x | $0 | 2.0y | 0.0% | 0 bps |
| 94 | XCE-Dec26 | XCE | Conv | $733.6K | 2.22x | 2026-12-31 | 6.3x | $11.7K | 0.6y | 0.0% | 0 bps |
| 95 | FRAG-Nov30 | FRAG | Conv | $648.6K | 2.83x | 2030-11-30 | >10x | $0 | 4.5y | 0.0% | 0 bps |
| 96 | BTCX-Aug26 | BTCX | Conv | $540.5K | 3.12x | 2026-08-31 | 4.0x | $18.1K | 0.3y | 0.0% | 0 bps |
| 97 | HODL-BBL | HODL | Other | $347.2K | 1.10x | 2029-12-24 | >10x | $2.1K | 3.6y | 0.0% | 0 bps |
| 98 | HODL-Dec28 | HODL | Conv | $154.1K | 1.10x | 2028-12-04 | >10x | $3K | 2.5y | 0.0% | 0 bps |
| 99 | 3350-Apr27 | 3350.T | Other | $50.2M | 0.90x | 2027-04-23 | --- | --- | --- | --- | --- |
| 100 | UUU-Lang | UUU | Other | $42.8M | 1.40x | Perp | --- | --- | --- | --- | --- |