Terminology
Debt refers to interest-bearing liabilities, including convertibles and other loans/notes. Preferred equity is excluded.
BTC reserve is the market value of bitcoin held, i.e. reported holdings × current bitcoin price.
Fiat reserve is the most recently reported cash and cash equivalents.
Total reserve is the sum of BTC reserve and fiat reserve.
Leverage is defined as total outstanding debt divided by total reserve.
Amplification is defined as total outstanding debt plus preferred equity, divided by total reserve.
Weighted-average maturity is the outstanding-weighted average of stated maturities across convertible instruments only.
Weighted-average conversion price is the outstanding-weighted average of stated conversion prices across convertible instruments only.
In-the-money indicates whether the current equity price exceeds the weighted-average conversion price of outstanding convertibles.
Dilution if full conversion is the percentage increase in shares outstanding assuming full conversion of all outstanding convertibles.
Overview
Convertible Monitor tracks how select bitcoin treasury companies structure debt (including convertibles) and preferred instruments. The goal is to provide a consistent, mechanical view of leverage, dilution, and maturity profiles based on publicly available disclosures.
Scope
Coverage focuses on bitcoin treasury companies that use debt or debt-like instruments to increase bitcoin exposure over time.
Data sources
Data is sourced from publicly available disclosures and other verifiable sources, including annual and quarterly filings, current reports, prospectuses, investor materials, reputable news coverage, and on-chain data where applicable (primarily for bitcoin holdings).
Update cadence
Data is updated as new disclosures become available, including new issuances, redemptions, conversions, or changes to outstanding amounts or terms.
Instrument coverage
Coverage includes convertible debt, other debt, and preferred equity instruments that affect capital structure. Instruments are tracked based on disclosed terms and outstanding amounts.
Metric construction
Metrics displayed on issuer pages are derived mechanically from disclosed inputs. Calculations are based on stated terms and outstanding amounts and do not incorporate forecasts, probabilities, or assumptions about issuer actions.
Limitations
Data accuracy depends on issuer disclosures and may be affected by reporting frequency. Total reserve reflects only disclosed BTC holdings and disclosed cash and cash equivalents; other reserve assets or restricted balances, if any, are not included.
Disclaimer
Convertible Monitor is an informational resource only. It does not provide investment advice, valuations, or recommendations. All figures should be independently verified against original source documents.