Methodology

Convertible Monitor tracks how bitcoin treasury companies structure debt and preferred instruments. All metrics are derived mechanically from disclosed inputs — no forecasts, probabilities, or assumptions about issuer actions.

Reserve & Equity Inputs

BTC Reserve

btc_holdings × btc_price

Holdings from filings; price is the live market rate.

Fiat Reserve

Reported cash and cash equivalents. Does not include restricted cash or other assets.

Total Reserve

btc_reserve + fiat_reserve

Combined value of bitcoin holdings and cash.

Market Cap

shares_outstanding × share_price

Share price from live stock quotes; shares outstanding from latest filing.

BTC Per Share

btc_holdings / shares_outstanding

Bitcoin exposure per equity share.

Analytical Metrics

mNAV

market_cap / (btc_holdings × btc_price)

Market cap relative to BTC reserve value. Above 1.0× = premium to BTC value.

Leverage

(conv + other_debt) / total_reserve × 100

Debt load as a percentage of total reserves. Explicitly excludes preferred equity.

Amplification

(conv + prefs + other_debt) / total_reserve × 100

Like Leverage, but includes preferred equity — captures the full capital structure above reserves.

Weighted-Avg Maturity

Σ(outstanding_i × maturity_i) / Σ(outstanding_i)

Across convertibles and other debt, weighted by outstanding amount. Preferreds are excluded (typically perpetual).

Weighted-Avg Conversion Price

Σ(outstanding_i × conv_price_i) / Σ(outstanding_i)

Outstanding-weighted average of stated conversion prices. Convertibles only.

ITM%

(stock_price − wt_avg_conv_price) / wt_avg_conv_price × 100

Signed percentage: positive = in the money, negative = out of the money.

Dilution if Full Conversion

Σ(outstanding_i / conv_price_i) / shares_outstanding × 100

Percentage increase in shares assuming full conversion of all outstanding convertibles. No probability weighting.

Glossary

Debt: Interest-bearing liabilities: convertibles and other loans/notes. Preferred equity is excluded.
BTC Reserve: Market value of bitcoin held (holdings × price).
Fiat Reserve: Most recently reported cash and cash equivalents.
Total Reserve: BTC reserve plus fiat reserve.
Market Cap: Shares outstanding × share price.
mNAV: Market capitalisation divided by BTC reserve value.
Leverage: Convertible and other debt divided by total reserve. Excludes preferreds.
Amplification: Total debt plus preferred equity, divided by total reserve.
Weighted-Avg Maturity: Outstanding-weighted average maturity across convertibles and other debt.
Weighted-Avg Conversion Price: Outstanding-weighted average conversion price across convertibles.
ITM%: Signed percentage showing how far the stock price is above or below the weighted-average conversion price.
Dilution: Percentage increase in shares outstanding if all convertibles are fully converted.

Data & Coverage

Scope

Bitcoin treasury companies that use debt or debt-like instruments to increase bitcoin exposure over time.

Sources

Annual and quarterly filings, current reports, prospectuses, investor materials, reputable news coverage, and on-chain data where applicable.

Instruments

Convertible debt, other debt, and preferred equity instruments that affect capital structure.

Update Cadence

Updated as new disclosures become available — new issuances, redemptions, conversions, or changes to outstanding amounts or terms.

Limitations

Data accuracy depends on issuer disclosures and may be affected by reporting frequency. Total reserve reflects only disclosed BTC holdings and cash equivalents; other reserve assets or restricted balances 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.