Methodology

Convertible Monitor tracks active and historical convertible bond structures for selected Bitcoin treasury companies.

Scope

• Active and historical convertible bonds only
• No bank debt, preferreds, or other financing unless noted
• Manual data entry and review

Risk score

The Convertible Risk Score (1–100) assesses the risk that equity-linked financing structures may impair a company’s Bitcoin treasury. This includes the potential for forced Bitcoin sales, constrained balance-sheet flexibility, and unfavorable capital structure dynamics.

The score is not a traditional dilution metric, nor a quantitative model output. It reflects a qualitative assessment of how convertible financing interacts with a company’s Bitcoin treasury strategy and capital structure, and should not be interpreted as investment advice.

Dates

Event dates reflect when a financing action occurred. Disclosure dates may differ and are reflected in the source document.

Risk tiers

• VERY LOW
• No active convertibles or structures that pose a material risk to the company’s Bitcoin treasury under foreseeable conditions.
• LOW
• Limited convertible exposure with long duration and high flexibility; unlikely to force asset sales or constrain treasury strategy.
• MODERATE
• Meaningful convertible exposure that could impact treasury management under adverse market conditions, but remains manageable.
• HIGH
• Large or short-dated convertible structures that materially increase the risk of forced Bitcoin sales or balance-sheet stress.
• SEVERE
• Capital structure dominated by convertible or secured debt that significantly threatens treasury preservation and strategic control.