Digital Credit Frontier - Bitcoin Treasury Analytics
About Digital Credit Frontier
Digital Credit Frontier is a professional analytics platform providing daily updated data and visualizations for Bitcoin treasury companies and their capital structures. We track Strategy (MSTR), Metaplanet, and Strive, along with their perpetual preferred equity instruments.
Our Framework: Digital Capital, Digital Equity, Digital Credit
Digital Capital refers to Bitcoin as the foundational asset. We provide on-chain analytics including True Market Mean, AVIV ratio, Realized Price, Short-Term Holder cost basis, and Sell-Side Risk Ratio.
Digital Equity encompasses the common stock of Bitcoin treasury companies. We track Strategy (MSTR), Metaplanet, and Strive, including their BTC acquisition history, cost basis, and key metrics.
Digital Credit represents perpetual preferred equity instruments. We analyze STRF, STRC, STRK, STRD (Strategy), and SATA (Strive), including yield spreads, BTC Rating, and risk premiums.
Bitcoin Treasury Companies
Strategy (formerly MicroStrategy)
Strategy is the largest corporate holder of Bitcoin, pioneering the Bitcoin treasury strategy. We track their BTC purchases, average cost basis, and capital structure including convertible debt and perpetual preferred equity.
Metaplanet
Metaplanet is a Japanese company pursuing a Bitcoin treasury strategy. We track their BTC acquisitions and cumulative average cost basis.
Strive
Strive Asset Management is building a Bitcoin treasury funded exclusively through perpetual preferred equity (SATA). We track their BTC holdings and SATA instrument metrics.
Perpetual Preferred Equity Instruments
Strategy Preferreds
- STRF: 10% Fixed Rate Cumulative Perpetual Preferred Stock (most senior)
- STRE: 10% Fixed Rate Cumulative Perpetual Preferred Stock (EUR-denominated)
- STRC: Variable Rate Price-Anchored Perpetual Preferred Stock
- STRK: 8% Convertible Perpetual Preferred Stock (convertible to MSTR at $1000)
- STRD: 8% Fixed Rate Non-Cumulative Perpetual Preferred Stock (most junior)
Strive Preferreds
- SATA: Variable Rate Price-Anchored Perpetual Preferred Stock
On-Chain Bitcoin Metrics
We provide key Bitcoin valuation metrics sourced from Bitcoin Research Kit:
- True Market Mean (TMM): Cointime-weighted fair value estimate for Bitcoin
- AVIV Ratio: Price divided by True Market Mean, indicating over/undervaluation
- Realized Price: Average cost basis of all Bitcoin based on UTXO creation prices
- STH Realized Price: Short-term holder cost basis (coins moved within 155 days)
- Sell-Side Risk Ratio: Measures profit-taking pressure relative to market cap
BTC Rating Methodology
BTC Rating measures Bitcoin coverage for each preferred equity instrument. It is calculated as BTC Value divided by Cumulative Notional, where Cumulative Notional includes all debt and preferred equity senior to the instrument being analyzed. A higher BTC Rating indicates stronger Bitcoin backing.
Data Sources
Our data comes from multiple sources: Bitcoin Research Kit (bitcoinresearchkit.org) for on-chain metrics, Yahoo Finance for equity prices, FRED for Treasury yields and FX rates, and Deribit for Bitcoin implied volatility (DVOL).