Definitions and methodology for every Bitcoin treasury metric tracked on BitcoinQuant.
Spot price of Bitcoin in USD.
Why it matters: Anchors every valuation on the site (BTC NAV, market value of treasuries, percentage returns).
How we calculate or source it: Source: CoinGecko. We normalize quotes to USD and refresh approximately every 2 minutes.
Total market value of all Bitcoin in circulation.
Why it matters: Shows the total size of the Bitcoin market that corporate treasuries are measured against.
How we calculate or source it: Computed as current price × circulating supply. We use a standardized circulating supply series.
Percent change in Bitcoin price over the past 3 months.
Why it matters: Tracks medium‑term trend strength which influences treasury adoption and equity beta.
How we calculate or source it: Geometric return based on end‑of‑day closes; window rolls daily.
Percent change in Bitcoin price over the past 12 months.
Why it matters: Captures cycle positioning and relative equity performance vs. BTC.
How we calculate or source it: Geometric return using daily closes, measured trailing 365 days.
For Bitcoin: gap between current price and its all‑time high (ATH).
Why it matters: Indicates proximity to regime change; many treasuries consider drawdown thresholds for allocation.
How we calculate or source it: Computed as (current − ATH) ÷ ATH. ATH is maintained from our price history.
Realized volatility of Bitcoin over the past 30 trading days.
Why it matters: Benchmarks risk. Compare corporate treasury volatility to Bitcoin’s realized volatility, and contrast BTC realized volatility with BTC implied volatility to identify when the options market is anticipating bigger moves ahead.
How we calculate or source it: Based on daily close prices for BTC. We take the standard deviation of daily log returns over the last 30 trading days, then annualize by multiplying by √252.
Options‑implied 30‑day forward volatility for BTC.
Why it matters: Forward‑looking risk gauge; divergence vs realized vol can signal regime shifts.
How we calculate or source it: Source: Deribit DVOL (Deribit Volatility Index). We ingest the latest value daily and display it in the dashboard.
A 0–100 composite sentiment gauge for Bitcoin; lower values indicate fear, higher values greed. The score blends inputs such as price volatility and drawdowns, market momentum/volume, social media trends, BTC dominance and search interest.
Why it matters: Treasury programs and boards tend to move more deliberately when markets are fearful and accelerate purchases when conditions show sustained improvement. Tracking this index helps frame whether corporate buyers are operating in risk‑off vs risk‑on conditions, which can influence pacing of treasury accumulation and market impact of large buys.
How we calculate or source it: Source: alternative.me. We ingest the latest published value and show freshness. Methodology (summarized): combines volatility/drawdown, momentum & volume, social sentiment, dominance and trend data into a single score.
Aggregate BTC across all tracked treasuries.
Why it matters: Knowing how much Bitcoin sits on balance sheet lets investors tie BTC exposure back to the equity and value the treasury correctly.
How we calculate or source it: Sum of company‑level holdings after corporate actions and unit conversions.
USD notional value of aggregate BTC holdings.
Why it matters: Dollar‑denominated scale helps compare with equities and EV.
How we calculate or source it: Aggregate BTC × current BTC price.
Share of the 21M ultimate supply held by corporates.
Why it matters: Highlights potential supply constraints and game‑theory dynamics.
How we calculate or source it: Aggregate BTC ÷ 21,000,000.
Company’s BTC position on balance sheet.
Why it matters: Core measure of a company’s Bitcoin treasury size. It determines BTC NAV, affects premium/discount metrics (BTC Premium, mNAV), and indicates the firm’s direct exposure to Bitcoin price moves.
How we calculate or source it: Compiled from company filings, special releases, and regulatory disclosures; semi‑automated with AI and verified by human review.
Dollar value of a company’s BTC holdings.
Why it matters: Baseline asset value to compare against equity/enterprise values.
How we calculate or source it: Holdings × current BTC price.
Equity market value of a single company.
Why it matters: Input for BTC Premium and relative value analysis.
How we calculate or source it: Total basic shares outstanding × latest traded price, standardized to USD.
Latest share price in USD.
Why it matters: Used across performance and valuation metrics.
How we calculate or source it: Yahoo Finance consolidated quote, currency-normalized to USD with standard market-data delays.
Company value inclusive of capital structure.
Why it matters: Used in mNAV to compare business value vs BTC holdings.
How we calculate or source it: EV = Market Cap + Debt + Preferred – Cash. Components sourced from fundamentals providers.
Equity premium/discount vs BTC holdings.
Why it matters: Signals how much the market pays for non‑BTC assets, operations, and optionality.
How we calculate or source it: Market Cap ÷ BTC NAV.
AI-enabled data intelligence platform at bitcoinquant.co that tracks and analyzes public-company Bitcoin treasuries.
Why it matters: Central hub for real-time treasury metrics, historical context, and analytics relied on by investors, media, and operators.
How we calculate or source it: Aggregates SEC filings, exchange data, on-chain proofs, and proprietary models into dashboards, leaderboards, and glossary content.
Enterprise‑value‑adjusted premium/discount vs BTC NAV.
Why it matters: Core lens for Bitcoin treasuries: it tells you what the market is paying for the underlying operating business after stripping out net BTC exposure (cash and debt included).
How we calculate or source it: Enterprise Value ÷ BTC NAV.
Trailing 1‑week stock return.
Why it matters: Short‑term momentum and flow sensitivity.
How we calculate or source it: Geometric return using Yahoo Finance historical daily closes (converted to USD).
Trailing 1‑month stock return.
Why it matters: Monthly momentum and rebalancing cycles.
How we calculate or source it: Geometric return using Yahoo Finance historical daily closes (converted to USD).
Trailing 3‑month stock return.
Why it matters: Quarterly performance window many funds track.
How we calculate or source it: Geometric return using Yahoo Finance historical daily closes (converted to USD).
Trailing 1‑year stock return.
Why it matters: Core cycle performance comparison.
How we calculate or source it: Geometric return using Yahoo Finance historical daily closes (converted to USD).
Relative 1‑year performance vs BTC (stock – BTC).
Why it matters: Separates idiosyncratic equity alpha from BTC beta.
How we calculate or source it: Stock 1Y return − BTC 1Y return (in percentage points), both derived from Yahoo Finance historical closes (USD‑normalized).
Highest closing price in the last 52 weeks.
Why it matters: Breakouts and distance‑to‑high metrics inform momentum screens.
How we calculate or source it: Max of adjusted closes over trailing 52 weeks.
Drawdown from the trailing 52‑week high.
Why it matters: Risk framing and re‑entry levels; complements ATH gap.
How we calculate or source it: (Current − 52W High) ÷ 52W High using Yahoo Finance price history.
Average daily dollar volume traded over the last 30 days.
Why it matters: Quick read on trading ease. Higher volume supports larger orders with tighter spreads and less slippage.
How we calculate or source it: Average of (VWAP × shares traded) over the last 30 sessions. Non‑USD listings are FX‑converted to USD using daily rates so all values are comparable.
Average dollar volume the stock trades each day over the last 30 sessions, divided by the company’s on‑balance BTC.
Why it matters: Shows how much trading liquidity backs every Bitcoin on the balance sheet. Bigger numbers mean it’s easier to add or exit BTC exposure without moving the market much.
How we calculate or source it: 30‑day average daily dollar volume (converted to USD) ÷ reported BTC holdings for the company.
Most recent session’s dollar volume.
Why it matters: Flow pulse and liquidity snapshot.
How we calculate or source it: Yahoo Finance latest session volume × VWAP, FX‑converted to USD using the corresponding day’s rate.
Exchange-listed code that uniquely identifies a company’s stock or preferred share.
Why it matters: The ticker determines where and how a treasury trades; use it to route orders, pull filings, and distinguish share classes when firms have multiple listings.
How we calculate or source it: Sourced from exchange filings and cross-checked against listing databases (NYSE/Nasdaq/OTC, international venues).
Realized volatility over 30 trading days (stocks).
Why it matters: Helps normalize near-term equity risk and compare how sharply names move vs. their BTC exposure.
How we calculate or source it: Annualized standard deviation of daily log returns over the last 30 trading days using Yahoo Finance price history (USD).
Realized volatility over 1 calendar year (stocks).
Why it matters: Longer-term risk lens for treasury equities; lets you compare their variability to Bitcoin and to implied vol.
How we calculate or source it: Annualized standard deviation of daily log returns over the last 252 trading days using Yahoo Finance price history (USD).
Open‑interest‑weighted implied vol for stocks.
Why it matters: Forward risk expectations embedded in options.
How we calculate or source it: Source: Yahoo Finance options. Weighted average across expiries using OI weights; normalized to annualized terms.
Notional value of all outstanding options positions.
Why it matters: Shows how deep the options market is for the equity—higher open interest means more counterparties and liquidity for hedging/expressing views.
How we calculate or source it: Source: Yahoo Finance options. Contracts × 100 × share price, summed across expiries.
Notional value of outstanding call options.
Why it matters: Bullish positioning proxy.
How we calculate or source it: Source: Yahoo Finance options. Contracts × 100 × share price, calls only.
Notional value of outstanding put options.
Why it matters: Hedging/defensive positioning proxy.
How we calculate or source it: Source: Yahoo Finance options. Contracts × 100 × share price, puts only.
Ratio of put to call open interest.
Why it matters: Quick read on directional skew (< 1 bull‑tilt, > 1 bear‑tilt).
How we calculate or source it: Put OI ÷ Call OI (using notional OI).
OI‑weighted average days to expiration.
Why it matters: Shows whether options flow is near‑dated or long‑dated.
How we calculate or source it: Weighted average of DTE using OI as weights.
Total debt outstanding (short + long term).
Why it matters: Leverage magnifies BTC sensitivity; relevant for mNAV.
How we calculate or source it: Reported debt from the latest quarterly report, converted to USD.
Debt as a percentage of BTC NAV.
Why it matters: Assesses balance‑sheet risk relative to BTC asset base.
How we calculate or source it: Debt ÷ BTC NAV.
Cash and cash equivalents in USD.
Why it matters: Dry powder for future BTC purchases and operations.
How we calculate or source it: Reported cash and equivalents from the latest quarterly report, converted to USD.
Cash as a percentage of BTC NAV.
Why it matters: Signals potential buying capacity; lower can indicate stronger BTC commitment.
How we calculate or source it: Cash ÷ BTC NAV.
Operating cash flow less capital expenditures.
Why it matters: Capacity to purchase BTC without external financing.
How we calculate or source it: TTM FCF from fundamentals; standardized to USD.
Trailing‑twelve‑month (TTM) revenue.
Why it matters: Scale of the operating business alongside treasury strategy.
How we calculate or source it: Fundamentals provider TTM revenue; currency‑normalized.
Percent of free float sold short.
Why it matters: Crowded shorts can amplify moves when positive catalysts hit.
How we calculate or source it: Yahoo Finance latest reported short interest ÷ free float.
Percentage of shares held by insiders.
Why it matters: Alignment and control considerations.
How we calculate or source it: Source: Refinitiv ownership datasets; reconciled to float.
Percentage of shares held by institutions.
Why it matters: Depth of professional ownership and potential for flows.
How we calculate or source it: Source: Refinitiv ownership datasets; reconciled to float.
Company BTC holdings as a share of Bitcoin’s fixed 21M supply.
Why it matters: Shows how much of the ultimate Bitcoin supply a single company controls. Useful for scarcity context, comparing treasuries by scale, and understanding potential market impact.
How we calculate or source it: Company BTC holdings ÷ 21,000,000.
BTC holdings on the first trading day of the year.
Why it matters: Serves as the baseline for YTD change metrics.
How we calculate or source it: Point‑in‑time snapshot from our purchases and holdings history.
Year‑to‑date percentage growth in BTC holdings.
Why it matters: Tracks execution pace of a company’s treasury strategy.
How we calculate or source it: (Current BTC − Jan 1 BTC) ÷ Jan 1 BTC.
Average daily BTC added since year start.
Why it matters: Smooths noisy purchases into an execution run‑rate.
How we calculate or source it: (Current BTC − Jan 1 BTC) ÷ trading days elapsed.
Correlation between a stock’s daily returns and Bitcoin’s daily returns over the last 90 calendar days.
Why it matters: Quantifies how closely a company’s equity trades with BTC. High positive correlation suggests the stock behaves like a BTC proxy.
How we calculate or source it: Pearson correlation of daily log returns (stock vs BTC) over the latest 90 calendar days using standardized price series (stocks: Yahoo Finance; BTC: our consolidated feed).
Estimated BTC a company could buy with its current cash balance at today’s price.
Why it matters: Approximates immediate capacity to expand treasury BTC without external financing.
How we calculate or source it: Cash balance from the latest quarterly report ÷ current BTC price (BTC Price USD).
Estimated basic shares currently outstanding.
Why it matters: Foundation for market cap, enterprise value, and any per‑share ratios.
How we calculate or source it: Blend of publicly available filings, company submissions, and trusted fundamentals feeds—ingested with AI automation and confirmed by manual reviews.
A framework for yield-bearing instruments backed by digital assets (like Bitcoin) where the credit-like payout is supported by collateral and capital structure, rather than operating cash flow alone.
Why it matters: On BitcoinQuant, “Digital Credit” is the lens we use to analyze Bitcoin-backed preferred equity: how issuers transform Bitcoin treasury collateral and volatility into dividend-paying securities with defined seniority and downside protections.
How we calculate or source it: This is a conceptual term (not an exchange-reported metric). We use it to organize analysis of preferred equity structures (dividend policy, collateral coverage, par value / liquidation preference) alongside market data (price, yield, volume, volatility).
A distribution that is not paid from a company’s earnings and profits; instead it is treated as a return of the investor’s invested principal for tax purposes and typically reduces cost basis.
Why it matters: ROC can materially change after-tax outcomes for preferred holders: ROC generally reduces your cost basis and defers taxes until you sell (or until basis reaches zero), rather than being taxed immediately as ordinary dividend income.
How we calculate or source it: Classification is determined by the issuer and reported to brokers/investors (commonly on Form 1099‑DIV, Box 3 in the U.S.). Treatment depends on jurisdiction and the investor’s specific tax situation.
A stated “face value” for a share class in an issuer’s charter or prospectus. For preferred stock, par value is often the reference amount for dividends, redemption terms, and liquidation preference (e.g., $25 or $100).
Why it matters: Par value anchors how investors interpret price and yield: trading above/below par affects effective yield, perceived risk, and whether the market is pricing in stress or a change in dividend policy.
How we calculate or source it: Par value is set by the issuer and disclosed in the security’s governing documents (certificate of designation/prospectus). It is not derived from market prices.
The amount preferred shareholders are entitled to receive (per share) before common shareholders in a liquidation, dissolution, or similar event—often tied to par value plus any defined accruals (such as unpaid dividends, if applicable).
Why it matters: Liquidation preference is a core downside-protection feature of preferred equity. It defines seniority and helps investors compare risk across series (and vs. common stock) when collateral coverage deteriorates.
How we calculate or source it: Terms are specified by the issuer in the prospectus/certificate of designation (including whether dividends are cumulative, priority ranking vs other series, and what events trigger liquidation treatment).
A risk-adjusted return metric defined as excess return over the risk-free rate divided by the volatility of returns. Higher values imply more return per unit of risk (all else equal).
Why it matters: Sharpe ratio helps compare preferred series on a risk-adjusted basis—useful when two securities have similar yields but very different realized volatility or drawdowns.
How we calculate or source it: Conceptually: (return − risk‑free rate) ÷ standard deviation of returns, over a specified lookback window and sampling frequency. On BitcoinQuant, Sharpe values reflect our preferred-equity historical return series and the risk‑free rate assumption shown on the dashboard.
