CORPORATE BITCOIN TREASURY METHODOLOGY

From the documents the company filed with its regulator. When a company that owns bitcoin publishes a quarterly or annual report, the amount it holds is tagged inside that report in a machine readable form, and that tag is what this site reads. Nothing here is copied from another tracker.

Every figure keeps a link to the document it came from, so you can open the filing and find the same number in it. If we cannot point at a document, the number does not go on the page.

Every holding carries one word saying who is accountable for the figure. The word answers that question and no other: how exactly the company stated the number, and how we lifted it off the page, are said separately beside it.

A company that rounds its holding to the nearest hundred coins is still confirmed, with the rounding said next to it. Rounding is a fact about the sentence the company wrote, not a reason to doubt that it wrote it.

Almost none of them. The great majority of holdings on this site are read by machine out of a tagged filing, and nobody chooses what they say.

Two smaller groups are different, and this is the part worth reading carefully. Some companies do not file in a form a machine can read, so somebody reads the document and writes the figure down. And a few holdings are worked out rather than stated, which the page labels estimated and shows as a range.

Those two groups are reviewed with the help of a language model, and a language model can be wrong. It can misread a sentence, attach a figure to the wrong date, or take a number a company mentioned in passing for the number it actually holds. Every row it touches still keeps a link to the document, so a mistake is one click from being caught, and telling us is the fastest way to fix one.

This applies to the reviewed and the estimated rows only. It does not apply to a holding read out of a regulator filing, which is what the word confirmed on a row means.

What the coins are worth is the company's holding multiplied by one bitcoin price, the same price for every company on the page, on the day the page says it priced them.

What the company is worth is its share price at the last close multiplied by the number of shares it most recently told its regulator it had. Both dates are printed, because a share count is filed once a quarter and a share price moves every day.

Paid for every dollar of bitcoin divides what the company is worth by what its coins are worth. Above one means the market is paying more for the company than its bitcoin alone is worth; below one means less.

Company value including debt takes what the company is worth, adds its debt and any preferred stock, and takes off its cash. It only appears where the company filed a single figure for its whole debt. Many of these companies state their debt in pieces instead, and adding those pieces up would be our arithmetic rather than theirs, so we leave it out and say so.

Days to cover asks how long the company would need to keep buying at its recent pace before its bitcoin was worth what the market is paying for the whole company.

Because we would rather leave a gap than fill it. A blank on these pages always has a reason next to it, and there are four common ones.

No US listing. We read closing share prices from US exchanges. A company listed only in Tokyo or London has a real share price and we do not publish one for it.

No share count filed. Without the number of shares there is nothing to multiply a share price by.

The share count is too old. Past about a quarter, using it would be asserting a number rather than reading one.

The company states its debt in pieces. Deciding which pieces count as debt is a judgement, and one made wrongly makes a company look cheaper than it is.

The holdings are rebuilt every day. New filings are collected through the day as regulators publish them, share prices are read after the US close on trading days, and the pages update when something moves.

A flat line on a company's chart almost always means the company filed nothing, not that nothing happened. Holdings move on the days companies speak, and they do not speak often.