BTC / USD · class
Collateral
Loan denomination
These are USD rates, comparable to any other USD loan. Collateral is the other axis.
Corporate
Credit raised by Bitcoin treasury companies — dated converts and perpetual preferreds. Backing is economic, not a lien.
fixed termfixed at originationadministered
Yield curve — by time to maturity
ⓘ
Observations are currently predominantly own-account. Aletheia Analytics participates on own account to seed observable auction data. This is not yet an independent market assessment.
11 observations · 2 counterparties · 0% external
±RMSE
Active
Repaid
Defaulted
Lending:
Rates at Standard Tenors
Tenor
7d
14d
1mo
2mo
3mo
6mo
1y
2y
5y
7y
US Treasury
—
—
3.79%
—
3.91%
4.02%
4.07%
4.25%
4.40%
4.54%
Chart Legend
Current fitted yield curve
Confidence band (±1 RMSE = ±0.51%)
Canonical bin means (±1σ error bars)
Fit extrapolated beyond 1y(no loans at those tenors yet)
Active loans(11)
Repaid loans(3)
Benchmarks
US Treasury
Canonical yield curve: active loans binned into standard tenors, log-quadratic fit through bin means. Shape: FLAT.
Access yield curve data via API · GET /v1/yield-curve · GET /v1/yield-curve/history
solid = observed span · dashed = fitted extension, both directions
Corporate
Collecting — corporate issuance not yet ingested
fill route: runbook_corporate_credit_layer_v1
Collecting — No dated instrument is registered, so no corporate curve is fitted. Perpetuals render as perp-lane markers and are never smoothed into a fit (PC-3). Dated coverage requires the convertible notes, which trade OTC and await TRACE.
fill route: corporate_credit_layer_v1.md W8d (TRACE)
Rate history — by date
Range:
Corporate
Reference
Basis · 0d
matched basis · borrow solid, lend muted
STRF · rank 1
10.34%+0.62pp vs 365d
5–251 obs
STRC · rank 2
13.54%+2.29pp vs 365d
5–251 obs
STRK · rank 3
12.90%+2.78pp vs 365d
5–251 obs
STRD · rank 4
16.75%+3.24pp vs 365d
5–251 obs
Lookback windows are not maturities. These instruments are perpetual and have no tenor, so this profile never shares an axis or a legend with a tenor-axis chart, and is never drawn as a fitted curve (PC-8).
| Instrument | 1m | 3m | 6m | 12m | Since issue |
|---|---|---|---|---|---|
| STRFrank 1 | +3.1% | -3.6% | -0.3% | -13.6% | +23.2% |
| STRCrank 2 | +6.6% | -7.4% | -3.8% | +6.2% | +13.4% |
| STRKrank 3 | +2.4% | -21.3% | -25.2% | -39.3% | -11.7% |
| STRDrank 4 | +4.4% | -21.4% | -13.7% | -20.5% | -18.8% |
total return per $100 invested, income accrued plus price change · income is accrued, not confirmed paid · income and price split per instrument
| Issuer | Ticker | Type | Declared | Maturity | Size | Price | Effective yield | Attachment | Coverage |
|---|---|---|---|---|---|---|---|---|---|
| Strategy Inc | STRF | perpetual_preferred | 10.00% | perpetual | not established | 94.8 | 10.55% unsecured | not established | not established |
| Strategy Inc | STRC | perpetual_preferred | 12.00% ⓘ | perpetual | not established | 89.5 | 13.41% unsecured | not established | not established |
| Strategy Inc | STRK | perpetual_preferred | 8.00% | perpetual | not established | 59.6 | 13.43% unsecured | not established | not established |
| Strategy Inc | STRD | perpetual_preferred | 10.00% | perpetual | not established | 57.9 | 17.27% unsecured | 0.36 | 2.8× as of 2026-03-31 |
| Instrument | Declared | Effective | Declared − effective | vs financing curve |
|---|---|---|---|---|
| STRF | 10.00% | 10.55% | -0.55pp | perpetual |
| STRC | 12.00% | 13.41% | -1.41pp | perpetual |
| STRK | 8.00% | 13.43% | -5.43pp | perpetual |
| STRD | 10.00% | 17.27% | -7.27pp | perpetual |
Strategy Inc · attachment ladder
rank 1STRF
rank 2STRC
rank 3STRK
rank 4STRD · 0.36
NAV coverage
STRD
2.8×
BTC-only NAV (headline)
total assets at book (labelled variant): not established
Maturity wall
case study
Case study: STRC, June 2026 — the yield priced the stress first
The Blockchain Group
The stability fee as a step chart, because it is a policy rate and should look like one, plus debt-ceiling headroom.
The figures behind this panel are read live and are not part of the static copy of this page. What is held behind each input, and what is not, is stated with them.
Marathon Digital
The stability fee as a step chart, because it is a policy rate and should look like one, plus debt-ceiling headroom.
The figures behind this panel are read live and are not part of the static copy of this page. What is held behind each input, and what is not, is stated with them.
Metaplanet
The stability fee as a step chart, because it is a policy rate and should look like one, plus debt-ceiling headroom.
The figures behind this panel are read live and are not part of the static copy of this page. What is held behind each input, and what is not, is stated with them.
Riot Platforms
The stability fee as a step chart, because it is a policy rate and should look like one, plus debt-ceiling headroom.
The figures behind this panel are read live and are not part of the static copy of this page. What is held behind each input, and what is not, is stated with them.
Strategy (MicroStrategy)
The stability fee as a step chart, because it is a policy rate and should look like one, plus debt-ceiling headroom.
The figures behind this panel are read live and are not part of the static copy of this page. What is held behind each input, and what is not, is stated with them.