Corporate
Yields on securities issued by companies holding bitcoin — a declared rate against a market price, not a venue lending against collateral. Some are perpetual preferreds; most are convertible notes and credit facilities with dated maturities.
Dollar loans only: other currencies are separate books, never added in
Debt and rates count loans made in US dollars and dollar stablecoins. Loans in euros, francs, yen, ether or bitcoin itself are separate books, shown by currency on each venue, never added in.
What these figures cover — and what they leave out
- BTC held (issuer filings) — 1,188,052 BTC of it is held by corporate issuers and reported by them — not pledged: there is no lien.
- Dollar debt against bitcoin — debt against bitcoin read for 5 of 6 venues and 1 of 1 group that is not a venue; $26.99bn of it is corporate debt financed by bitcoin the issuers hold — no lien on it.
- Debt / BTC held — both sides read for 5 of 6 venues and 0 of 1 group that is not a venue.
- Borrow rate (USD loans) — weighted by dollar debt for 2 of 6 venues and 0 of 1 group that is not a venue.
| Family | BTC collateral | share | Dollar debt against bitcoin | share | LTV | Borrow | Lend | Liquidates at | Threshold (LTV) |
|---|---|---|---|---|---|---|---|---|---|
| Strategy › | 848,517 BTC | 71% | $20.45bn | 76% | 30.3% | 11.76% | — | — | |
| Other member companies › | 218,492 BTC | 18% | $3.48bn | 13% | — | — | — | — | |
| MARA Holdings › | 26,307 BTC | 2.2% | $1.75bn | 6.5% | 80.5% | — | — | — | |
| Strive › | 36,818 BTC | 3.1% | $732m | 2.7% | 24.0% | 13.18% | — | — | |
| Metaplanet › | 43,000 BTC | 3.6% | $414m | 1.5% | 17.2% | — | — | — | |
| Riot Platforms › | 11,380 BTC | 1.0% | $158m | 0.6% | 16.8% | — | — | — | |
| Capital B › | 3,538 BTC | 0.3% | — | 20.1% | — | — | — |
Ordered by debt, never by a rate; a figure in italics covers part of a book
Ordered by debt against bitcoin, then collateral — never by a rate. Shares are of this class's total, and add up. A figure in italics covers only part of a book — hover for what it leaves out; a dash carries its reason. /v1/market/tree
As of 2026-10-21 · weighting: borrow by borrowed_usd, lend by supplied_usd; spread computed per pool-day then weighted, never as the difference of the two aggregates
The tenor is an averaging window, not a maturity. Each point is the mean, over the trailing window, of the instruments' yields. The window is not their maturity, and this view does not show the maturities.
Denominations are different products. btc and usd are different products and are never aggregated. btc = the borrower receives bitcoin; usd = a stablecoin is borrowed against bitcoin collateral.
For each company holding at least 100 BTC (a subsidiary counted at its parent), bitcoin-pledged debt counts in full (no more than the pledged coins' value where the line states them), debt secured by other assets at zero, and unsecured debt and preferred stock at the company's unencumbered share of assets. It is a stated convention applied to filed figures, not a measurement; total assets, each debt line and its security are shown beside it, and a company whose figure cannot be attributed says why.
| Attributed to bitcoin | $28.18bn |
|---|---|
| High bound | not determinable (no high bound for the9: debt of unknown security has no weight without the unencumbered share: the bitcoin carrying amount is not separable in the filing (The filed crypto-asset line also holds other crypto-assets, and no bitcoin-only amount is filed for this date.), so total assets cannot be valued today) |
| Filed, every currency, in dollars | $114.68bn |
| Bitcoin held by the members | 1.19m BTC, valued at $98.31bn at $82,751 on 2026-10-20 |
| Attributed debt to bitcoin held | 28.66% (filed debt: 116.64%) |
| Members | 60 companies holding at least 100 BTC, each subsidiary counted at its parent; 60 attributed |
| In the figures | 60 of 60 members |
Debt a company has pledged bitcoin against carries a real lien, so it counts in full in the attributed figure and is also part of the secured market. Its dollar facilities come to $3.11bn across 17 lines. Loan to value 46.9%, over the 10 lines that state their pledged bitcoin (36,540 BTC, $3.02bn); the other 7 state none. Where a line states its pledged bitcoin, it counts no more than those coins are worth today.
| Company | Facility | Currency | Principal | Pledged bitcoin | Counted | Basis |
|---|---|---|---|---|---|---|
| Twenty One Capital, Inc. | 1.0% convertible senior notes due 2030 | USD | 486,500,000 USD | 16,116 BTC | $487m | collateral values not filed: the whole facility counted as bitcoin-secured |
| Metaplanet Inc. | Bitcoin-backed credit facility (USD 500m; USD 414m drawn) | USD | 414,000,000 USD | not stated | $414m | collateral values not filed: the whole facility counted as bitcoin-secured |
| MARA Holdings, Inc. | Coinbase Credit bitcoin-backed term loan facility (from 2026-08-04, matures 2028-08-04) | USD | 450,000,000 USD | not stated | $450m | collateral values not filed: the whole facility counted as bitcoin-secured |
| MARA Holdings, Inc. | Two Prime Lending bitcoin-backed term loan facility, 7.65% fixed (from 2026-08-04, matures 2028-08-03) | USD | 300,000,000 USD | not stated | $300m | collateral values not filed: the whole facility counted as bitcoin-secured |
| Hut 8 Corp. | FalconX Term Loan (7.0%, matures 2027-04-30) | USD | 200,000,000 USD | 4,850 BTC | $200m | collateral values not filed: the whole facility counted as bitcoin-secured |
| Hut 8 Corp. | Miner purchase liability (Bitmain BTC pledge / repurchase arrangement at American Bitcoin) | USD | 371,700,000 USD | 3,090 BTC | $256m | capped at the pledged coins' value today (pledged units × bitcoin price ÷ principal) |
| Trump Media & Technology Group Corp. | 0.00% Convertible Senior Secured Notes due 2028 | USD | 964,893,900 USD | not stated | $470m | filed collateral values |
| Gemini Space Station, Inc. | Galaxy Digital LLC financing facility (7.5%, evergreen) | USD | 75,000,000 USD | 1,975 BTC | $75m | collateral values not filed: the whole facility counted as bitcoin-secured |
| Silvia, Inc. | 2028 Convertible Notes (0%, BTC-collateralised) | USD | 99,600,000 USD | 3,515 BTC | $99.6m | collateral values not filed: the whole facility counted as bitcoin-secured |
| Nakamoto Inc. (formerly Kindly MD, Inc.) | Kraken (Payward Interactive) 'June Loan' under Master Loan Agreement, 165.0m USDT, 7.75%/8.00% fee; 60.0m USDT due 2026-12-04, 105.0m USDT due 2027-06-30 | USDT | 165,000,000 USDT | 3,805 BTC | $165m | collateral values not filed: the whole facility counted as bitcoin-secured |
| OranjeBTC S.A. - Educação e Investimento | Maple International Operations SPC loan (USDC, open term, recallable on 30 days) | USDC | 45,150,000 USDC | not stated | $45.1m | collateral values not filed: the whole facility counted as bitcoin-secured |
| Empery Digital Inc. (formerly Volcon, Inc.) | Delayed draw term loans under the Master Loan Agreement (Oct 12, 2025), 7.5%, due 2027-10-09 | USD | 55,000,000 USD | 1,539 BTC | $55m | collateral values not filed: the whole facility counted as bitcoin-secured |
| The Smarter Web Company PLC | Coinbase strategic credit facility (USD 30m facility) | GBP | 16,000,000 GBP | not stated | $21.3m | collateral values not filed: the whole facility counted as bitcoin-secured |
| BitFuFu Inc. | Agreement A loan (Lender A, 6.5%, BTC collateral at 70% LTV) | USD | 2,000,000 USD | 54 BTC | $2m | collateral values not filed: the whole facility counted as bitcoin-secured |
| USBC, Inc. (formerly Know Labs, Inc.) | Master Loan Agreement with Payward Interactive (Kraken), fixed 8.5% one-year draws | USD | 21,000,000 USD | 479 BTC | $21m | collateral values not filed: the whole facility counted as bitcoin-secured |
| Hyperscale Data, Inc. | Convertible promissory notes issued to JGB entities | USD | 12,768,000 USD | not stated | $12.8m | collateral values not filed: the whole facility counted as bitcoin-secured |
| Canaan Inc. | Secured term loans (current portion + long-term), BTC-collateralised | USD | 58,789,000 USD | 1,117 BTC | $58.8m | collateral values not filed: the whole facility counted as bitcoin-secured |
| Bitcoin Treasury Corporation | Secured convertible debentures (1%, 5-year, conv. CAD 12.00), issued 23 Jun 2025 | CAD | 25,000,000 CAD | not stated | $17.7m | collateral values not filed: the whole facility counted as bitcoin-secured |
| Neptune Digital Assets Corp. | Lombard loan, regulated Swiss bank (up to USD 25m, 8.5%) | CAD | 13,178,303 CAD | not stated | $9.3m | collateral values not filed: the whole facility counted as bitcoin-secured |
| The9 | Equities First Loan Agreement #2 (tranches) | CNY | 145,539,000 CNY | not stated | $21.8m | collateral values not filed: the whole facility counted as bitcoin-secured |
| SAIHEAT Ltd | Short-term borrowing (third party), secured by pledged bitcoin | USD | 3,680,000 USD | not stated | $3.7m | collateral values not filed: the whole facility counted as bitcoin-secured |
A venue is a company with securities registered here as instruments: notes, facilities or preferred stock, each with its terms and seniority and, where it trades, its price. 6 of the members are venues. The other 54 hold bitcoin and have filed debt, which is in the class's figures line by line from their balance sheets, but none of their securities is registered as an instrument: each is a member company, with a page of its figures, not a venue. Listed alphabetically, not ranked.
| Company | Venue or member company | Bitcoin held | Filed debt, in dollars | Unencumbered share | Attributed to bitcoin |
|---|---|---|---|---|---|
| Alliance Resource Partners, L.P. | member company | 646 BTC | $590m | 1.8% | $7.2m – $7.3m |
| Angel Studios, Inc. | member company | 303 BTC | $78m | 10.3% | $6.2m – $8.1m |
| Apimeds Pharmaceuticals US, Inc. | member company | 1,005 BTC | $16.4m | 54.7% | $6.2m – $9m |
| Bitcoin Treasury Corporation | member company | 644 BTC | $17.7m | 60.3% | $17.7m |
| BitFuFu Inc. | member company | 1,329 BTC | $98.8m | 40.1% | $40.8m |
| BitGo Holdings, Inc. | member company | 5,207 BTC | $439m | 7.0% | $0 – $30.6m |
| Block, Inc. | member company | 9,416 BTC | $6.94bn | 2.0% | $114m |
| Boyaa Interactive International Limited | member company | 4,468 BTC | $0 | 84.8% | $0 |
| Canaan Inc. | member company | 699 BTC | $58.8m | 12.5% | $58.8m |
| Capital B (formerly The Blockchain Group) | venue, 6 instruments | 3,538 BTC | $94.4m | 63.6% | $58.9m – $60.1m |
| CIMG Inc. | member company | 1,145 BTC | $2.2m | 98.1% | $2.2m |
| Cipher Digital Inc. | member company | 646 BTC | $6.02bn | 0.7% | $10.5m |
| CleanSpark, Inc. | member company | 12,205 BTC | $1.81bn | 33.7% | $606m – $607m |
| Coinbase Global, Inc. | member company | 17,864 BTC | $6.54bn | 5.5% | $330m |
| CoinShares PLC | member company | 235 BTC | $174m | 0.6% | $0 – $957k |
| Coinsilium Group Limited | member company | 182 BTC | $0 | 75.5% | $0 |
| Core Scientific, Inc. | member company | 848 BTC | $4.38bn | 1.3% | $14.4m |
| Datavault AI Inc. | member company | 837 BTC | $5.9m | 23.3% | $0 – $1.4m |
| DDC Enterprise | member company | 2,899 BTC | $29.1m | 70.4% | $12.7m – $20.5m |
| Digi Power X Inc. | member company | 217 BTC | $0 | 6.3% | $0 |
| DigitalX Limited | member company | 170 BTC | $0 | — | $0 |
| Empery Digital Inc. (formerly Volcon, Inc.) | member company | 2,914 BTC | $55m | 92.8% | $55m |
| Exodus Movement, Inc. | member company | 600 BTC | $0 | 8.1% | $0 |
| Fold Holdings, Inc. | member company | 271 BTC | $13m | 38.0% | $4.9m |
| GD Culture Group Ltd | member company | 7,500 BTC | $100k | 92.7% | $0 – $93k |
| Gemini Space Station, Inc. | member company | 5,528 BTC | $481m | 20.0% | $75m – $127m |
| H100 Group AB | member company | 3,506 BTC | $22.2m | 99.0% | $0 – $21.9m |
| HIVE Digital Technologies Ltd. | member company | 190 BTC | $276m | 1.7% | $4.1m – $4.4m |
| Horizon Kinetics Holding Corp | member company | 132 BTC | $0 | 0.6% | $0 |
| Hut 8 Corp. | member company | 17,316 BTC | $8.11bn | 8.0% | $456m |
| Hyperscale Data, Inc. | member company | 959 BTC | $170m | 18.9% | $18.8m – $23.7m |
| Ionic Digital Inc. | member company | 2,882 BTC | $0 | 24.0% | $0 |
| Jiuzi Holdings | member company | 100 BTC | $393k | 10.8% | $43k |
| Keel Infrastructure Corp. (formerly Bitfarms Ltd.) | member company | 2,261 BTC | $1.05bn | 12.7% | $133m – $134m |
| MARA Holdings, Inc. | venue, 7 instruments | 26,307 BTC | $3.05bn | 43.7% | $1.75bn |
| Méliuz S.A. | member company | 605 BTC | $0 | 42.2% | $0 |
| Metaplanet Inc. | venue, 3 instruments | 43,000 BTC | $614m | 98.5% | $611m |
| mF International | member company | 342 BTC | $40k | 11.3% | $4,540 |
| Nakamoto Inc. (formerly Kindly MD, Inc.) | member company | 4,467 BTC | $165m | 25.4% | $165m |
| Neptune Digital Assets Corp. | member company | 419 BTC | $9.3m | 34.7% | $9.3m |
| Next Technology Holding Inc. | member company | 5,833 BTC | $580k | 75.0% | $435k |
| OranjeBTC S.A. - Educação e Investimento | member company | 3,896 BTC | $45.1m | 93.5% | $45.1m |
| Riot Platforms, Inc. | venue, 2 instruments | 11,380 BTC | $654m | 26.6% | $158m – $159m |
| RUM Group Inc. | member company | 293 BTC | $357m | 1.1% | $0 |
| SAIHEAT Ltd | member company | 106 BTC | $3.7m | 51.5% | $3.7m |
| Scilex Holding Co | member company | 955 BTC | $90.2m | 28.6% | $8.4m – $22.2m |
| Silvia, Inc. | member company | 5,355 BTC | $99.6m | 77.2% | $99.6m |
| Space Exploration Technologies Corp. (SpaceX) | member company | 18,712 BTC | $38.43bn | 0.8% | $201m |
| Strategy Inc | venue, 11 instruments | 848,517 BTC | $22.22bn | 96.0% | $21.30bn – $21.34bn |
| Strive, Inc. | venue, 1 instrument | 36,818 BTC | $783m | 93.5% | $732m |
| Tesla, Inc. | member company | 11,509 BTC | $9.08bn | 0.6% | $37.7m |
| The Smarter Web Company PLC | member company | 2,830 BTC | $21.3m | 97.9% | $21.3m |
| The9 | member company | 347 BTC | $30.2m | — | $21.8m |
| Trump Media & Technology Group Corp. | member company | 9,477 BTC | $970m | 22.8% | $470m – $471m |
| Twenty One Capital, Inc. | member company | 43,514 BTC | $487m | 95.2% | $487m |
| USBC, Inc. (formerly Know Labs, Inc.) | member company | 1,029 BTC | $21m | 84.5% | $21m |
| Vulcan Infrastructure & Power Inc. (formerly Greenidge Generation) | member company | 103 BTC | $3.7m | 20.4% | $755k |
| Yiren Digital | member company | 149 BTC | $69.3m | — | $0 |
| Zhibao Technology | member company | 2,380 BTC | $7.7m | 82.3% | $0 – $2.2m |
| ZOOZ Strategy | member company | 1,047 BTC | $0 | 76.8% | $0 |
Registered, not members:
- American Bitcoin Corp.: a consolidated subsidiary of Hut 8 Corp.: its bitcoin and debt are counted once, at the parent
- AtaiBeckley Inc.: 99.8 BTC filed, below the 100 BTC membership floor
- Cango Inc.: 0 BTC filed, below the 100 BTC membership floor
- Sequans Communications S.A.: 0 BTC filed, below the 100 BTC membership floor
Its families are listed above. What the endpoint does not serve is how much each venue weighs in the class rate, so this table of what sets the rate is empty: a property of how the class is observed.
Corporate debt denominated in yen and euro, measured in its own currency and shown at a stated USD equivalent. It is NOT in outstanding_usd: this surface is BTC-USD credit, and non-USD debt is reported beside it the way on-chain EUR and CHF debt is — never summed into the dollar figure.
| Currency | Outstanding | USD equivalent | Instruments | Issuers | Basis |
|---|---|---|---|---|---|
| EUR | €857,434,625 | $977m | 7 | strategy, blockchain_group | issuer translation (2026-06-30); Federal Reserve H.10 rate 2026-10-16 |
| JPY | ¥31,610,000,000 | $200m | 2 | metaplanet | Federal Reserve H.10 rate 2026-10-16 |
Who holds the bitcoin, and how much of it is pledged →
Ask for this by machine
| REST | GET https://api.bitcoincreditstack.com/v1/market/financing-curve GET https://api.bitcoincreditstack.com/v1/market/tree |
|---|---|
| MCP | get_credit_state() compare_venues({ class: "corporate" }) |
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