DATA LICENCE

THE BITCOIN CREDIT STACK

Version: 0.2 · Effective date: 21 October 2026

This data licence (the "Licence") is published by ALETHEIA ANALYTICS, a French société par actions simplifiée à associé unique with share capital of EUR 1,000, registered with the Paris Trade and Companies Register under number 107 152 662 R.C.S. Paris, whose registered office is at 173 rue de Courcelles, 75017 Paris, France ("Aletheia"), publisher of The Bitcoin Credit Stack.

Contact: contact@aletheia-analytics.io.

1. Purpose and scope

1.1. The Licence sets out what the User may do with the Data served by the website www.bitcoincreditstack.com, the API at api.bitcoincreditstack.com and the MCP server at mcp.bitcoincreditstack.com/mcp (together, the "Surfaces"), whether the Data was read free of charge or paid for.

1.2. Access to the Surfaces is governed by the Terms of Use (the "Terms"); the sale of Priced Answers by the Terms of Sale. In case of conflict, the Licence prevails as to rights in the Data.

1.3. The Licence grants only the rights Aletheia holds. On a value that rests on a third party, Aletheia cannot grant more than that third party allows: the rights in each value follow its providers (article 3).

2. Definitions

Terms defined in the Terms of Use (in particular "Data", "User", "Machine Client", "Priced Answer") have the same meaning in the Licence. In addition:

2.1. "Provider" means each source a value rests on: a reading by Aletheia (its Bitcoin node, its contract reads, its on-chain price fixing), a third-party publication (a central bank, an exchange, an issuer, a venue) or a third-party database. Each Provider is listed in the register Aletheia keeps, with its status (article 3.2) and, where it asks for one, its credit line.

2.2. "Own Value" means a value all of whose Providers have the status own.

2.3. "Attributed Value" means a value whose Providers have the status own or attributed, at least one being attributed.

2.4. "Restricted Value" means a value at least one of whose Providers has the status restricted.

2.5. "Unknown-Terms Value" means a value at least one of whose Providers has the status unknown and none the status restricted.

2.6. "Derived Work" means any creation of the User that incorporates, transforms or builds on Data (a chart, dashboard, analysis, report, calculation, model, software), excluding a mere copy or mere rearrangement of the Data.

2.7. "Redistribution of the Data as such" means making the Data, or a substantial part of it, available to third parties, free or for payment, in a form that can substitute for reading it on the Surfaces: in particular a file, a feed, a database, an API, an MCP server, a published training dataset or a systematic re-exposure of series.

2.8. "Benchmark" has the meaning given in Regulation (EU) 2016/1011 of 8 June 2016 (Article 3(1), points 3 and 7).

3. The licence follows the providers

3.1. Each value names the Providers it rests on. Where an Aletheia process recorded those Providers with the value, they apply. Otherwise Aletheia applies at read time a default, deliberately strict, per dataset: a value whose Providers cannot be told apart is treated according to the most restrictive of them.

3.2. The statuses are:

3.3. A series carries the strictest status of its values over the period read: own, then attributed, then unknown_terms, then free_attributed_only.

3.4. The list of Providers, their status and the credit each asks for are published on the site's Credits and sources page, built from the same register. A Provider changes status only by a reasoned change to the register (its terms read, a licence acquired, counsel's advice).

3.5. The defaults of article 3.1 today place most of the credit-tree series among Restricted or Unknown-Terms Values, until their writers record their Providers venue by venue. A value becomes an Own or Attributed Value only from a reading of its Providers, never by commercial decision.

4. Rights granted in Own Values

4.1. Subject to compliance with the Licence, the Terms of Use and, for a Priced Answer, the Terms of Sale, Aletheia grants the User, in Own Values, a non-exclusive, non-transferable, worldwide right, for the duration of Aletheia's rights in those values:

a) of internal use: to reproduce, store and process Own Values for its own needs and those of the people in its organisation;

b) to create Derived Works: to create Derived Works and use them, including for commercial purposes;

c) to publish Derived Works: to publish or communicate to third parties a Derived Work that shows Own Values, provided it is not a Redistribution of the Data as such and it carries the attribution of article 10.

4.2. Permitted under article 4.1 c) are, in particular: publishing a chart, a table, a quoted figure or an analysis that uses a limited number of Own Values; a dashboard built by the User or by its AI assistant, shown to the User and the people in its organisation.

4.3. No right is granted that the Licence does not expressly provide. The Licence transfers no intellectual property right to the User, in particular neither the copyright in Aletheia's texts and charts nor the database maker's right Aletheia may hold in the Stack (articles L. 341-1 et seq. of the French Intellectual Property Code).

5. Attributed Values

5.1. In Attributed Values the User has the rights of article 4, under these further conditions:

a) it keeps the credit line of each attributed Provider, as the answer carries it (attribution or provider_credits fields) or as the Credits and sources page publishes it;

b) it complies with that Provider's own terms, which apply in addition to the Licence and prevail over it as regards that Provider. Today, therefore: Federal Reserve Bank of New York data (SOFR, EFFR, ON RRP) is subject to its terms of use and the notice they require; IEX HIST data to IEX's historical data terms of use, which the User accepts by using it; the Board of Governors of the Federal Reserve System's publications to citing the Board as the source.

5.2. Aletheia does not warrant that an attributed Provider's terms will stay unchanged. If a Provider changes its terms, its status is reviewed in the register (article 3.4).

6. Restricted and Unknown-Terms Values

6.1. Restricted and Unknown-Terms Values are served free of charge, for information, with the names of their Providers and, where it asks for one, the Provider's credit line. They appear in answers, free or priced, so that answers stay complete; they are not sold, and Aletheia puts them in no sold file and no bulk file.

6.2. Aletheia grants no right in these values under the Licence. The User may read them and quote them with their attribution; any other reuse is governed by their Provider's terms, from whom the User obtains any rights it needs.

6.3. The price of a Priced Answer pays for the supply of the Own and Attributed Values it contains.

7. Prohibitions

Unless Aletheia agrees in writing, the User shall not, in respect of any Data:

a) carry out a Redistribution of the Data as such, free or for payment, including reselling a Priced Answer or its content;

b) grant sublicences;

c) remove or alter the sources, dates, vintages, licence blocks, credit lines, disclosures (disclosure) and reasoned absences that accompany the Data;

d) present an absence as a zero, an unknown value as an established value, or Data as a rating, ranking, recommendation, forecast or safety opinion made by Aletheia;

e) present as granted by Aletheia values the Licence does not grant (article 6);

f) use Data as a Benchmark (article 8).

8. Benchmark use forbidden

8.1. The User may not use any Data, nor any Derived Work that carries its value, as a benchmark within the meaning of Regulation (EU) 2016/1011, that is, in particular: to determine the amount payable under a financial instrument or financial contract, or the value of a financial instrument; to measure the performance of an investment fund, track its return, define its asset allocation or compute its performance fees.

8.2. Aletheia neither calculates nor administers any benchmark and does not present the Data as suitable to serve as a reference for an instrument or contract. The measures the Stack publishes under the name "index" (under /v1/market/index/) are descriptive measures of observed markets; article 8.1 applies to them as to any Data.

8.3. A User who wishes to reference the Data in a contract or instrument asks Aletheia first at the contact address. Aletheia is under no obligation to agree.

9. Training artificial-intelligence models

9.1. The User may use Own Values to train, fine-tune or evaluate an artificial-intelligence model, including for commercial purposes, on these conditions:

a) the training dataset built from the Data is not published, assigned or made available to third parties (that would be a Redistribution of the Data as such);

b) the model is not operated to reproduce the Data as such, nor to serve as a Benchmark;

c) the User keeps, in the documentation of its training data, the source "The Bitcoin Credit Stack" and the ids of the series used.

9.2. In Attributed Values, article 9.1 applies to the extent each attributed Provider's terms allow it; it is for the User to check.

9.3. No training right is granted in Restricted or Unknown-Terms Values.

9.4. Outside the cases this article provides for, Aletheia objects, within the meaning of article L. 122-5-3 of the French Intellectual Property Code and Article 4 of Directive (EU) 2019/790, to text and data mining on the Surfaces.

9.5. An AI assistant reading the Data to answer its User, at the time of the question, is not training: it is the internal use of article 4.1 a).

10. Attribution

10.1. Every published Derived Work that shows Data carries the line: Source: The Bitcoin Credit Stack (Aletheia Analytics), series <id>, as of <date>, together with, for Attributed Values, the credit line of each attributed Provider and, for Restricted and Unknown-Terms Values, the names of their Providers.

10.2. A local paraphrase of the line does not stand in for it. Where a Derived Work shows values of a venue at which Aletheia discloses a position, that row's disclosure accompanies the values (article 13.5).

11. The machine-readable form

11.1. Aletheia serves the licence status with the Data in the following forms, as found in the code on 20 October 2026:

a) Reading series (GET /v1/series/values, MCP tool get_series): each series carries a licence block made of status (own, attributed, unknown_terms or free_attributed_only), providers (for each Provider: id, name and status) and, except for own, a plain-language note; the Providers' credit lines are in the answer's attribution.

b) Series catalogue (GET /v1/series, MCP tool list_series): each series carries its status (licence) and the list of its Providers' ids (providers).

c) On-chain series (GET /v1/onchain/series and /v1/onchain/series/{id}, MCP tools list_chain_series, get_chain_series, get_cost_basis): an older form of licence block, own or free_attributed_only with CoinGecko's attribution, which does not name the Providers.

d) Other routes and tools: routes serving data from an attributed Provider or from CoinGecko carry an attribution field (a list of credit lines); they carry no licence block.

11.2. Where an answer carries no licence block naming its values' Providers, the User treats those values as Restricted Values (article 6), unless Aletheia confirms otherwise in writing, which the User may ask for at the contact address.

11.3. Not served today: an id and an address (URL) of this Licence in answers; the list of rights granted as fields; a licence block in every Priced Answer; a reference to the Licence in the HTTP 402 answer.

12. Desks' posted rates

12.1. Credit rates that lenders ("desks") post publicly are published facts. Aletheia transcribes them with, for each, the address of the source page, the effective date read and the date Aletheia last checked it. They are published as dated facts, with their source.

12.2. The transcription, its date and its structure are Own Values. The desks' names, trade marks and pages remain theirs; Aletheia claims no right in their terms.

12.3. A transcribed rate describes what the desk posted on the date shown. It is not an offer by the desk nor by Aletheia, and it may differ from what the desk offers a given borrower or on another date.

13. Accuracy, coverage and absences

13.1. The Data is provided as is, without warranty of accuracy, completeness, availability or fitness for a particular purpose, within the limits set by the Terms of Use (articles 16 and 17).

13.2. Vintages. A publication, a rebuild or a correction never silently replaces what was published: each is a vintage, and any past answer can be reproduced as it was known on a date, with the as_known_on parameter. Each series answer names the vintages its values came from.

13.3. Coverage. Coverage is stated, not implied. A venue absent from a reading is a declared gap in observation, never an observation of zero. Aggregates are sums over the venues covered, with their coverage, never scaled up.

13.4. Absences. An absence is served as a value, with its reason, never as a zero: a criterion that could not be established from public sources reads unknown with its reason; a criterion that does not apply to a class of venue reads as such; a measure that would be degenerate on the observed data is replaced by a structured absence naming the threshold and the observed count. These values are distinct and never conflated.

13.5. Own account. Where values rest wholly or partly on Aletheia's activity for its own account, the answer says so (own_account, disclosure).

14. Disputing a published value

14.1. Anyone, including a venue described, may dispute a published value by writing to contact@aletheia-analytics.io, giving the series id or the venue and criterion, the date, the value disputed and the source that contradicts it.

14.2. Aletheia checks the value against the cited source. A wrong value is corrected by a new vintage: the earlier value stays readable with as_known_on (article 13.2). For venue criteria, the change is entered in the criteria changelog with its source. The outcome of the dispute is recorded, including where the value is not changed, with the reason.

14.3. Aletheia does not remove a value because someone dislikes it; it corrects a value that is wrong.

14.4. Aletheia commits to no handling time.

15. Term and end of the Licence

15.1. The Licence applies to the User from when it obtains Data and for as long as it uses it.

15.2. Any breach of the Licence ends the rights granted to the User automatically, without prejudice to Aletheia's other remedies. The User then stops all use of the Data and deletes the copies it holds, except Derived Works published in accordance with the Licence before the breach.

15.3. Articles 7, 8, 10, 13, 15 and 17 survive the end of the Licence.

16. Liability

16.1. The warranty and liability exclusions and limits of the Terms of Use (articles 16 and 17) apply to the Data.

16.2. The User alone remains responsible for the Derived Works it creates, for the decisions it, or its Machine Clients, take from the Data, and for complying with third-party Providers' terms.

17. Changes to the Licence

17.1. Aletheia may change the Licence. Each version carries a number and a date and is published on the site's /legal page.

17.2. A new version applies to Data obtained after its publication. Data obtained before remains governed by the version in force when it was obtained.

17.3. A change of a Provider's status in the register (article 3.4) is not a change to the Licence; it applies to Data obtained after the register changed.

18. Governing law and courts

The Licence is governed by French law. The jurisdiction and amicable-settlement rules of the Terms of Use (article 21) apply.