--- title: "Sources & Data" author: "True North Research" author_url: "https://tnorth.com/crew/true-north-research/" publisher: "True North" publisher_url: "https://tnorth.com" canonical_url: "https://tnorth.com/digital-credit/sources/" markdown_url: "https://tnorth.com/digital-credit/sources.md" date_published: "2026-03-25" date_updated: "2026-03-25" rendered_at: "2026-05-02T14:13:20.464Z" section: "digital-credit" tickers: [] instruments: [] asset_class: "perpetual-preferred-equity-bitcoin-backed" word_count: 926 reading_time_minutes: 5 license: "© 2026 True North. Cite with attribution and a link to the canonical URL. Not investment advice." disclosure: "True North is operated by Strive, Inc. Independent contributor content published under https://tnorth.com/legal/independent-discussion/." tldr_generated: true --- # Sources & Data > **TL;DR.** Primary sources used across True North's digital credit research. SEC filings, exchange data, institutional research, and downloadable datasets. > — True North Research, True North (https://tnorth.com/digital-credit/sources/) Every financial figure in True North's digital credit research is traceable to a primary source. This page is the central directory. If a claim on any page in the hub doesn't have an inline citation, check here — the source should be listed. If it's not here either, [let us know](/about/) and we'll fix it. --- ## SEC Filings The foundation of all instrument data. Filings are available at [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar). **Strategy, Inc. (MSTR)** - [EDGAR Filing Page](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001050446) — 8-K, 10-K, 10-Q, 424B5 prospectuses - 424B5 filings for each instrument contain the definitive terms: stated value, dividend rate, cumulative status, convertibility, capital structure seniority - 8-K current reports for BTC acquisitions, rate changes, and material events - Q4 2025 earnings (February 5, 2026): 713,502 BTC held, $25.3B capital raised in 2025 **Strive, Inc. (ASST)** - [EDGAR Filing Page](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001920406) — 8-K, 10-K, 10-Q, 424B5 prospectuses - SEC 8-K (January 28, 2026): 13,311 BTC held, [SATA](/digital-credit/markets/sata/) follow-on and Semler note exchange details - 424B5 for SATA: definitive terms, redemption provisions, dividend structure --- ## Exchange Data **Nasdaq** — Real-time and historical pricing for [STRK](/digital-credit/markets/strk/), [STRF](/digital-credit/markets/strf/), [STRD](/digital-credit/markets/strd/), [STRC](/digital-credit/markets/strc/), SATA - [nasdaq.com](https://www.nasdaq.com) **Luxembourg Stock Exchange** — Pricing and listing data for [STRE](/digital-credit/markets/stre/) - [luxse.com](https://www.luxse.com) --- ## Issuer Treasury Trackers **Strive Treasury Tracker** — Real-time BTC holdings, BTC Rating, NAV coverage, leverage, dividend data - [treasury.strive.com](https://treasury.strive.com) - Data fields used: shares outstanding, market price, effective yield, annual dividend commitment, BTC NAV dividend coverage, BTC Rating, average cost basis, Bitcoin NAV, unrealized gain/loss **StrategyTracker** — BTC holdings and acquisition history - [strategytracker.com](https://www.strategytracker.com) --- ## Market Context Sources **SIFMA (Securities Industry and Financial Markets Association)** - U.S. corporate bond market data: $11.5T outstanding (Q3–Q4 2025) - [sifma.org](https://www.sifma.org) **ICI (Investment Company Institute)** - U.S. money market fund AUM: $7.82T (week ending March 11, 2026) - [ici.org](https://www.ici.org) **Preqin** - Private credit market: ~$1.7T AUM (2024); forecast $2.64T by 2029 - [preqin.com](https://www.preqin.com) **Public market data aggregators** - Bitcoin market cap and price data **DeFiLlama** - DeFi lending TVL by protocol: Aave, Compound, MakerDAO/Sky, Morpho - Total DeFi lending TVL: ~$55B (early 2026) - [defillama.com](https://defillama.com) **The Block** - DeFi market data and analysis - [theblock.co](https://www.theblock.co) **Federal Reserve / FRED** - Interest rate data, monetary policy context - [fred.stlouisfed.org](https://fred.stlouisfed.org) --- ## Historical Sources **CeFi Failure Data (2022–2023)** | Platform | Source | Key Data Point | |----------|--------|---------------| | Voyager | CNBC; Vermont DFR | $1.7B owed, 3.5M customers, filed Jul 6, 2022 | | Celsius | Bloomberg; Fortune | $4.7B owed, $1.2B deficit, filed Jul 14, 2022 | | BlockFi | TechCrunch; Decrypt | $1.3B owed (top 50), ~100K creditors, filed Nov 28, 2022 | | Genesis | CoinDesk; Bloomberg | $3.5B owed (top 50), Gemini Earn $900M/340K users, filed Jan 20, 2023 | **M-Shwari / Digital Credit Development Finance** | Source | Data Point | |--------|-----------| | Safaricom PR | M-Shwari launch (Nov 27, 2012), 3.5M customers in 6 months | | CGAP Focus Note (Aug 2017) | Consumer protection in digital credit | | CGAP Working Paper (Oct 2018) | 3,000+ Kenyans and 4,500+ Tanzanians surveyed | | KachTech | 21 million Kenyans reached cumulatively | **Strategy World 2026** - Saylor keynote (Feb 25, 2026): Three-layer digital capital framework, $50–60T market sizing - YouTube: Bitcoin Magazine channel, timestamp 50:32 ([youtube.com/watch?v=HSqlTJjs36g](https://youtube.com/watch?v=HSqlTJjs36g)) - Saylor X post (Feb 26, 2026): "My keynote yesterday focused on Digital Credit..." --- ## Google Trends Data Search interest analysis is based on CSV exports from [trends.google.com](https://trends.google.com), not screenshots or approximations. **Key findings (March 2026 export):** - "digital credit" baseline (first 4 weeks, Mar 2025): 21.5 average - Peak: 100 (week of September 21, 2025) - Peak/baseline ratio: 4.65× - Recent 8-week average: 71.9 (sustained 3.34× above baseline) - Declining associations: "amazon digital credit" –60%, "digital credit union" –40%, "digital federal credit union" –50% --- ## Downloadable Data True North will publish downloadable datasets as the digital credit hub matures. Planned datasets: - **Instrument comparison data** — All six instruments with current rates, yields, and key terms (CSV) - **Rate change history** — Historical rate changes for STRC and SATA variable-rate instruments (CSV) - **Market context data** — BTC market cap, corporate bond market, money market AUM, DeFi TVL over time (CSV) When available, these will be hosted at `tnorth.com/data/` and linked from this page with Dataset structured data for search discovery. --- ## How to Verify Our Claims We encourage readers to verify our data independently. Here's how: **Instrument terms:** Search for the issuer's CIK number on [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar) and look at the 424B5 prospectus filing for the specific instrument. All terms (rate, cumulative status, stated value, convertibility) are in the prospectus. **BTC holdings:** Check the issuer's most recent 8-K filing on EDGAR. Strategy and Strive both report BTC acquisitions via 8-K. True North's [Treasury Tracker](/tools/treasury-tracker/) aggregates holdings data from SEC filings, company disclosures, and public market data. **Market prices and yields:** Check [Nasdaq.com](https://www.nasdaq.com) for real-time pricing. Calculate effective yield: (stated rate × par value) / current market price. **DeFi data:** Visit [DeFiLlama](https://defillama.com) and filter by lending protocols for current TVL data. If you find a discrepancy between our data and a primary source, contact us. We document all corrections in the [correction log](/digital-credit/methodology/#corrections). --- *All sources on this page were last verified against primary data as of the page's "last data refresh" date shown above. Time-sensitive figures (prices, yields, TVL) change continuously and should be treated as approximate between refreshes.* *This content is for informational and educational purposes only. It is not an offer to sell or a solicitation to buy any security. Review all offering documents on [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar) before investing.* ## About this document Canonical HTML: https://tnorth.com/digital-credit/sources/ Site-wide AI index: https://tnorth.com/llms.txt