True North
Glossary
Definition reviewed . Live figures refresh with the site's daily data pipeline; each carries its own as-of date.
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Bitcoin Treasury Company
A Bitcoin treasury company is a publicly listed corporation that holds bitcoin as its principal treasury reserve asset and manages its capital structure around that holding, raising equity, preferred stock or debt to acquire bitcoin and measuring performance in part by bitcoin held per share.
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Digital Credit
Digital credit is the category of exchange-listed perpetual preferred equity issued by public companies whose treasury reserve asset is bitcoin, giving holders a stated cash distribution and a claim senior to common equity, but no lien on the issuer’s bitcoin and no maturity date.
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mNAV
mNAV is a valuation multiple for Bitcoin treasury companies equal to the market value of the company’s equity divided by the market value of the bitcoin it holds, where a result above 1.0 means the shares trade at a premium to that bitcoin and below 1.0 means a discount.
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Strategy Preferred Stack
The Strategy preferred stack is the family of five perpetual preferred securities issued by Strategy Inc, formerly MicroStrategy — STRF, STRC, STRE, STRK and STRD — each carrying a $100 or €100 stated amount, no maturity, and a defined rank ahead of MSTR common equity but behind all of the company’s indebtedness.