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) — 965,248 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; $26.33bn 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.
- Borrow rate (USD loans) — weighted by dollar debt for 2 of 6 venues.
| Family | BTC collateral | share | Dollar debt against bitcoin | share | LTV | Borrow | Lend | Liquidates at | Threshold (LTV) |
|---|---|---|---|---|---|---|---|---|---|
| Strategy › | 848,250 BTC | 88% | $21.29bn | 81% | 31.8% | 11.57% | — | — | |
| MARA Holdings › | 26,307 BTC | 2.7% | $3.05bn | 12% | 141.0% | — | — | — | |
| Riot Platforms › | 11,380 BTC | 1.2% | $794m | 3.0% | 85.0% | — | — | — | |
| Strive › | 32,773 BTC | 3.4% | $783m | 3.0% | 29.1% | 13.28% | — | — | |
| Metaplanet › | 43,000 BTC | 4.5% | $414m | 1.6% | 17.4% | — | — | — | |
| Capital B › | 3,538 BTC | 0.4% | — | 31.7% | — | — | — |
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 2026-10-15 · 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.
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 | $976m | 7 | strategy, blockchain_group | issuer translation (2026-06-30); Federal Reserve H.10 rate 2026-10-09 |
| JPY | ¥31,610,000,000 | $200m | 2 | metaplanet | Federal Reserve H.10 rate 2026-10-09 |
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" }) |
The same figures, the same names and dates. Connect your AI →