BTC credit ratings, risk analysis, and fleet coverage
Per-instrument BTC coverage, risk probability, and credit spread110 instruments
| # | Label | Issuer | Type | Outstanding | mNAV | Maturity | BTC Rating | Price Floor | Duration | BTC Risk | ▼BTC Credit |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | BMAX-Jun28 | 377030 | Conv | $27.1M | 1.35x | 2028-06-20 | 1.0x | $76.4K | 0.0y | 47.6% | >9,999 bps |
| 2 | BMAX-Jul28 | 377030 | Conv | $33.8M | 1.35x | 2028-07-14 | 0.6x | $137.8K | 0.0y | 100.0% | >9,999 bps |
| 3 | DEVS-Jan27 | DEVS | Conv | $10M | 0.91x | 2027-01-18 | 0.2x | $413.2K | 0.7y | 100.0% | >9,999 bps |
| 4 | HAMA-Dec26 | HAMA | Conv | $3.4M | 3.40x | 2026-12-04 | 0.6x | $128.5K | 0.6y | 87.6% | >9,999 bps |
| 5 | DJT-May28 | DJT | Conv | $941.9M | 3.82x | 2028-05-29 | 0.9x | $84.6K | 0.6y | 48.3% | >9,999 bps |
| 6 | IPW-Dec27 | IPW | Conv | $3.7M | 1.42x | 2027-12-23 | 0.7x | $111.1K | 1.6y | 53.2% | 4,615 bps |
| 7 | MATA-Dec27 | MATA.V | Conv | $10.5M | 0.40x | 2027-12-07 | 1.3x | $59.8K | 1.6y | 16.1% | 1,095 bps |
| 8 | LMFA-Mar26 | LMFA | Other | $1.5M | 0.14x | 2026-06-30 | 1.4x | $53K | 0.2y | 1.5% | 881 bps |
| 9 | BTCW-Dec29 | BTCW | Conv | $1.5M | 1.27x | 2029-12-30 | 1.1x | $73K | 3.7y | 18.4% | 556 bps |
| 10 | LGHL-Jun28 | LGHL | Conv | $24.4M | 0.51x | 2028-06-23 | 1.5x | $49.9K | 2.1y | 9.8% | 478 bps |
| 11 | CLSK-Feb32 | CLSK | Conv | $1.1B | 3.94x | 2032-02-15 | 0.8x | $99.9K | 5.8y | 20.7% | 400 bps |
| 12 | MARA-Aug32 | MARA | Conv | $1B | 1.94x | 2032-08-01 | 1.5x | $50.4K | 3.7y | 9.2% | 261 bps |
| 13 | 3189-NP | 3189 | Other | $50M | 0.37x | 2027-08-31 | 2.1x | $37K | 1.3y | 2.8% | 215 bps |
| 14 | SQNS-Jul28 | SQNS | Conv | $94.5M | 0.41x | 2028-07-07 | 2.0x | $37.9K | 2.2y | 4.4% | 205 bps |
| 15 | LMFA-Galaxy | LMFA | Other | $11M | 0.14x | 2026-06-26 | 1.6x | $48.6K | 0.1y | 0.3% | 201 bps |
| 16 | CPTLB-A05 | ALCPB.PA | Conv | $7.6M | 1.30x | 2030-07-31 | 1.9x | $40K | 4.3y | 5.4% | 130 bps |
| 17 | Kraken BTC-Collateralized Loan | NAKA | Other | $210M | 0.30x | 2026-12-04 | 2.1x | $36.7K | 0.6y | 0.7% | 120 bps |
| 18 | CPTLB-B04 | ALCPB.PA | Conv | $5.9M | 1.30x | 2030-06-30 | 2.0x | $37.4K | 4.2y | 4.7% | 114 bps |
| 19 | CPTLB-A04 | ALCPB.PA | Conv | $5.9M | 1.30x | 2030-06-30 | 2.2x | $35.4K | 4.2y | 4.1% | 100 bps |
| 20 | DJT-WC-TL | DJT | Other | $5.5M | 3.82x | Perp | 0.9x | $85.2K | 10.0y | 9.3% | 98 bps |
| 21 | CPTLB-A03 | ALCPB.PA | Conv | $7M | 1.30x | 2030-06-12 | 2.3x | $33.4K | 4.1y | 3.6% | 88 bps |
| 22 | CPTLB-B02C | ALCPB.PA | Conv | $2.8M | 1.30x | 2030-06-12 | 2.5x | $31K | 4.1y | 3.0% | 73 bps |
| 23 | BTCW-UCoin | BTCW | Other | $12.7M | 1.27x | Perp | 1.2x | $65.9K | 10.0y | 6.7% | 69 bps |
| 24 | CPTLB-B03 | ALCPB.PA | Conv | $5.4M | 1.30x | 2030-05-26 | 2.5x | $30.1K | 4.1y | 2.8% | 68 bps |
| 25 | CPTLB-B02B | ALCPB.PA | Conv | $68.3M | 1.30x | 2030-05-26 | 2.7x | $28.2K | 4.1y | 2.3% | 58 bps |
| 26 | NCTY-EF | NCTY | Other | $21M | 3.07x | Perp | 1.6x | $47.1K | 10.0y | 4.1% | 42 bps |
| 27 | MARA-Sep31 | MARA | Conv | $300M | 1.94x | 2031-09-01 | 3.2x | $23.9K | 2.8y | 1.1% | 40 bps |
| 28 | BTCT-Jun30 | BTCT | Conv | $18.3M | 0.64x | 2030-06-23 | 3.2x | $24.1K | 2.1y | 0.8% | 38 bps |
| 29 | VANA-Tkn26 | VANA | Other | $9.4M | 0.61x | Perp | 1.7x | $44K | 10.0y | 3.7% | 38 bps |
| 30 | 3189-Dec35 | 3189 | Conv | $5M | 0.37x | 2035-12-03 | 1.9x | $40.5K | 9.6y | 3.4% | 36 bps |
| 31 | GPUS-SerE | GPUS | Pref | $16.3M | 1.21x | Perp | 2.3x | $34K | 10.0y | 2.5% | 25 bps |
| 32 | SATA | ASST | Pref | $437.3M | 0.97x | Perp | 3.0x | $25.2K | 7.7y | 1.7% | 23 bps |
| 33 | H100-T7 | H100 | Conv | $23.7M | 0.68x | 2030-07-09 | 3.9x | $19.4K | 4.2y | 0.8% | 20 bps |
| 34 | STRD | MSTR | Pref | $1.4B | 0.95x | Perp | 3.6x | $21.1K | 7.7y | 1.2% | 16 bps |
| 35 | NDA-CF | NDA | Other | $9.5M | 2.74x | Perp | 3.5x | $22K | 10.0y | 1.2% | 12 bps |
| 36 | STRK | MSTR | Pref | $1.4B | 0.95x | Perp | 3.9x | $19.4K | 9.7y | 0.9% | 10 bps |
| 37 | BLSH-BO | BLSH | Other | $505.6M | 3.38x | Perp | 3.8x | $19.9K | 10.0y | 1.0% | 10 bps |
| 38 | DMGI-Sygnum | DMGI | Other | $9.4M | 1.37x | Perp | 3.8x | $19.9K | 10.0y | 1.0% | 10 bps |
| 39 | STRC | MSTR | Pref | $6.4B | 0.95x | Perp | 4.6x | $16.6K | 8.7y | 0.7% | 8 bps |
| 40 | STRE | MSTR | Pref | $907.2M | 0.95x | Perp | 4.3x | $17.7K | 10.0y | 0.8% | 8 bps |
| 41 | CLSK-Jun30 | CLSK | Conv | $650M | 3.94x | 2030-06-15 | 5.1x | $15.1K | 2.1y | 0.1% | 4 bps |
| 42 | GPUS-SerD | GPUS | Pref | $3.4M | 1.21x | Perp | 7.7x | $10K | 6.8y | 0.2% | 3 bps |
| 43 | STRF | MSTR | Pref | $1.3B | 0.95x | Perp | 8.7x | $8.8K | 10.0y | 0.2% | 2 bps |
| 44 | PNIX-AMINA | PNIX | Other | $3M | 0.59x | Perp | 9.0x | $8.5K | 10.0y | 0.2% | 2 bps |
| 45 | LMFA-Sep27 | LMFA | Other | $2M | 0.14x | 2027-09-15 | 4.7x | $16.3K | 1.4y | 0.0% | 2 bps |
| 46 | MARA-Jun31 | MARA | Conv | $291.6M | 1.94x | 2031-06-01 | 4.7x | $16.2K | 1.1y | 0.0% | 1 bps |
| 47 | Mercury | 3350.T | Pref | $147.8M | 0.84x | Perp | 7.5x | $10.2K | 20.4y | 0.1% | 1 bps |
| 48 | 3350-CFB | 3350.T | Other | $130M | 0.84x | Perp | >10x | $5.3K | 10.0y | 0.1% | 1 bps |
| 49 | 3350-CFC | 3350.T | Other | $50M | 0.84x | Perp | >10x | $6.6K | 10.0y | 0.1% | 1 bps |
| 50 | OBTC3-Oct30 | OBTC3 | Conv | $25.7M | 0.78x | 2030-10-07 | >10x | $6.9K | 4.4y | 0.0% | 1 bps |
| 51 | FLD-SATS27 | FLD | Other | $13M | 1.18x | 2027-02-26 | 4.1x | $18.6K | 0.8y | 0.0% | 1 bps |
| 52 | MSTR-Dec29 | MSTR | Conv | $3B | 0.95x | 2029-12-01 | >10x | $2.1K | 2.1y | 0.0% | 0 bps |
| 53 | MSTR-Mar30B | MSTR | Conv | $2B | 0.95x | 2030-03-01 | >10x | $5.6K | 1.8y | 0.0% | 0 bps |
| 54 | MSTR-Sep28 | MSTR | Conv | $1B | 0.95x | 2028-09-15 | >10x | $0 | 1.4y | 0.0% | 0 bps |
| 55 | MSTR-Mar30A | MSTR | Conv | $800M | 0.95x | 2030-03-15 | >10x | $3.1K | 2.4y | 0.0% | 0 bps |
| 56 | MSTR-Jun32 | MSTR | Conv | $800M | 0.95x | 2032-06-15 | >10x | $7.3K | 3.1y | 0.0% | 0 bps |
| 57 | MARA-Mar30 | MARA | Conv | $632.5M | 1.94x | 2030-03-01 | 8.9x | $8.6K | 1.6y | 0.0% | 0 bps |
| 58 | MSTR-Mar31 | MSTR | Conv | $603.8M | 0.95x | 2031-03-15 | >10x | $6.3K | 2.4y | 0.0% | 0 bps |
| 59 | XXI-Dec30 | XXI | Conv | $486.5M | 0.90x | 2030-12-01 | 9.0x | $8.5K | 2.6y | 0.0% | 0 bps |
| 60 | MARA-LOC1 | MARA | Other | $200M | 1.94x | Perp | >10x | $0 | 10.0y | 0.0% | 0 bps |
| 61 | GEMI-RWF | GEMI | Other | $154.4M | 1.41x | 2027-11-15 | >10x | $0 | 1.5y | 0.0% | 0 bps |
| 62 | 3350-CFA | 3350.T | Other | $100M | 0.84x | Perp | >10x | $2.1K | 10.0y | 0.0% | 0 bps |
| 63 | BRR-Dec28 | BRR | Conv | $100M | 0.45x | 2028-12-05 | >10x | $5.1K | 2.6y | 0.0% | 0 bps |
| 64 | GEMI-NYDIG | GEMI | Other | $75M | 1.41x | 2026-06-30 | >10x | $0 | 0.2y | 0.0% | 0 bps |
| 65 | CAN-BTCLoan | CAN | Other | $52.2M | 2.67x | Perp | >10x | $0 | 10.0y | 0.0% | 0 bps |
| 66 | EMPD-MRA25 | EMPD | Other | $50M | 0.61x | 2026-08-31 | 7.2x | $10.7K | 0.3y | 0.0% | 0 bps |
| 67 | MARA-Dec26 | MARA | Conv | $48.1M | 1.94x | 2026-12-01 | >10x | $0 | 0.6y | 0.0% | 0 bps |
| 68 | MSTR-CL26 | MSTR | Other | $31.1M | 0.95x | 2026-12-31 | >10x | $0 | 0.7y | 0.0% | 0 bps |
| 69 | CANG-Apr28 | CANG | Other | $30.6M | 2.19x | 2028-04-30 | >10x | $0 | 2.0y | 0.0% | 0 bps |
| 70 | DDC-Jul27 | DDC | Conv | $26.3M | 0.39x | 2027-07-01 | 9.3x | $8.2K | 1.2y | 0.0% | 0 bps |
| 71 | BMAX-Feb28 | 377030 | Conv | $16.9M | 1.35x | 2028-02-13 | 8.6x | $8.9K | 0.0y | 0.0% | 0 bps |
| 72 | CPTLB-B01 | ALCPB.PA | Conv | $16.6M | 1.30x | 2030-03-06 | >10x | $5K | 3.9y | 0.0% | 0 bps |
| 73 | SWC-CF01 | SWC | Other | $16.2M | 0.82x | Perp | >10x | $5.1K | 10.0y | 0.1% | 0 bps |
| 74 | FUFU-AP100 | FUFU | Other | $15M | 2.41x | 2026-05-12 | >10x | $0 | 0.0y | 0.0% | 0 bps |
| 75 | SWC-Aug26 | SWC | Conv | $13.6M | 0.82x | 2026-08-06 | 7.6x | $10.1K | 0.3y | 0.0% | -0 bps |
| 76 | GPUS-Nov27 | GPUS | Conv | $12.8M | 1.21x | 2027-11-30 | >10x | $0 | 1.6y | 0.0% | 0 bps |
| 77 | GEMI-Galaxy | GEMI | Other | $12.5M | 1.41x | Perp | >10x | $0 | 10.0y | 0.0% | 0 bps |
| 78 | HIVE-Boden35 | HIVE | Other | $11.3M | 3.98x | 2035-12-31 | >10x | $0 | 9.7y | 0.0% | 0 bps |
| 79 | BMAX-Mar28 | 377030 | Conv | $10.1M | 1.35x | 2028-03-15 | 2.8x | $27.3K | 0.0y | 0.0% | -0 bps |
| 80 | ASST-Aug30 | ASST | Conv | $10M | 0.97x | 2030-08-01 | >10x | $0 | 4.3y | 0.0% | 0 bps |
| 81 | ASST-Loan | ASST | Other | $10M | 0.97x | Perp | >10x | $0 | 10.0y | 0.0% | 0 bps |
| 82 | FLD-TP26 | FLD | Other | $10M | 1.18x | 2026-10-01 | >10x | $2.8K | 0.4y | 0.0% | -0 bps |
| 83 | CANG-Apr28A | CANG | Conv | $10M | 2.19x | 2028-04-01 | >10x | $0 | 1.9y | 0.0% | 0 bps |
| 84 | MSTR-TL27 | MSTR | Other | $9.2M | 0.95x | 2027-06-01 | >10x | $0 | 1.1y | 0.0% | 0 bps |
| 85 | 3189-Jun27 | 3189 | Other | $7.2M | 0.37x | 2027-06-02 | >10x | $2.1K | 1.1y | 0.0% | 0 bps |
| 86 | CLSK-WAB | CLSK | Other | $5.8M | 3.94x | 2029-08-01 | >10x | $0 | 3.3y | 0.0% | 0 bps |
| 87 | BLSH-XRP | BLSH | Other | $5.6M | 3.38x | 2027-09-01 | >10x | $0 | 1.3y | 0.0% | 0 bps |
| 88 | UUU-KfW | UUU | Other | $5.5M | 1.36x | Perp | >10x | $0 | 10.0y | 0.0% | 0 bps |
| 89 | USBC-Mar27 | USBC | Other | $5M | 1.87x | 2027-03-18 | >10x | $902.00 | 0.9y | 0.0% | -0 bps |
| 90 | LMFA-Aug26 | LMFA | Other | $5M | 0.14x | 2026-08-06 | 7.3x | $10.5K | 0.3y | 0.0% | -0 bps |
| 91 | CLSK-AEL | CLSK | Other | $4.1M | 3.94x | Perp | >10x | $0 | 10.0y | 0.0% | 0 bps |
| 92 | GPUS-Ault | GPUS | Other | $3.6M | 1.21x | Perp | >10x | $4.9K | 10.0y | 0.0% | 0 bps |
| 93 | UUU-Würz29 | UUU | Other | $3.5M | 1.36x | 2029-07-30 | >10x | $0 | 3.3y | 0.0% | 0 bps |
| 94 | 288330-CB1 | 288330 | Conv | $3.4M | 1.98x | 2028-07-01 | >10x | $0 | 2.2y | 0.0% | 0 bps |
| 95 | BTCW-May28 | BTCW | Conv | $3M | 1.27x | 2028-05-01 | >10x | $3.4K | 2.0y | 0.0% | 0 bps |
| 96 | HIVE-AtlTL | HIVE | Other | $2.5M | 3.98x | 2026-06-30 | >10x | $0 | 0.2y | 0.0% | 0 bps |
| 97 | LGHL-Jan28 | LGHL | Conv | $2.1M | 0.51x | 2028-01-23 | >10x | $0 | 1.7y | 0.0% | 0 bps |
| 98 | CLSK-CM30 | CLSK | Other | $1.9M | 3.94x | 2030-04-01 | >10x | $0 | 3.9y | 0.0% | 0 bps |
| 99 | IMG-Aug27 | IMG | Conv | $1.6M | 0.03x | 2027-08-12 | >10x | $2.1K | 1.3y | 0.0% | 0 bps |
| 100 | Pref A | BTC AB | Pref | $782.7K | 0.72x | Perp | >10x | $4.3K | 10.0y | 0.0% | 0 bps |
| 101 | XCE-Dec26 | XCE | Conv | $764.6K | 2.15x | 2026-12-31 | 6.3x | $12.1K | 0.7y | 0.0% | 0 bps |
| 102 | LGHL-May28 | LGHL | Conv | $750K | 0.51x | 2028-05-23 | >10x | $0 | 2.1y | 0.0% | 0 bps |
| 103 | FRAG-Nov30 | FRAG | Conv | $647.9K | 2.73x | 2030-11-30 | >10x | $0 | 4.6y | 0.0% | 0 bps |
| 104 | CLSK-MFP | CLSK | Other | $605K | 3.94x | Perp | >10x | $0 | 10.0y | 0.0% | 0 bps |
| 105 | BTCX-Aug26 | BTCX | Conv | $539.9K | 2.99x | 2026-08-31 | 4.2x | $18.1K | 0.3y | 0.0% | 0 bps |
| 106 | HODL-BBL | HODL | Other | $349.3K | 1.06x | 2029-12-24 | >10x | $2.1K | 3.6y | 0.0% | 0 bps |
| 107 | HODL-Dec28 | HODL | Conv | $160.6K | 1.06x | 2028-12-04 | >10x | $3.1K | 2.6y | 0.0% | 0 bps |
| 108 | HIVE-Apr31 | HIVE | Conv | $115M | 3.98x | 2031-04-15 | --- | --- | --- | --- | --- |
| 109 | 3350-Apr27 | 3350.T | Other | $50.1M | 0.84x | 2027-04-23 | --- | --- | --- | --- | --- |
| 110 | UUU-Lang | UUU | Other | $43M | 1.36x | Perp | --- | --- | --- | --- | --- |