Research
Data-first reports on the corporate bitcoin sector. General, impersonal commentary on public information — never trade recommendations.
Sector report · Aug 31, 2026 · 11 min
The mNAV Compression: What the Market Now Pays for a Bitcoin Balance Sheet
Treasury companies once traded at multiples of their bitcoin. A growing share now trade below it. What changed, who is exposed, and what the discount actually means.
Sector report · Aug 31, 2026 · 9 min
The Maturity Wall: Convertible Debt Behind Corporate Bitcoin
Billions in convertible notes funded the treasury boom. Mapping the amounts, coupons and dates — and what happens if equity stays below conversion prices.
Primer · Aug 31, 2026 · 12 min
Bitcoin on the Balance Sheet: A Board-Level Primer
Accounting under ASU 2023-08, custody architecture, governance, disclosure and the realistic risk register — the questions a board should resolve before the first purchase.