BTC credit ratings, risk analysis, and fleet coverage
Per-instrument BTC coverage, risk probability, and credit spread107 instruments
| # | Label | Issuer | Type | Outstanding | mNAV | Maturity | BTC Rating | Price Floor | Duration | BTC Risk | ▼BTC Credit |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | DEVS-Jan27 | DEVS | Conv | $10M | 1.43x | 2027-01-18 | 0.2x | $413.2K | 0.6y | 100.0% | >9,999 bps |
| 2 | IPW-Dec27 | IPW | Conv | $6.7M | 2.65x | 2027-12-23 | 0.2x | $395.8K | 1.6y | 99.3% | >9,999 bps |
| 3 | BMAX-May29 | 377030 | Conv | $40.9M | 1.56x | 2029-05-07 | 0.7x | $109.9K | 0.9y | 69.3% | >9,999 bps |
| 4 | BMAX-Jun29 | 377030 | Conv | $995.8K | 1.56x | 2029-06-04 | 0.7x | $111.7K | 1.0y | 68.7% | >9,999 bps |
| 5 | LMFA-Mar26 | LMFA | Other | $1.5M | 0.49x | 2026-06-30 | 1.3x | $56K | 0.1y | 1.5% | 1,728 bps |
| 6 | LMFA-Galaxy | LMFA | Other | $11M | 0.49x | 2026-08-28 | 1.4x | $51.5K | 0.3y | 3.6% | 1,495 bps |
| 7 | BTCW-Dec29 | BTCW | Conv | $1.4M | 1.07x | 2029-12-30 | 0.6x | $117.2K | 3.6y | 38.8% | 1,369 bps |
| 8 | MATA-Dec27 | MATA.V | Conv | $10.5M | 0.30x | 2027-12-07 | 1.2x | $59.8K | 1.5y | 18.1% | 1,315 bps |
| 9 | BTCW-May28 | BTCW | Conv | $3M | 1.07x | 2028-05-01 | 1.2x | $61.2K | 1.9y | 18.4% | 1,059 bps |
| 10 | BTCW-Ledn | BTCW | Other | $11.2M | 1.07x | 2026-10-31 | 1.6x | $46.7K | 0.4y | 3.4% | 812 bps |
| 11 | 288330-CB1 | 288330 | Conv | $3.3M | 1.96x | 2028-07-01 | 1.4x | $52.6K | 2.1y | 12.6% | 642 bps |
| 12 | MARA-Aug32 | MARA | Conv | $1B | 2.68x | 2032-08-01 | 1.5x | $49.6K | 3.6y | 9.8% | 285 bps |
| 13 | 3189-NP | 3189 | Other | $50.1M | 0.71x | 2027-08-31 | 2.0x | $37.1K | 1.3y | 3.3% | 265 bps |
| 14 | 288330-Dec26 | 288330 | Other | $10.3M | 1.96x | 2026-12-22 | 2.0x | $37.3K | 0.6y | 1.0% | 175 bps |
| 15 | BTCW-UCoin | BTCW | Other | $10M | 1.07x | Perp | 0.7x | $110.1K | 10.0y | 13.3% | 143 bps |
| 16 | Kraken BTC-Collateralized Loan | NAKA | Other | $210M | 0.32x | 2026-12-04 | 2.1x | $34.5K | 0.5y | 0.4% | 78 bps |
| 17 | NCTY-EF | NCTY | Other | $24.6M | 3.69x | Perp | 1.3x | $56.4K | 10.0y | 5.7% | 59 bps |
| 18 | CPTLB-A05 | ALCPB.PA | Conv | $7.6M | 1.14x | 2030-07-31 | 2.8x | $25.9K | 4.2y | 2.1% | 51 bps |
| 19 | BTCT-Jun30 | BTCT | Conv | $18.1M | 15.96x | 2030-06-23 | 3.0x | $24K | 2.1y | 0.9% | 44 bps |
| 20 | 3189-Dec35 | 3189 | Conv | $5M | 0.71x | 2035-12-03 | 1.8x | $40.6K | 9.5y | 3.7% | 40 bps |
| 21 | CPTLB-B04 | ALCPB.PA | Conv | $4.1M | 1.14x | 2030-06-30 | 3.1x | $23.5K | 4.1y | 1.6% | 40 bps |
| 22 | CPTLB-A04 | ALCPB.PA | Conv | $5.8M | 1.14x | 2030-06-30 | 3.3x | $22.2K | 4.1y | 1.4% | 34 bps |
| 23 | SATA | ASST | Pref | $576M | 1.50x | Perp | 2.5x | $29.3K | 7.7y | 2.5% | 33 bps |
| 24 | VANA-Tkn26 | VANA | Other | $7.6M | 0.45x | Perp | 2.1x | $35.4K | 10.0y | 2.8% | 29 bps |
| 25 | MARA-Sep31 | MARA | Conv | $300M | 2.68x | 2031-09-01 | 3.6x | $20.5K | 2.8y | 0.7% | 27 bps |
| 26 | H100-T7 | H100 | Conv | $23.8M | 0.71x | 2030-07-09 | 3.6x | $20.2K | 4.1y | 1.1% | 26 bps |
| 27 | CPTLB-A03 | ALCPB.PA | Conv | $7M | 1.14x | 2030-06-12 | 3.6x | $20.3K | 4.0y | 1.1% | 26 bps |
| 28 | CPTLB-B02C | ALCPB.PA | Conv | $1.8M | 1.14x | 2030-06-12 | 4.0x | $18.1K | 4.0y | 0.8% | 19 bps |
| 29 | CPTLB-B03 | ALCPB.PA | Conv | $3.4M | 1.14x | 2030-05-26 | 4.2x | $17.5K | 4.0y | 0.7% | 17 bps |
| 30 | STRD | MSTR | Pref | $1.4B | 0.97x | Perp | 3.9x | $18.8K | 7.0y | 1.1% | 15 bps |
| 31 | CPTLB-B02B | ALCPB.PA | Conv | $42.7M | 1.14x | 2030-05-26 | 4.5x | $16.5K | 4.0y | 0.5% | 14 bps |
| 32 | DMGI-Sygnum | DMGI | Other | $9.4M | 1.89x | Perp | 3.2x | $23.1K | 10.0y | 1.4% | 14 bps |
| 33 | NDA-CF | NDA | Other | $9.5M | 4.42x | Perp | 3.3x | $22K | 10.0y | 1.2% | 13 bps |
| 34 | BLSH-BO | BLSH | Other | $482.9M | 3.34x | Perp | 3.8x | $19.2K | 10.0y | 1.0% | 10 bps |
| 35 | GPUS-SerE | GPUS | Pref | $16.2M | 1.95x | Perp | 3.8x | $19.4K | 10.0y | 1.0% | 10 bps |
| 36 | STRK | MSTR | Pref | $1.4B | 0.97x | Perp | 4.3x | $17.2K | 8.8y | 0.8% | 9 bps |
| 37 | STRC | MSTR | Pref | $6.4B | 0.97x | Perp | 5.1x | $14.4K | 8.6y | 0.6% | 7 bps |
| 38 | FLD-SATS27 | FLD | Other | $13M | 0.96x | 2027-02-26 | 3.1x | $23.8K | 0.7y | 0.1% | 7 bps |
| 39 | STRE | MSTR | Pref | $902.4M | 0.97x | Perp | 4.7x | $15.5K | 10.0y | 0.6% | 6 bps |
| 40 | LMFA-Sep27 | LMFA | Other | $2M | 0.49x | 2027-09-15 | 4.0x | $18.6K | 1.3y | 0.1% | 6 bps |
| 41 | BRR-Dec28 | BRR | Conv | $99.6M | 0.60x | 2028-12-05 | 5.4x | $13.5K | 2.5y | 0.1% | 4 bps |
| 42 | HAMA-Dec26 | HAMA | Conv | $3.4M | 6.09x | 2026-12-04 | 2.9x | $25K | 0.5y | 0.0% | 3 bps |
| 43 | SWC-CF01 | SWC | Other | $24.8M | 0.82x | Perp | 9.3x | $7.9K | 10.0y | 0.1% | 2 bps |
| 44 | PNIX-AMINA | PNIX | Other | $3M | 0.65x | Perp | 8.6x | $8.5K | 10.0y | 0.2% | 2 bps |
| 45 | STRF | MSTR | Pref | $1.3B | 0.97x | Perp | >10x | $6.9K | 9.8y | 0.1% | 1 bps |
| 46 | Mercury | 3350.T | Pref | $148.2M | 0.81x | Perp | 7.1x | $10.3K | 20.4y | 0.1% | 1 bps |
| 47 | 3350-CFB | 3350.T | Other | $130M | 0.81x | Perp | >10x | $5.3K | 10.0y | 0.1% | 1 bps |
| 48 | CAN-BTCLoan | CAN | Other | $54.5M | 2.38x | Perp | >10x | $6.1K | 10.0y | 0.1% | 1 bps |
| 49 | 3350-CFC | 3350.T | Other | $50M | 0.81x | Perp | >10x | $6.6K | 10.0y | 0.1% | 1 bps |
| 50 | OBTC3-Oct30 | OBTC3 | Conv | $25.4M | 0.81x | 2030-10-07 | >10x | $6.8K | 4.4y | 0.0% | 1 bps |
| 51 | MSTR-Mar30B | MSTR | Conv | $2B | 0.97x | 2030-03-01 | >10x | $3.7K | 1.8y | 0.0% | 0 bps |
| 52 | MSTR-Dec29 | MSTR | Conv | $1.5B | 0.97x | 2029-12-01 | >10x | $406.00 | 2.0y | 0.0% | -0 bps |
| 53 | MSTR-Sep28 | MSTR | Conv | $1B | 0.97x | 2028-09-15 | >10x | $0 | 1.3y | 0.0% | 0 bps |
| 54 | MSTR-Mar30A | MSTR | Conv | $800M | 0.97x | 2030-03-15 | >10x | $1.4K | 2.3y | 0.0% | 0 bps |
| 55 | MSTR-Jun32 | MSTR | Conv | $800M | 0.97x | 2032-06-15 | >10x | $5.4K | 3.0y | 0.0% | 0 bps |
| 56 | MARA-Mar30 | MARA | Conv | $632.5M | 2.68x | 2030-03-01 | >10x | $3.8K | 1.5y | 0.0% | 0 bps |
| 57 | MSTR-Mar31 | MSTR | Conv | $603.7M | 0.97x | 2031-03-15 | >10x | $4.4K | 2.3y | 0.0% | 0 bps |
| 58 | XXI-Dec30 | XXI | Conv | $486.5M | 0.88x | 2030-12-01 | 8.6x | $8.6K | 2.5y | 0.0% | 0 bps |
| 59 | MARA-Jun31 | MARA | Conv | $291.6M | 2.68x | 2031-06-01 | 6.1x | $12K | 1.0y | 0.0% | 0 bps |
| 60 | GEMI-RWF | GEMI | Other | $140.5M | 1.50x | 2027-11-15 | >10x | $30.000 | 1.5y | 0.0% | -0 bps |
| 61 | 3350-CFA | 3350.T | Other | $100M | 0.81x | Perp | >10x | $2.1K | 10.0y | 0.0% | 0 bps |
| 62 | GEMI-NYDIG | GEMI | Other | $75.3M | 1.50x | 2026-06-30 | >10x | $0 | 0.1y | 0.0% | 0 bps |
| 63 | MARA-Dec26 | MARA | Conv | $48.1M | 2.68x | 2026-12-01 | >10x | $0 | 0.5y | 0.0% | 0 bps |
| 64 | BTM-KskFr | BTM | Other | $42.1M | 1.18x | 2033-08-31 | >10x | $0 | 7.3y | 0.0% | 0 bps |
| 65 | MSTR-CL26 | MSTR | Other | $31.7M | 0.97x | 2026-12-31 | >10x | $0 | 0.6y | 0.0% | 0 bps |
| 66 | CANG-Apr28 | CANG | Other | $30.6M | 2.93x | 2028-04-30 | >10x | $0 | 1.9y | 0.0% | 0 bps |
| 67 | DDC-Jul27 | DDC | Conv | $24M | 0.34x | 2027-07-01 | 9.5x | $7.7K | 1.1y | 0.0% | 0 bps |
| 68 | KULR-CB | KULR | Other | $20M | 2.79x | Perp | >10x | $923.00 | 10.0y | 0.0% | 0 bps |
| 69 | FLD-TP26 | FLD | Other | $20M | 0.96x | 2026-10-01 | 7.8x | $9.4K | 0.3y | 0.0% | 0 bps |
| 70 | BMAX-Jul28 | 377030 | Conv | $16.6M | 1.56x | 2028-07-14 | 2.1x | $35.6K | 0.0y | 0.0% | -0 bps |
| 71 | BTM-CrAg | BTM | Other | $15.3M | 1.18x | 2027-12-15 | >10x | $0 | 1.5y | 0.0% | 0 bps |
| 72 | GPUS-SerD | GPUS | Pref | $14.7M | 1.95x | Perp | >10x | $0 | 6.3y | 0.0% | 0 bps |
| 73 | SWC-Aug26 | SWC | Conv | $13M | 0.82x | 2026-08-06 | 5.9x | $12.4K | 0.2y | 0.0% | -0 bps |
| 74 | CPTLB-B01 | ALCPB.PA | Conv | $13M | 1.14x | 2030-03-06 | >10x | $2.8K | 3.8y | 0.0% | 0 bps |
| 75 | GPUS-Nov27 | GPUS | Conv | $12.8M | 1.95x | 2027-11-30 | >10x | $0 | 1.5y | 0.0% | 0 bps |
| 76 | LGHL-Jun28 | LGHL | Conv | $10.9M | 8.65x | 2028-06-23 | >10x | $0 | 2.1y | 0.0% | 0 bps |
| 77 | CANG-Apr28A | CANG | Conv | $10M | 2.93x | 2028-04-01 | >10x | $0 | 1.8y | 0.0% | 0 bps |
| 78 | USBC-Mar27 | USBC | Other | $10M | 1.78x | 2027-03-18 | 9.4x | $7.8K | 0.8y | 0.0% | 0 bps |
| 79 | MSTR-TL27 | MSTR | Other | $8.5M | 0.97x | 2027-06-01 | >10x | $0 | 1.0y | 0.0% | 0 bps |
| 80 | BMAX-Feb28 | 377030 | Conv | $8M | 1.56x | 2028-02-13 | >10x | $5.5K | 0.0y | 0.0% | 0 bps |
| 81 | 3189-Jun27 | 3189 | Other | $7.2M | 0.71x | 2027-06-02 | >10x | $2.1K | 1.0y | 0.0% | -0 bps |
| 82 | GPUS-C8Rev | GPUS | Other | $6.8M | 1.95x | 2026-06-16 | >10x | $0 | 0.1y | 0.0% | 0 bps |
| 83 | UUU-KfW | UUU | Other | $5.5M | 1.56x | Perp | >10x | $0 | 10.0y | 0.0% | 0 bps |
| 84 | BLSH-XRP | BLSH | Other | $5.2M | 3.34x | 2027-09-01 | >10x | $0 | 1.3y | 0.0% | 0 bps |
| 85 | LMFA-Aug26 | LMFA | Other | $5M | 0.49x | 2026-08-06 | 5.8x | $12.6K | 0.2y | 0.0% | -0 bps |
| 86 | SSCI-B5 | 5721 | Other | $4.7M | 12.86x | 2026-09-30 | >10x | $0 | 0.3y | 0.0% | 0 bps |
| 87 | UUU-Würz29 | UUU | Other | $3.5M | 1.56x | 2029-07-30 | >10x | $0 | 3.2y | 0.0% | 0 bps |
| 88 | LGHL-Jan28 | LGHL | Conv | $2.1M | 8.65x | 2028-01-23 | >10x | $0 | 1.6y | 0.0% | 0 bps |
| 89 | IMG-Aug27 | IMG | Conv | $1.6M | 0.10x | 2027-08-12 | >10x | $2.2K | 1.2y | 0.0% | 0 bps |
| 90 | 7603-Mar27 | 7603 | Other | $1.5M | 4.93x | 2027-03-31 | >10x | $0 | 0.8y | 0.0% | 0 bps |
| 91 | 049470-CB16 | 049470 | Conv | $1.3M | 1.45x | 2031-02-23 | >10x | $0 | 4.7y | 0.0% | 0 bps |
| 92 | GPUS-Ault | GPUS | Other | $850K | 1.95x | Perp | >10x | $0 | 10.0y | 0.0% | 0 bps |
| 93 | Pref A | BTC AB | Pref | $783.5K | 0.75x | Perp | >10x | $4.3K | 10.0y | 0.0% | 0 bps |
| 94 | LGHL-May28 | LGHL | Conv | $750K | 8.65x | 2028-05-23 | >10x | $0 | 2.0y | 0.0% | 0 bps |
| 95 | XCE-Dec26 | XCE | Conv | $732.4K | 2.15x | 2026-12-31 | 6.3x | $11.6K | 0.6y | 0.0% | 0 bps |
| 96 | FRAG-Nov30 | FRAG | Conv | $648.6K | 2.35x | 2030-11-30 | >10x | $0 | 4.5y | 0.0% | 0 bps |
| 97 | HAMA-Jul26-Vela | HAMA | Conv | $402.8K | 6.09x | 2026-07-17 | >10x | $0 | 0.1y | 0.0% | 0 bps |
| 98 | HODL-BBL | HODL | Other | $347.2K | 1.11x | 2029-12-24 | >10x | $2.1K | 3.6y | 0.0% | 0 bps |
| 99 | HODL-Dec28 | HODL | Conv | $153.8K | 1.11x | 2028-12-04 | >10x | $3K | 2.5y | 0.0% | 0 bps |
| 100 | MARA-LOC3 | MARA | Other | $150M | 2.68x | 2027-01-31 | --- | --- | --- | --- | --- |
| 101 | 3350-Apr27 | 3350.T | Other | $50.2M | 0.81x | 2027-04-23 | --- | --- | --- | --- | --- |
| 102 | UUU-Lang | UUU | Other | $42.8M | 1.56x | Perp | --- | --- | --- | --- | --- |
| 103 | LGHL-Dec28 | LGHL | Conv | $10.4M | 8.65x | 2028-12-03 | --- | --- | --- | --- | --- |
| 104 | NCTY-Sep26 | NCTY | Conv | $8.8M | 3.69x | 2026-09-22 | --- | --- | --- | --- | --- |
| 105 | LGHL-Jul28 | LGHL | Conv | $3M | 8.65x | 2028-07-21 | --- | --- | --- | --- | --- |
| 106 | BMAX-Jun28PB | 377030 | Other | $1.6M | 1.56x | 2028-06-22 | --- | --- | --- | --- | --- |
| 107 | VANA-CRC30 | VANA | Other | $205.2K | 0.45x | 2030-08-08 | --- | --- | --- | --- | --- |