Set a Bitcoin price below. Everything under it is computed at
your price against Metaplanet's filed capital structure. This is a measurement of
what the structure does at a price you choose, not a view on whether Bitcoin reaches it.
Loading the filed records.
Net senior claims, dollars
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Net senior claims, in BTC
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Metaplanet's revolving facility is secured on the company's Bitcoin. The
filing states that a decline in the pledged Bitcoin's value below the contractually required
level can force additional collateral, early repayment, or sale of the pledged coin. The
required level is not disclosed in any filing.
The two preferred series behave differently when a dividend is missed.
The Mercury series is cumulative by its filed terms, so an unpaid dividend accrues into the
liquidation preference and enters the claims stack there. The Mars series is not cumulative.
Neither is triggered by the Bitcoin price.
The break-even figure above does not model the collateral term. It is a
claims-against-reserve calculation: the price at which the filed claims consume the whole
reserve. Because the required collateral level is undisclosed, the price at which the
facility could compel action cannot be computed from any filing, and it is not shown. A
reader should not read break-even as the point at which something is forced.
Live Bitcoin price --, read -- via
CoinGecko.
Capital structure as of --. Source: --.
Claims arithmetic is the shared reader in config/compute-drag.js, the same one
the tracker and the company page use. Senior Claims % floors at zero and is capped at the
whole reserve.
Scenario layer. The slider is your assumption. Every figure above it is
labelled as computed at your price. Nothing here forecasts a price.