Corrections by company

Deal rows still on the share before a consolidation

Capital B consolidated its shares, ten old for one new, on 8 September 2026. Its snapshot rows were put on the new share when that happened, but its 27 deal rows dated before then kept their share counts and share prices as filed, on the old share. Those cells therefore served on a different share from the rest of the company's figures. Each of the 27 rows now carries its share count divided by ten, rounded half up, and its share price times ten, in euros as before. Five of the rows carry no share count, which stays blank; they take the price alone. The filed figures stay in each row's notes. The deal row of 28 August 2026 also now links to the French copy of that day's release.

Bitcoin price and exchange rate off the site convention

Two Capital B snapshot rows, 30 June 2025 and 30 September 2025, converted their euro debt and cash to dollars at 1.09 and 1.12, rates no cited filing states and well below the market for those dates. The convention's bitcoin cross in euros cannot be read for dates that old, so each row now converts at the European Central Bank's euro reference rate for its own date, and its bitcoin price stays the dollar close.

Bitcoin price and exchange rate off the site convention

Thirteen Capital B deal rows from 13 April to 1 June 2026 converted euros to dollars at a flat rate rounded to two decimals, 1.14 in April and 1.17 in May and June, where the site's convention is each date's own bitcoin cross. Every other Capital B deal row carries its date's cross. Each of the thirteen now carries the cross of its own date.

Carried rows re-based when the period report lands

Capital B published its half-year report to 30 June 2026 on 15 October 2026. Until then its seven rows from 3 August to 28 September 2026 carried the 31 December 2025 balance sheet with the cash flows filed since, as each row said. Each now carries the 30 June 2026 balance with the flows filed after that date: cash of EUR 2,273,000 plus the share issues and placements and less the bitcoin bought and the placement fees; and debt of EUR 1,590,000 of bank and bond borrowings, the euro-fixed five percent of the convertible bonds, EUR 1,092,000 of court-scheduled liabilities and the EUR 1,672,000 value-added tax line, carried whole because the half-year report states it without the moratorium split, where the rows had carried EUR 1,963,000, EUR 1,150,000 and EUR 2,900,000 from the 2025 annual report. The continuation plan instalment of 23 July 2026, EUR 41,606.03, which the report states paid, comes off both the cash and the plan claim on every row from that date, so it leaves the net claims unchanged. The report also states the convertible bonds' nominal in bitcoin, 1,035 BTC for the EUR 96,629,977 outstanding from April to August 2026, so the 1 June 2026 row's claim of 960.45 BTC, an estimate from the conversion price walk, now reads 983.25 BTC, ninety-five percent of the stated figure. A new row of 30 June 2026 carries the report's own balance sheet. The report states cash of about EUR 4.6 million at 30 September 2026; the 28 September row keeps its constructed cash of EUR 5,628,203, and the difference is cash flows that no filing states. The cost lines move to the report too: the holding costs and the consolidated operating result had both been counted, though the first sits inside the second, so one line now carries the group operating result, annualised. The re-based rows stay estimates until the 2026 annual report.

An active claim left off the Claims Grade

Capital B's continuation plan liabilities, a court-scheduled senior unsecured claim active on the instruments tab, were absent from the Claims Grade, which carried the six convertible bond series alone. The plan is now graded at the 15 September 2026 grade date on the same row the bonds were weighted from: Permanence 1, instalments scheduled to July 2034; Moneyness 1, not convertible; Downside 1, unsecured with no trigger and no maturity inside the stress window. Its rate is not stated in the filings, so its Cost and letter read not stated. Capital B's company grade stays A (Minimal); the plan is 2.20 percent of graded claims.

Carried cash without the filed flows since its date

Capital B's history now follows the same construction as its 28 September 2026 row. A ruling of 2026-10-13 set every row's cash as the latest filed balance on or before the row's date plus the cash flows filed between that date and the row, in both directions, for every row of every company. Ten earlier Capital B rows carried a report's cash unchanged: the 31 March 2025 row the 2024 annual report's EUR 729,000, the 30 September 2025 row the 2025 half-year report's EUR 1,531,000, and the eight rows from 31 March to 14 September 2026 the 2025 annual report's EUR 3,478,000. Each now adds the share issues, warrant exercises, warrant issues, bond subscriptions and placements its releases file after that date and up to the row, and takes off the bitcoin bought and the placement fees the releases estimate. Bonds subscribed in bitcoin count as raised and the coins as bought, as the company's half-year cash flow statement carries them, and every bond in these windows was already a claim on its row, so no claim changes. No row falls below zero. The 31 March 2026 row, which a survey of the rule's first form put below zero on purchases alone, carries EUR 4,462,345 with its share and warrant proceeds. The rows stay estimated until the next report. Each row's cash basis line names every flow with its release.

Interest on a debt instrument labelled as a dividend

The instrument card on /credit/ labels an instrument's annual cost Annual Interest for debt and Annual Dividend for a preferred. It recognised debt only by a seniority of 0 or by the words note, loan, debenture, CLN or bond in the type cell, so a debt instrument whose type reads facility, credit facility, secured or debt, at a seniority of 1 or 2, was labelled a dividend: Metaplanet's revolving credit facility printed its US$47.1M of annual interest as Annual Dividend. The card now reads what the instrument is from the class column where it holds a token, the same rule that decides preferred rows on the page. The debt classes on the instruments tab, debt, facility, convertible and convertible note, all read as debt, and a preferred never does. Where the class cell carries prose instead of a token, the type cell decides, read for the same debt words plus credit and secured.

A share-delivery card said Claims % holds beside figures that showed it falling

Each share-delivery card for a warrant, option or right said Claims % is unchanged because the right carries no claim, the short card above the key metrics said Claims % does not move, and the section above the cards said these rights do not move Claims %. Beside those sentences, every card for a right with an exercise price printed an as-exercised Claims % below the standing one: Metaplanet's 27th Series card read 21.1% standing and 18.0% as exercised, 16.3% with the exercise price in force. The right adds no claim, but the as-exercised state adds its exercise proceeds to cash, and cash nets against debt and preferred, so net claims fall and Claims % falls with them; taken back out of cash, the proceeds leave every card's as-exercised Claims % equal to its standing figure. Each card and section now chooses its sentence from the two figures it prints. Where they agree and no proceeds enter cash the sentence stands; where they agree and proceeds do enter cash it says the proceeds do not move Claims % at one decimal place; where Claims % falls it names the exercise proceeds added to cash as the cause; where the as-exercised figure is not yet verified it says only that the right carries no claim. The question-and-answer text in the page data of /company/OBTC3/, which said Senior Claims % barely moves beside 8.9% standing and 8.1% as exercised, now says the proceeds lower net claims.

An amount in another currency printed with a dollar sign

On /credit/, the card that opens from each instrument row printed its annual interest with a dollar sign whatever the instrument's currency, and printed a face in reais, and an annual dividend in sterling, reais or kronor, the same way. The amounts were in the instrument's own currency: the face is the instruments tab's face_value and the annual interest or dividend is that face times the rate, both in the currency the row names, and the instrument's table row already printed them with that currency's sign. Smarter Web Co's Coinbase credit facility read $1.2M a year for £1,187,500 (£19,000,000 at 6.25%), and OranjeBTC's two debenture series read $130.0M and $80.0M of face and $21.6M and $13.3M a year for amounts in reais. The card and the row now print from one formatter, in the instrument's currency, with the signs the company pages use: £ for sterling, R$ for reais, € for euros, ¥ for yen and kr for kronor, and the currency code for a currency with no sign there. Figures the page states in US dollars, the annual cost to common equity on each card, the headline totals, the claims bars and the financing cost, were already converted at the exchange rates the page reads and do not move. An amount under a million in a currency other than the US dollar or the yen printed in millions, as R$0M for a face of R$1, and now prints in thousands or units, as US dollar amounts do.

Carried cash without the filed flows since its date

Capital B's 28 September 2026 row carried the cash of its 2025 annual report, EUR 3,478,000 at 31 December 2025, unchanged, although its weekly releases since then file EUR 59.2 million raised and EUR 49.8 million spent. The rule for a row built between reports now counts the cash flows filed after the report's date in both directions. Method decision, 2026-10-13: equity raised adds cash, debt raised adds cash and its claim, and bitcoin purchases, repayments and buybacks reduce it, with cash floored at zero and marked estimated. The row now carries EUR 3,478,000 plus 23 filed inflows of EUR 59,195,236.64 (share issues under the ATM program, warrant exercises, warrant issues, subscriptions in cash and three placements of shares with attached warrants) less 18 filed outflows of EUR 49,764,689.04 (15 bitcoin purchases of EUR 47,506,994 and the three placements' fees, EUR 2,257,695.04, as their releases estimate them), dated 9 February to 28 September 2026: EUR 12,908,548. No debt was raised, repaid or bought back in the window, and the bond conversions move no cash. The continuation plan instalment of 23 July 2026 and the VAT moratorium payments are not filed as paid, so neither is applied. Cash stays above zero, so the floor does not apply. The figure stays estimated until the 2026 half-year report. The row's cash basis line names every flow with its release.

Rules file version 2026-10-11.3

The rules file moved from version 2026-10-11.2 to 2026-10-11.3, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row. The gate is the vertex range: Adjusted CEBE lies between the minimum and the maximum of the figure over every subset of its admitted instruments delivered (each at full delivery or none, exercise proceeds included on the same construction), inclusive. The side against CEBE prints on the row in plain words, naming the leg class that moves it. A leg with an exercise price below CEBE's value per share lowers CEBE and that is the finding, never a hold. An admitted instrument the row cannot strike (no share price at its close) holds the company. A company that fails holds, with the reason stated.

Quarter-end cells not taken from the period report

Capital B's rows now carry the VAT that its 2025 reports list with the continuation plan's debts: EUR 2,500 thousand at 30 June 2025 and EUR 2,900 thousand at 31 December 2025, penalties included. The section above left it out, because one part of the annual report lists it inside the plan and another states it was excluded from the plan and put on a separate two-year moratorium. A reader raised it with the plan liabilities. Either way the VAT is still owed. Leaving the court plan and moving onto a moratorium defers the payment; it does not cancel the debt, and a tax debt is paid ahead of the common shareholders. It now counts as a senior claim at face, undiscounted, from the first row whose report states it, converted at each row's own rate: the half-year report's EUR 2,500 thousand on the 30 June and 30 September 2025 rows, and the annual report's EUR 2,900 thousand on every row from 31 December 2025. The 31 December 2024 and 31 March 2025 rows are unchanged, because the 2024 report does not state it. The 2026 rows carry the annual report's figure until a later report states what the moratorium has paid. Where this section and the one above differ, this one governs; the one above stays as first published.

Instruments no longer outstanding counted as owed

On /credit/, the financing cost, a company's annual interest and dividends on the instruments listed as a percent of its bitcoin reserve, summed every instrument of the company on the instruments tab, including those the tab marks repaid or retired. The cash coverage beside it already counted outstanding instruments only. Three Nakamoto loans repaid or retired in 2025 still carry their face and rate on the tab, so Nakamoto's financing cost read 17.31% where its two outstanding Kraken tranches give 3.51%; a converted DDC Enterprise preferred raised DDC's from 0.19% to 0.80%. The Annual Cost table's annual obligations, cost per share and runway read the same sum and were overstated the same way. The instrument card also printed a Claims % contribution and a break-even bitcoin price for instruments no longer outstanding, worked from each face as though it were still owed. Every one of these figures now counts outstanding instruments only, by the status the instruments tab serves. The card of an instrument no longer outstanding prints none for both, and its row prints the tab's own status word, in a group headed retired, where it printed "Converted" and "claims eliminated" for every such row. Nakamoto's secured convertible debenture, which the company repaid in cash, is corrected in the entry for served copy with no filing behind it and is not repeated here.

Static blocks lagged the Sheet

The static block on each company page (the quick answer a reader sees before the live figures load, the Dataset a search engine reads, and the fallback object the page renders when the live read fails) and the comparison table restated snapshot rows as they stood at the last manual bake, not as the Sheet held them. The generator that writes the blocks runs by hand, nothing ran it after the rows moved, and nothing compared a committed block to the feed, so a row corrected on the Sheet kept its old figures on the page until somebody happened to rebake. On 2026-10-11 the Méliuz 2026-06-30 row was re-derived from the period report, the Capital B series and the DDC quarter-end rows received their raw filing cells, and the Silvia block still sat on a 2026-06-30 row while the feed had moved on to 2026-10-06. Every block is rebaked from the feed as of this entry. The generator now reads every page back after writing and matches every figure the block carries against the governing feed row, recomputed, and fails the bake with the mismatch named; it writes each page's sitemap date from the bake; and the bake is a single job step for the daily integrity run, so the lag cannot recur unnoticed.

Deal rows without a currency, and deal terms carried as the market price

Twenty-six Capital B deal rows carried a term of the deal in the share price cell: the average subscription price of an at-the-market tranche, a warrant exercise price, a bond conversion price or a placement price, and on six rows an estimate in place of a price. The cell is the share's market price on the deal date. Each row now carries the Euronext Growth Paris close of its deal date, with the term it carried kept in the row's notes. Closes before the reverse split of 8 September 2026 (10 old shares for 1 new) are as traded on their day, the basis on which the deal rows themselves are filed. The Decision Lab divides that price by CEBE per share at the governing snapshot, and every snapshot row states its share count on the post-split basis, so on the thirteen priced prints before the split the ratio it shows is the pre-split price over a post-split per-share figure, about one tenth of the like-for-like ratio. That arithmetic belongs to the page, not to these cells, and this correction does not change it.

Quarter-end cells not taken from the period report

Capital B's rows carried none of the liabilities its continuation plan schedules outside financial debt. A reader reported EUR 3,358 thousand of liabilities scheduled under the court-approved continuation plan and absent from debt. The Tribunal de Commerce de Nanterre adopted the plan on 24 July 2024, after the judicial reorganization opened on 6 December 2023, with ten annual instalments from 23 July 2025 to 23 July 2034. The 2025 annual report lists, among the debts prior to the opening and integrated in the plan, trade payables of EUR 692 thousand, social debts of EUR 393 thousand and tax debts of EUR 65 thousand, carried in operating payables and not in financial debt; the half-year report to 30 June 2025 states the same three figures. Court-scheduled creditor liabilities are senior claims at scheduled face, undiscounted, whatever their interest terms, so every row from the plan's adoption now carries EUR 1,150 thousand more debt, converted at the row's own rate. That includes the EUR 692 thousand of trade payables, which the reader's figure did not. The plan's frozen promissory notes of EUR 801 thousand were already in debt. The rest of the reader's figure is VAT of EUR 2,900 thousand: the same note lists it among the plan's debts, but the parent company accounts in the same report state the VAT was excluded from the plan and is under a separate two-year moratorium, and the plan's schedule of admitted claims totals EUR 2,473 thousand, less than the VAT alone. The filing governs, and on its own pages it does not settle the VAT, so the VAT is not added. The 31 December 2024 and 31 March 2025 rows carry the June 2025 figures, because the 2024 report states no split and no instalment fell before July 2025.

Accrued interest carried onto rows its filing does not date

Eleven Capital B rows built between the issuer's reports carried the accrued interest stated in the last report as though it were still owed on the row's own date. Accrued interest belongs only on the row whose filing states it: a row between reports carries the report's debt and cash forward, but the report's accrued interest is a figure for the report's date and does not carry. The site's series check, which rebuilds each row between reports from its filed base and the filed flows since, found the difference. The accrued interest is removed from the 31 March 2025, 30 September 2025 and 31 March 2026 rows and from the eight weekly rows of 1 June to 28 September 2026. The 30 September 2025 row also now carries its convertible bonds on the nominal the half-year 2025 report states, EUR 123,612,559, in place of an interpolated figure.

A surface computed or gated claims outside the rules file

The remaining surfaces that computed claims, netting or CEBE outside the rules file now compute through it. They passed the raw Sheet row to the claims formula, or took Senior Claims % from the rules file while reading holdings, shares and the fiat terms off the raw row, so they never saw the net senior claims Metaplanet filed for 30 September 2026 or the raw filing cells the rules file resolves on other rows: /compare/, the company pages' CEBE Amplification, net claims and history figures, the Metaplanet modeler and its forward projection, the drawdown page's net claims and break-even, the capital events ledger, the CEBE explainer's stress test and waterfall, the compass, the tracker and the charts. Every claims, netting and CEBE computation on the site, served or projected, now runs through the rules file.

A surface computed or gated claims outside the rules file

The valuation view on /tracker/ printed a hold of its own, "not yet shown, construction under ruling", in the Adjusted CEBE, Adjusted Claims % and Adjusted CEBE mNAV positions of all twelve rows, while the feed served Adjusted CEBE for six companies under the serving gate in the rules file and held the other six with a reason each. The view was built when the layer was held on 7 October 2026 and never read the feed's adjusted_status when the layer began to serve on 10 October. It now reads adjusted_status, cebe_adjusted_sats and cebe_adjusted_mnav per row from the feed and prints nothing of its own: the served figure marked EST where the status is est, the feed's plain-words reason where a company holds, and no ruling id on any row. The Adjusted Claims % position is retired from the view, because the feed serves no such figure and the page computes none; Claims % stays the measured figure in both views. /valuation/ said in the same period that the tracker's valuation view stays held and carried a dated line about a pending revision; both now describe the feed as it serves. The rules file's serving gate itself changes the same day, from version 2026-10-11.2 to 2026-10-11.3 (the per-leg direction test removed and the range widened to every delivery outcome, with the side printed beside the figure), and that change has its own entry.

A surface computed or gated claims outside the rules file

The Decision Lab read the stock price and the share count on Capital B deal rows as filed. The rows dated before Capital B's ten-for-one share consolidation of 8 September 2026 state both on the old share, while CEBE per basic share beside them stands on the new share, because the rules file puts every snapshot's share count on it. So on every print before the consolidation, CEBE mNAV at the print came out at a tenth of its value, and so did sats per new share delivered. The Lab now reads both through the rules file, which divides a share count from a filing published before a split by the split ratio and multiplies a share price dated before it by the same ratio, and the basis line names the consolidation and the filed figures.

A surface computed or gated claims outside the rules file

/endgame/ computed break-even on its own, as net senior claims over all BTC held, the form the methodology retired on 2026-09-07. The ruled form, stated alike on the methodology page and in the glossary, takes net fiat senior claims over BTC held less the BTC-denominated claim, and does not exist where the fiat leg nets to cash or the BTC-denominated claim covers the treasury. The page now reads break-even from the rules file, which carries the ruled form and the reason in its place. /compare/, the drawdown pages, the forward-simulation modeler and the two admin pages solved the ruled form on their own; they now read the same figure from the rules file, and none of their figures moved.

A surface computed or gated claims outside the rules file

/receipts/ charted a weekly series of FD BPS, Basic BPS, CEBE, Senior Claims %, stock-implied sats and CEBE mNAV built by a script outside the rules file. The script floors the fiat leg before adding the BTC-indexed claim instead of flooring the total, reads a blank as zero, ignores a filed net and applies a BTC-indexed claim override the rules file retired; the series ends 2026-05-08 and covers nine of the companies the page showed, while the page called its table the latest week of all companies. The series carries no balance-sheet columns, so the page cannot recompute it through the rules file. The page no longer prints a figure: the chart, the statistics, the January 2026 callout, the company notes and the table are withdrawn, and the site's failure-state sentence stands in their place until the series is rebuilt through the rules file.

Euro claims left off rows that carry a bitcoin-indexed claim

Every Capital B row was re-derived from the filed balance sheets, after two questions from a reader, @vk981000, on 11 October 2026. The first asked whether the 779.95 BTC claim on the 28 September 2026 row applied the 95 percent redemption factor twice. It does not. The release states the bonds' bitcoin as announced at subscription, 821 BTC, and the 95 percent is a term of the bonds, so the claim stands and the row now says so. The second asked why the June to September 2026 rows carried debt of zero on some weeks and EUR 4,121,731 on others, when the 2025 annual report states EUR 1,979k of financial debt outside the convertible bonds. The EUR 1,979k was on no 2026 row, the cause the 7 October section found on the 2025 quarter-end rows. The EUR 4,121,731 is a second filed claim: the 5 percent of the bonds' nominal that is fixed in euros, which only the rows from 2 September 2026 carried, while every earlier row carried the whole bond stack as a bitcoin claim. Every row now carries the bonds on one basis, 95 percent of the bitcoin announced at subscription as a bitcoin claim and the other 5 percent of the nominal as euro debt, beside the other debt and the cash of the latest filed balance sheet, so the September rows carry EUR 6,100,731 of debt (EUR 1,979k plus EUR 4,121,731); rows between reports carry those figures forward as estimates. The same pass found three more errors. The 31 December 2024 row carried no debt against EUR 3,473k filed. The 31 December 2025 claim read 1,279 BTC against the filed 1,278.5. The 1 June 2026 cash was an estimate of EUR 7.4 million with no filing behind it, where no filing states cash after 31 December 2025. Both questions are credited to @vk981000.

Rules file version 2026-10-11.1

The rules file moved from version 2026-10-10.1 to 2026-10-11.1, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row: Adjusted CEBE lies between CEBE and the fully exercised figure (every admitted instrument delivered), inclusive; no instrument carries more than its own full delivery or less than nothing; a combination-settlement note adds shares above principal only; and an in-the-money cash-strike leg does not lower CEBE. A company that fails holds, with the reason stated.

A surface computed or gated claims outside the rules file

The CEBE bridge card on /charts/, which splits what moved CEBE per share between two filings, computed the claims term on its own rather than through the rules file every other figure on the page uses. On a row the rules file resolves from raw filing cells, or from a filed net, the bridge's endpoints and legs were struck on the row's separate served figures instead. It now takes the claims term from the rules file.

Rules file version 2026-10-08.2: raw filing cells and dollar items

The text of this item is on the full entry.

Euro claims left off rows that carry a bitcoin-indexed claim

Four Capital B quarter-end rows were checked cell by cell against the issuer's own reports. Capital B reports twice a year, at 30 June and 31 December. The 30 June 2025 row omitted EUR 2,846k of financial debt the half-year report states outside the convertible bonds, and counted EUR 950k of legacy non-convertible bonds inside the bitcoin-indexed claim; both are corrected. The three rows between reports, 31 March 2025, 30 September 2025 and 31 March 2026, now carry debt and cash forward from the last report, marked as estimates, where two carried no debt and the cash was unsourced. The 30 September 2025 row also carried a share count older than the issuer's 29 September 2025 share capital table and now carries that table's count. The 31 March 2025 row, withdrawn from the published series on 2026-10-06 when its cash was cleared, returns to it with the carried figures.

Figures dated other than the row's balance date

The Capital B row for 31 March 2026 counted the shares from a bond conversion that had not yet happened. The 30 March 2026 release announced the conversion of 19,917,972 B-01 convertible bonds and showed the resulting share count as "post operations", subject to final completion; the 13 April 2026 release confirms the conversion that day, when the 36,613,919 new shares were issued. On 31 March those bonds were still a claim on the company's bitcoin, not shares. The row now carries the shares issued on that date and the whole convertible bond stack as the claim, which raises its Senior Claims and also raises its CEBE, because the share count it divides by is smaller. This is the second change to this row today; the entry below records the first.

Bitcoin price and exchange rate off the site convention

Three Capital B snapshot rows carried an exchange rate or a bitcoin price other than the site's convention. The 31 March 2026 row converted euros at 1.04, a two-decimal rate with no stated source; it now carries the same-date bitcoin cross of 1.1591. Its cash is not restated: the row states no euro amount for it, so the dollar figure stays as converted at 1.04 and is labelled as such until the figure is read from a filing. The 1 June and 3 August 2026 rows now carry the convention close for their dates, the 1 June row with its euro cash re-converted at the new cross.

Bitcoin price and exchange rate off the site convention

The Capital B row for 31 December 2025 converted its euro cash and debt at 1.04, a two-decimal rate with no stated source, and carried cash of EUR 3.5 million where the FY2025 annual report states EUR 3,478k. It now carries the same-date bitcoin cross of 1.1751 and the audited cash, with the EUR 1,979k of non-convertible financial debt re-converted at the new rate. Separately, the 31 March 2025 row had carried zero cash as an estimate with no filing behind it. No balance sheet is filed for that date, so its cash is now blank and the row is withdrawn from the published series and every chart, where it had shown 92.5806% Senior Claims and 492.59 sats.

Company pages struck market cap and mNAV off the feed

The Smarter Web Company page showed a market cap of $156.7M and a CEBE mNAV of 0.76x while this site's feed and /compare/ served $397.1M and 1.916x. When the page's own venue fetch returned no quote, as it did with markets closed, the page struck its live figures on the governing snapshot's close instead: 31 GBp on the 2026-09-02 row, converted at that row's 1.3483, times 374,840,705 shares. The feed strikes the last real trade among the admitted venues. Company pages now render the feed's market cap, CEBE mNAV, Senior Claims % and CEBE sats as served, with no quote or FX conversion of their own. The same path moved the Méliuz, Capital B and OranjeBTC pages off the feed by smaller margins. @TailEdging reported the 0.76x on 2026-10-01.

Static blocks frozen while the baker could not run

Five company pages served a quick answer and a Dataset block built from a superseded snapshot row. The block is a committed artifact written by a generator, and the generator has not been able to run since 2026-09-07: a single-quoted string in it was written across two lines, which JavaScript does not allow, so the module failed to parse and every bake since exited before it read a page. Nothing reported the failure, because a bake that never runs looks the same as a bake with nothing to do. The figures a reader saw first on those five pages, and the figures a search engine read out of the JSON-LD, were therefore correct for the date each block names and stale against the row the live page loads. The distance ran from twelve days on Capital B to sixty-one on DDC. The string is fixed, the generator has been rerun, and all five blocks are rebuilt from the governing row; a second run reproduces the committed output exactly.

Absent inputs read as zero

The claims assembly read an absent input as a zero. A blank cell and a filed zero are different facts: a filed 0 says the company has no debt, and a blank says nobody has filed the debt yet. The shared reader coerced both with the same expression, so a row awaiting a figure contributed nothing to Net Senior Claims and rendered as though the figure were known to be nil. Capital B is the instance. Its 2026-09-07 row carried blank debt_usd, blank cash_usd and a blank btc_price alongside the post-split re-key, and the coercion dropped $4,775,026 of debt against $4,029,310 of cash, the two figures the 2026-09-02 row carries. Senior Claims % served 22.15 where the same row with both cells filed gives 22.42, and CEBE served 7,166 sats where it gives 7,141 at the row's convention close of $79,093, filled since. Both errors run in the direction that flatters the issuer. The reader now withholds the figure and names the missing cell rather than computing across it, and the surfaces render "n/a, row incomplete" with the reason. A filed zero is unaffected and still computes, as are the two columns whose blank means none, strc_holdings_usd and btc_claim_static, each of which has carried its own absent-is-not-zero reader since an earlier incident. The same admission test refuses a row with no usable Bitcoin price, which previously dropped the entire fiat leg and served the BTC-denominated claim alone as though it were the whole stack.

CEBE Amplification footnote on the company pages

The company page's CEBE Amplification footnote asserted 1 / (1 minus Senior Claims %) and its code used the floored share, while the ratified definition of 2026-07-25 is (1 minus Indexed Claims %) over (1 minus Senior Claims %), unfloored, carried in config/compute-amplification.js and used by nine other surfaces. For Capital B at the 2026-09-02 row (3,145 BTC, 821 BTC of BTC-denominated claims, net cash) the page printed 1.32x where the ratified value is 0.98x. The page now reads the shared module and the footnote states the ratified form.

Zero floor applied per bucket instead of on the total

Zero floor moved from the fiat bucket to the total. The published formula and the serving code disagreed for issuers holding both BTC-indexed claims and surplus cash, because the code discarded the cash surplus.

A cell transcribed differently from the filing it cites

Two DDC deal rows carried a figure other than the one their filing states. The October 2025 private placement carried 13,309,806 shares, the change in shares outstanding across the placement, where the filing states 12,400,000 shares sold at $10.00; the other 909,806 shares are issues the filing does not itemise. The March 2026 placement carried net proceeds of $14,013,439, which no filing states; the filing states 5,627,871 shares at $2.49 and no total. Each cell now carries what the filing supports: 12,400,000 shares, and $14,013,398.79 marked as an estimate, the share count times the price. The October placement's gross proceeds, $124 million, are stated in the row's notes, and its net proceeds stay blank, because no filing states them.

A cell transcribed differently from the filing it cites

Three DDC bitcoin purchase rows carried, as the price of the coins bought, a figure that is the average cost of everything DDC holds. Each release prints that average beside the total holdings; on the purchases of 19 March and 27 May 2026 it sits above every bitcoin close in the days the coins could have been bought. Where two releases in a row state the average and no coins moved between them, the price of the coins bought follows from the two, and the rows of 21 and 27 May now carry that figure, marked as an estimate. The row of 19 March cannot be derived that way, because coins were bought before it with no release, so its price is blank.

A cost line already counted inside a segment result

DDC Enterprise's Costs tab nets one segment offset against its costs: the operating result of its one reportable segment, the whole company. From 5 September 2026 that offset carried the company's FY2025 loss from operations as reported, US$(35,278,743). The loss already holds US$31,221,194 of share-based compensation and US$900,000 of executive and director cash pay, and the Costs tab also carries each of those as its own line, so both were counted twice. It also holds two impairments from the company's exit from the US market, US$3,098,151 on goodwill and US$1,106,745 on intangible assets, which are one-time and not an annual cost. With those costs added back and the impairments removed, the segment result is US$147,347; with the cash pay added back as well, the offset is US$1,047,347, a small operating profit that reduces the Wrapper instead of a loss that added to it. The unrealized loss on bitcoin sits below the operating line in the filing and was never in the figure. Before 5 September the offset carried US$5,750,000, the midpoint of a preliminary range in a company press release that no filing states. The add-backs follow an earlier ruling.

Interest on a debt instrument labelled as a dividend

The instrument card on /credit/ labels an instrument's annual cost Annual Interest for debt and Annual Dividend for a preferred. It recognised debt only by a seniority of 0 or by the words note, loan, debenture, CLN or bond in the type cell, so a debt instrument whose type reads facility, credit facility, secured or debt, at a seniority of 1 or 2, was labelled a dividend: Metaplanet's revolving credit facility printed its US$47.1M of annual interest as Annual Dividend. The card now reads what the instrument is from the class column where it holds a token, the same rule that decides preferred rows on the page. The debt classes on the instruments tab, debt, facility, convertible and convertible note, all read as debt, and a preferred never does. Where the class cell carries prose instead of a token, the type cell decides, read for the same debt words plus credit and secured.

Instruments no longer outstanding counted as owed

On /credit/, the financing cost, a company's annual interest and dividends on the instruments listed as a percent of its bitcoin reserve, summed every instrument of the company on the instruments tab, including those the tab marks repaid or retired. The cash coverage beside it already counted outstanding instruments only. Three Nakamoto loans repaid or retired in 2025 still carry their face and rate on the tab, so Nakamoto's financing cost read 17.31% where its two outstanding Kraken tranches give 3.51%; a converted DDC Enterprise preferred raised DDC's from 0.19% to 0.80%. The Annual Cost table's annual obligations, cost per share and runway read the same sum and were overstated the same way. The instrument card also printed a Claims % contribution and a break-even bitcoin price for instruments no longer outstanding, worked from each face as though it were still owed. Every one of these figures now counts outstanding instruments only, by the status the instruments tab serves. The card of an instrument no longer outstanding prints none for both, and its row prints the tab's own status word, in a group headed retired, where it printed "Converted" and "claims eliminated" for every such row. Nakamoto's secured convertible debenture, which the company repaid in cash, is corrected in the entry for served copy with no filing behind it and is not repeated here.

Static blocks lagged the Sheet

The static block on each company page (the quick answer a reader sees before the live figures load, the Dataset a search engine reads, and the fallback object the page renders when the live read fails) and the comparison table restated snapshot rows as they stood at the last manual bake, not as the Sheet held them. The generator that writes the blocks runs by hand, nothing ran it after the rows moved, and nothing compared a committed block to the feed, so a row corrected on the Sheet kept its old figures on the page until somebody happened to rebake. On 2026-10-11 the Méliuz 2026-06-30 row was re-derived from the period report, the Capital B series and the DDC quarter-end rows received their raw filing cells, and the Silvia block still sat on a 2026-06-30 row while the feed had moved on to 2026-10-06. Every block is rebaked from the feed as of this entry. The generator now reads every page back after writing and matches every figure the block carries against the governing feed row, recomputed, and fails the bake with the mismatch named; it writes each page's sitemap date from the bake; and the bake is a single job step for the daily integrity run, so the lag cannot recur unnoticed.

A company convention applied to some rows and not others

Two of DDC Enterprise's conventions reached some of its rows and not others. Short-term investments net against claims like cash on every row. The 31 December 2025 row netted cash of US$3,020,292 alone until 2 September, when it took the US$18,646,997 of short-term investment its annual report states and the 1,181 bitcoin the same report states in place of a release's 1,183; the 30 June 2025 row had left out the US$18,334,107 its balance sheet states until 2026-10-11. Accrued interest a filing states sits in debt on every row that carries it, and the 31 December 2025 row had left out the US$1,943,224 of interest payables its annual report states, under an earlier reading that a later ruling replaced. Both rows now carry the figures. The 31 March 2026 row, which carries the 31 December balance sheet forward, carried the accrued interest with it for part of 11 October and does not now: a carried row takes the filed balance-sheet lines, and an accrual the filing states only at its own date stays on that date's row.

A surface computed or gated claims outside the rules file

The valuation view on /tracker/ printed a hold of its own, "not yet shown, construction under ruling", in the Adjusted CEBE, Adjusted Claims % and Adjusted CEBE mNAV positions of all twelve rows, while the feed served Adjusted CEBE for six companies under the serving gate in the rules file and held the other six with a reason each. The view was built when the layer was held on 7 October 2026 and never read the feed's adjusted_status when the layer began to serve on 10 October. It now reads adjusted_status, cebe_adjusted_sats and cebe_adjusted_mnav per row from the feed and prints nothing of its own: the served figure marked EST where the status is est, the feed's plain-words reason where a company holds, and no ruling id on any row. The Adjusted Claims % position is retired from the view, because the feed serves no such figure and the page computes none; Claims % stays the measured figure in both views. /valuation/ said in the same period that the tracker's valuation view stays held and carried a dated line about a pending revision; both now describe the feed as it serves. The rules file's serving gate itself changes the same day, from version 2026-10-11.2 to 2026-10-11.3 (the per-leg direction test removed and the range widened to every delivery outcome, with the side printed beside the figure), and that change has its own entry.

Debt not carried at face

DDC Enterprise's Anson senior secured convertible note was carried at US$22,650,000, the US$25,000,000 subscription less conversions. The securities purchase agreement states the principal of the notes as US$26,315,789, the subscription at a 5 percent original issue discount, and the note now carries that principal less the US$2,350,000 converted in September and October 2025: US$23,965,789 from 31 December 2025, and US$26,315,789 on the 30 September 2025 row, before which no part of the conversion can be placed. The balance sheet's carrying amount is amortized cost and is not used.

Figures dated other than the row's balance date

DDC Enterprise's 31 March 2026 row carried 44,275,474 shares, the count stated as of 21 April 2026. It included 9,924,598 shares from a preferred conversion whose second notice is dated 8 April and 5,627,871 shares from a placement whose closing is not dated. The last count filed on or before 31 March is 28,723,005, as of 20 March 2026, and the row now carries it, marked as an estimate. The preferred stays on the row as a claim to match. The row's 2,383 bitcoin was right: the company stated it on 19 March and again on 21 April. The running row, re-dated to 2 September 2026, still carried a stock price of US$1.89 from July; it now carries that day's close of US$0.32.

Figures dated other than the row's balance date

DDC Enterprise's running row was dated 3 July 2026 while its newest figures came from the half-year report filed on 2 September, and it carried the 30 June share count of 45,627,607 after that report stated 56,841,260 shares outstanding as of 2 September. The share count moved on 17 September, and on 18 September the row was re-dated to 2 September with the bitcoin price struck at that date's convention close; debt and cash stay at the 30 June balance sheet, the latest filed. These moves were applied in September and are entered here on 2026-10-11, when Code's corrections-against-live audit found them served with no entry.

Bitcoin price and exchange rate off the site convention

DDC Enterprise's 31 March 2026 row carried a bitcoin price of US$67,960, from a fetch two days after the balance date. The convention close is CoinGecko's print for 1 April 2026, US$68,107.47, and the row now carries US$68,107, as the other companies' rows for that date do.

Constructed rows apply both sides of a filed flow or neither

DDC Enterprise files a balance sheet twice a year, so its 30 September 2025 and 31 March 2026 rows are built between filed balance sheets. The 30 September 2025 row served debt and cash of zero, figures no filing states, and so served Senior Claims of 0% while the Anson note was outstanding. It now carries the 30 June 2025 balance sheet forward, plus the Anson note issued on 1 July 2025 at its principal of US$26,315,789, whose proceeds bought bitcoin the row already counts, so the flow sits on both sides. The 31 March 2026 row carried cash at zero as a floor and debt that predated two corrections. It now carries the audited 31 December 2025 balance sheet forward whole. The repayment of the pledged loans and the conversion of the preferred both fall in the half-year with no filed date, so neither is applied, and the share count leaves out the conversion shares to match.

Constructed rows apply both sides of a filed flow or neither

DDC Enterprise's running row carried the 31 December 2025 balance sheet forward, including the US$50,980,369 of loans pledged by bitcoin, and served Senior Claims of 35.9491% from 1 September. The half-year report filed on 2 September states those loans were repaid in the first half of 2026, so the row took the 30 June 2026 balance sheet that day: debt, cash and shares from the filing in place of the carried figures. These moves were applied in September and are entered here on 2026-10-11, when Code's corrections-against-live audit found them served with no entry.

A senior claim was left out of the claims stack

DDC Enterprise's 30 June 2025 row carried debt of US$10,387,703: its short-term bank borrowings and its convertible loans. The balance sheet at that date also carries shareholder loans of US$9,215,711, long-term bank borrowings of US$701,302 across the current and non-current portions, US$68,553 due to related parties and a finance lease of US$4,166. The issuer's own Form F-1 states its indebtedness at that date as US$20,373,269, the same lines less the lease. The row now carries US$20,377,435. Loans repayable on demand sit inside accrued expenses with no breakdown at that date, so the figure is a floor.

A senior claim was left out of the claims stack

Two more borrowings were missing from DDC Enterprise's 31 December 2025 row after the 1 September correction. Note 15 of the annual report also carries loans from employees, individuals and third parties, US$4,960,643 repayable on demand, under the same accrued-expenses caption that had hidden the pledged loans; they entered on 3 September. The balance due to related parties, US$1,166,938 at 31 December 2025 and US$797,867 at 30 June 2026, is a borrowing with no filed split between principal and interest, so the full balance entered both rows on 8 September under the fleet perimeter ruling of 7 September. These moves were applied in September and are entered here on 2026-10-11, when Code's corrections-against-live audit found them served with no entry.

Rules file version 2026-10-11.1

The rules file moved from version 2026-10-10.1 to 2026-10-11.1, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row: Adjusted CEBE lies between CEBE and the fully exercised figure (every admitted instrument delivered), inclusive; no instrument carries more than its own full delivery or less than nothing; a combination-settlement note adds shares above principal only; and an in-the-money cash-strike leg does not lower CEBE. A company that fails holds, with the reason stated.

Static blocks frozen while the baker could not run

Five company pages served a quick answer and a Dataset block built from a superseded snapshot row. The block is a committed artifact written by a generator, and the generator has not been able to run since 2026-09-07: a single-quoted string in it was written across two lines, which JavaScript does not allow, so the module failed to parse and every bake since exited before it read a page. Nothing reported the failure, because a bake that never runs looks the same as a bake with nothing to do. The figures a reader saw first on those five pages, and the figures a search engine read out of the JSON-LD, were therefore correct for the date each block names and stale against the row the live page loads. The distance ran from twelve days on Capital B to sixty-one on DDC. The string is fixed, the generator has been rerun, and all five blocks are rebuilt from the governing row; a second run reproduces the committed output exactly.

A senior claim was left out of the claims stack

DDC Enterprise's Senior Claims % was understated, on a debt figure of $31,323,579 where the correct figure for the same balance-sheet date is $85,291,473. The claims stack omitted a Bitcoin-collateralized borrowing of $50,980,369, being RMB 356,510,817 at the filing's 6.9931 convenience rate, secured on 601 Bitcoin pledged to third-party creditors. The issuer filed it under accrued expenses and other current liabilities rather than under borrowings, and the tracker's construction read the borrowings captions. A second and much smaller component moved the July 2025 senior secured convertible note from its amortized carrying value of $19,662,475 to its face of $22,650,000, bringing DDC into line with the standing rule that senior claims are carried at face. Corrected Senior Claims %: 2025-12-31 reads 100.00% against 58.98% served, 2026-03-31 reads 72.92% against 39.59%, and the running 2026-07-03 basis reads 35.95% against 6.19%. At the 2025-12-31 balance-sheet date the corrected senior claims exceed the Bitcoin treasury, so Claims % pins at 100.00% against an uncapped 111.07% and common equity Bitcoin exposure at that date is negative. The pledge carries a release gate at a loan-to-value ratio of 60 percent and no maintenance covenant behind it, so a decline in Bitcoin locks the collateral in rather than forcing a sale; nothing here describes a liquidation trigger. Two rulings now stand for this issuer: senior claims are carried at face and never at carrying value, and a senior claim counts wherever the issuer files it, so liability notes are read for borrowings rather than the borrowings caption alone.

A one-time line annualised inside a segment result

H100 Group's Costs tab carried its Group operating offset at minus $2,492,209 a year: the audited operating loss for 2025 of SEK 340,493,167 with the unrealised revaluation of its bitcoin, SEK 317,465,158, added back, which is a loss of SEK 23,028,009, at 9.24. That loss holds a listing expense of SEK 6,591,172, recognised on the 2025 reverse acquisition as a share based payment for a listing service, which Note 28 of the annual report calls a one time expense. It does not recur, and the offset carries the year forward as an annual run rate. The offset now excludes it: minus SEK 23,028,009 plus SEK 6,591,172 is minus SEK 16,436,837, and at 9.24 is minus $1,778,878.

An amount in another currency printed with a dollar sign

On /credit/, the card that opens from each instrument row printed its annual interest with a dollar sign whatever the instrument's currency, and printed a face in reais, and an annual dividend in sterling, reais or kronor, the same way. The amounts were in the instrument's own currency: the face is the instruments tab's face_value and the annual interest or dividend is that face times the rate, both in the currency the row names, and the instrument's table row already printed them with that currency's sign. Smarter Web Co's Coinbase credit facility read $1.2M a year for £1,187,500 (£19,000,000 at 6.25%), and OranjeBTC's two debenture series read $130.0M and $80.0M of face and $21.6M and $13.3M a year for amounts in reais. The card and the row now print from one formatter, in the instrument's currency, with the signs the company pages use: £ for sterling, R$ for reais, € for euros, ¥ for yen and kr for kronor, and the currency code for a currency with no sign there. Figures the page states in US dollars, the annual cost to common equity on each card, the headline totals, the claims bars and the financing cost, were already converted at the exchange rates the page reads and do not move. An amount under a million in a currency other than the US dollar or the yen printed in millions, as R$0M for a face of R$1, and now prints in thousands or units, as US dollar amounts do.

Rules file version 2026-10-11.3

The rules file moved from version 2026-10-11.2 to 2026-10-11.3, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row. The gate is the vertex range: Adjusted CEBE lies between the minimum and the maximum of the figure over every subset of its admitted instruments delivered (each at full delivery or none, exercise proceeds included on the same construction), inclusive. The side against CEBE prints on the row in plain words, naming the leg class that moves it. A leg with an exercise price below CEBE's value per share lowers CEBE and that is the finding, never a hold. An admitted instrument the row cannot strike (no share price at its close) holds the company. A company that fails holds, with the reason stated.

Instruments no longer outstanding counted as owed

On /credit/, the financing cost, a company's annual interest and dividends on the instruments listed as a percent of its bitcoin reserve, summed every instrument of the company on the instruments tab, including those the tab marks repaid or retired. The cash coverage beside it already counted outstanding instruments only. Three Nakamoto loans repaid or retired in 2025 still carry their face and rate on the tab, so Nakamoto's financing cost read 17.31% where its two outstanding Kraken tranches give 3.51%; a converted DDC Enterprise preferred raised DDC's from 0.19% to 0.80%. The Annual Cost table's annual obligations, cost per share and runway read the same sum and were overstated the same way. The instrument card also printed a Claims % contribution and a break-even bitcoin price for instruments no longer outstanding, worked from each face as though it were still owed. Every one of these figures now counts outstanding instruments only, by the status the instruments tab serves. The card of an instrument no longer outstanding prints none for both, and its row prints the tab's own status word, in a group headed retired, where it printed "Converted" and "claims eliminated" for every such row. Nakamoto's secured convertible debenture, which the company repaid in cash, is corrected in the entry for served copy with no filing behind it and is not repeated here.

Static blocks lagged the Sheet

The static block on each company page (the quick answer a reader sees before the live figures load, the Dataset a search engine reads, and the fallback object the page renders when the live read fails) and the comparison table restated snapshot rows as they stood at the last manual bake, not as the Sheet held them. The generator that writes the blocks runs by hand, nothing ran it after the rows moved, and nothing compared a committed block to the feed, so a row corrected on the Sheet kept its old figures on the page until somebody happened to rebake. On 2026-10-11 the Méliuz 2026-06-30 row was re-derived from the period report, the Capital B series and the DDC quarter-end rows received their raw filing cells, and the Silvia block still sat on a 2026-06-30 row while the feed had moved on to 2026-10-06. Every block is rebaked from the feed as of this entry. The generator now reads every page back after writing and matches every figure the block carries against the governing feed row, recomputed, and fails the bake with the mismatch named; it writes each page's sitemap date from the bake; and the bake is a single job step for the daily integrity run, so the lag cannot recur unnoticed.

Snapshot share prices not taken from the listing venue's close

H100 Group's snapshot rows took their share price from the NGM Growth Market, where the shares are listed, but the tracker had no route to its closing prices and left five rows blank. The sixth, 31 December 2025, carried SEK 1.9 from a third-party data vendor. The closes were available throughout: each H100 release on MFN carries the day's NGM price, and H100's investor relations page publishes the full daily close series through Modular Finance, the operator of MFN. Every served row now carries the NGM close for its date, and 31 December 2025 carries the 30 December close, the last trading day of the year.

Deal rows without a currency, and deal terms carried as the market price

H100 Group's fourteen deal rows named no currency for their proceeds or share price, so the site withheld every one of those figures rather than read a krona amount as dollars. Five of the rows also carried the wrong thing as the share price at the deal: three carried the price at which the deal's new shares were issued, and two carried dollar estimates with no filing behind them. The share price at a deal is the market price on its date. Each row now names its currencies, and the five carry the NGM close on the deal date, with the issue and conversion prices kept in each row's note.

A surface computed or gated claims outside the rules file

The remaining surfaces that computed claims, netting or CEBE outside the rules file now compute through it. They passed the raw Sheet row to the claims formula, or took Senior Claims % from the rules file while reading holdings, shares and the fiat terms off the raw row, so they never saw the net senior claims Metaplanet filed for 30 September 2026 or the raw filing cells the rules file resolves on other rows: /compare/, the company pages' CEBE Amplification, net claims and history figures, the Metaplanet modeler and its forward projection, the drawdown page's net claims and break-even, the capital events ledger, the CEBE explainer's stress test and waterfall, the compass, the tracker and the charts. Every claims, netting and CEBE computation on the site, served or projected, now runs through the rules file.

A surface computed or gated claims outside the rules file

The valuation view on /tracker/ printed a hold of its own, "not yet shown, construction under ruling", in the Adjusted CEBE, Adjusted Claims % and Adjusted CEBE mNAV positions of all twelve rows, while the feed served Adjusted CEBE for six companies under the serving gate in the rules file and held the other six with a reason each. The view was built when the layer was held on 7 October 2026 and never read the feed's adjusted_status when the layer began to serve on 10 October. It now reads adjusted_status, cebe_adjusted_sats and cebe_adjusted_mnav per row from the feed and prints nothing of its own: the served figure marked EST where the status is est, the feed's plain-words reason where a company holds, and no ruling id on any row. The Adjusted Claims % position is retired from the view, because the feed serves no such figure and the page computes none; Claims % stays the measured figure in both views. /valuation/ said in the same period that the tracker's valuation view stays held and carried a dated line about a pending revision; both now describe the feed as it serves. The rules file's serving gate itself changes the same day, from version 2026-10-11.2 to 2026-10-11.3 (the per-leg direction test removed and the range widened to every delivery outcome, with the side printed beside the figure), and that change has its own entry.

A surface computed or gated claims outside the rules file

/receipts/ charted a weekly series of FD BPS, Basic BPS, CEBE, Senior Claims %, stock-implied sats and CEBE mNAV built by a script outside the rules file. The script floors the fiat leg before adding the BTC-indexed claim instead of flooring the total, reads a blank as zero, ignores a filed net and applies a BTC-indexed claim override the rules file retired; the series ends 2026-05-08 and covers nine of the companies the page showed, while the page called its table the latest week of all companies. The series carries no balance-sheet columns, so the page cannot recompute it through the rules file. The page no longer prints a figure: the chart, the statistics, the January 2026 callout, the company notes and the table are withdrawn, and the site's failure-state sentence stands in their place until the series is rebuilt through the rules file.

Rules file version 2026-10-11.1

The rules file moved from version 2026-10-10.1 to 2026-10-11.1, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row: Adjusted CEBE lies between CEBE and the fully exercised figure (every admitted instrument delivered), inclusive; no instrument carries more than its own full delivery or less than nothing; a combination-settlement note adds shares above principal only; and an in-the-money cash-strike leg does not lower CEBE. A company that fails holds, with the reason stated.

A surface computed or gated claims outside the rules file

The CEBE bridge card on /charts/, which splits what moved CEBE per share between two filings, computed the claims term on its own rather than through the rules file every other figure on the page uses. On a row the rules file resolves from raw filing cells, or from a filed net, the bridge's endpoints and legs were struck on the row's separate served figures instead. It now takes the claims term from the rules file.

Debt not carried at face

H100 Group's row for 30 September 2025 carried its convertible debt at SEK 343,100,900, the figure the interim report for May to September 2025 shows on its balance sheet, which equals the cash raised by the issue. The tracker carries debt at face on every row. The bonds' nominal at that date was SEK 342,340,006, as the audited Annual Report 2025 states in Note 21: a conversion of SEK 122,540,006 requested in August completed in October, after the balance date. The row now carries the face.

Convertible lending carried as debt after it was set off against shares

H100 Group's row for 30 June 2025 carried an estimated debt of SEK 287.3 million and an estimated cash balance of US$1.5 million. The debt figure added together the commitments under five convertible loan tranches, and the cash figure was noted as having no filing behind it. Most of that convertible lending was set off against new shares on 23 June 2025, before the balance date, and a filed cash figure for the date does exist. The row now carries the convertible principal still outstanding at 30 June, SEK 45,709,200, traced through the company's releases and marked estimated because one tranche is stated only approximately. Its cash is SEK 198,500,000, the 30 June 2025 comparative in the interim report for January to June 2026. The company describes that comparative as of limited indicative value: it continues the pre-merger accounts of Healthy to 100 AS and shows no bitcoin line. With cash above debt, the row carries no net senior claims. It had been withheld from the published series since 2026-10-05 while the tranches were traced, and it has now returned. Its bitcoin price remains labelled unverified, pre-archive. Amended 2026-10-07: the cash basis above was wrong. The filed comparative continues the pre-merger entity and omits the bitcoin, so it is not this group's cash, and the row's cash returns to the US$1.5 million estimate. H100 published no interim report for the first half of 2025, so no filed cash exists for 30 June 2025, and the row is withheld from the published series again. The debt correction stands.

Bitcoin price and exchange rate off the site convention

The text of this item is on the full entry.

A filed balance sheet read but never entered

H100 Group's second-quarter interim report, published 2026-08-19, was read but never entered, so no row held the 30 June 2026 balance and the two later rows still carried the 31 March cash of SEK 23.1 million. The 30 June row is now entered from the report, and the 19 July and 10 August rows carry its cash, SEK 18.1 million, forward under the carry-forward rule, each row saying so. The report states cash only to 0.1 million SEK, so the cash is marked EST. The 19 July row was also labelled as the second quarter, which it is not; it now reads Q3_2026.

An amount in another currency printed with a dollar sign

On /credit/, the card that opens from each instrument row printed its annual interest with a dollar sign whatever the instrument's currency, and printed a face in reais, and an annual dividend in sterling, reais or kronor, the same way. The amounts were in the instrument's own currency: the face is the instruments tab's face_value and the annual interest or dividend is that face times the rate, both in the currency the row names, and the instrument's table row already printed them with that currency's sign. Smarter Web Co's Coinbase credit facility read $1.2M a year for £1,187,500 (£19,000,000 at 6.25%), and OranjeBTC's two debenture series read $130.0M and $80.0M of face and $21.6M and $13.3M a year for amounts in reais. The card and the row now print from one formatter, in the instrument's currency, with the signs the company pages use: £ for sterling, R$ for reais, € for euros, ¥ for yen and kr for kronor, and the currency code for a currency with no sign there. Figures the page states in US dollars, the annual cost to common equity on each card, the headline totals, the claims bars and the financing cost, were already converted at the exchange rates the page reads and do not move. An amount under a million in a currency other than the US dollar or the yen printed in millions, as R$0M for a face of R$1, and now prints in thousands or units, as US dollar amounts do.

Rules file version 2026-10-11.3

The rules file moved from version 2026-10-11.2 to 2026-10-11.3, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row. The gate is the vertex range: Adjusted CEBE lies between the minimum and the maximum of the figure over every subset of its admitted instruments delivered (each at full delivery or none, exercise proceeds included on the same construction), inclusive. The side against CEBE prints on the row in plain words, naming the leg class that moves it. A leg with an exercise price below CEBE's value per share lowers CEBE and that is the finding, never a hold. An admitted instrument the row cannot strike (no share price at its close) holds the company. A company that fails holds, with the reason stated.

Static blocks lagged the Sheet

The static block on each company page (the quick answer a reader sees before the live figures load, the Dataset a search engine reads, and the fallback object the page renders when the live read fails) and the comparison table restated snapshot rows as they stood at the last manual bake, not as the Sheet held them. The generator that writes the blocks runs by hand, nothing ran it after the rows moved, and nothing compared a committed block to the feed, so a row corrected on the Sheet kept its old figures on the page until somebody happened to rebake. On 2026-10-11 the Méliuz 2026-06-30 row was re-derived from the period report, the Capital B series and the DDC quarter-end rows received their raw filing cells, and the Silvia block still sat on a 2026-06-30 row while the feed had moved on to 2026-10-06. Every block is rebaked from the feed as of this entry. The generator now reads every page back after writing and matches every figure the block carries against the governing feed row, recomputed, and fails the bake with the mismatch named; it writes each page's sitemap date from the bake; and the bake is a single job step for the daily integrity run, so the lag cannot recur unnoticed.

A surface computed or gated claims outside the rules file

The valuation view on /tracker/ printed a hold of its own, "not yet shown, construction under ruling", in the Adjusted CEBE, Adjusted Claims % and Adjusted CEBE mNAV positions of all twelve rows, while the feed served Adjusted CEBE for six companies under the serving gate in the rules file and held the other six with a reason each. The view was built when the layer was held on 7 October 2026 and never read the feed's adjusted_status when the layer began to serve on 10 October. It now reads adjusted_status, cebe_adjusted_sats and cebe_adjusted_mnav per row from the feed and prints nothing of its own: the served figure marked EST where the status is est, the feed's plain-words reason where a company holds, and no ruling id on any row. The Adjusted Claims % position is retired from the view, because the feed serves no such figure and the page computes none; Claims % stays the measured figure in both views. /valuation/ said in the same period that the tracker's valuation view stays held and carried a dated line about a pending revision; both now describe the feed as it serves. The rules file's serving gate itself changes the same day, from version 2026-10-11.2 to 2026-10-11.3 (the per-leg direction test removed and the range widened to every delivery outcome, with the side printed beside the figure), and that change has its own entry.

A surface computed or gated claims outside the rules file

/endgame/ computed break-even on its own, as net senior claims over all BTC held, the form the methodology retired on 2026-09-07. The ruled form, stated alike on the methodology page and in the glossary, takes net fiat senior claims over BTC held less the BTC-denominated claim, and does not exist where the fiat leg nets to cash or the BTC-denominated claim covers the treasury. The page now reads break-even from the rules file, which carries the ruled form and the reason in its place. /compare/, the drawdown pages, the forward-simulation modeler and the two admin pages solved the ruled form on their own; they now read the same figure from the rules file, and none of their figures moved.

Rules file version 2026-10-11.1

The rules file moved from version 2026-10-10.1 to 2026-10-11.1, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row: Adjusted CEBE lies between CEBE and the fully exercised figure (every admitted instrument delivered), inclusive; no instrument carries more than its own full delivery or less than nothing; a combination-settlement note adds shares above principal only; and an in-the-money cash-strike leg does not lower CEBE. A company that fails holds, with the reason stated.

Company pages struck market cap and mNAV off the feed

The Smarter Web Company page showed a market cap of $156.7M and a CEBE mNAV of 0.76x while this site's feed and /compare/ served $397.1M and 1.916x. When the page's own venue fetch returned no quote, as it did with markets closed, the page struck its live figures on the governing snapshot's close instead: 31 GBp on the 2026-09-02 row, converted at that row's 1.3483, times 374,840,705 shares. The feed strikes the last real trade among the admitted venues. Company pages now render the feed's market cap, CEBE mNAV, Senior Claims % and CEBE sats as served, with no quote or FX conversion of their own. The same path moved the Méliuz, Capital B and OranjeBTC pages off the feed by smaller margins. @TailEdging reported the 0.76x on 2026-10-01.

Cost lines carried figures older than the latest filing

The Costs tabs of Strategy, Strive, The Smarter Web Company, Metaplanet and OranjeBTC carried dividend and interest lines that no longer matched the latest filings, most of them marked VERIFIED. Each line was a past period's filed figure, annualised, while the instrument behind it had since grown, been retired, been drawn or been reset. Strive's SATA Preferred Dividend read $79.4M a year, the dividends declared in the six months to 30 June 2026 annualised, while SATA outstanding had since grown. Each line is now its instrument's face times the rate in force on the latest filing. Convertible interest is the contractual cash coupon on face, as claims are measured at face: the filed interest expense, which includes non-cash discount amortisation, is noted on the line and is not used in the figure. A reader, @HatimBahiSlaoui on X, reported the SATA figure on 14 October 2026.

Carried cash without the filed flows since its date

Three Metaplanet rows, 31 August, 11 September and 30 September 2026, carried the cash of the 30 June 2026 half-year report, JPY 1,337 million (cash and deposits JPY 1,087 million and USDC JPY 250 million), unchanged. On the cash rule set on 13 October 2026, each row's cash is now that balance plus every flow filed between 30 June and the row, in both directions, floored at zero and marked EST. The flows are the JPY 2,100 million paid for Siiibo Securities on 13 July; the exercise proceeds of the 18th Series on 16 July (JPY 2,625,000) and between 31 August and 11 September (JPY 15,750,000); the exercise proceeds of the 10th Series on 28 August (JPY 640,320,000) and between 31 August and 11 September (JPY 187,920,000); and, for 30 September only, the third-quarter bitcoin sale (JPY 124,700 million) and purchase (JPY 149,896 million), which the filing dates to the quarter, and the quarter's borrowing under the dollar credit facility, US$236,000,000, the move from US$414 million at 30 June to the about US$650 million filed for 30 September. That borrowing's claim is already on the 30 September row, so only its cash enters, at the row's rate and marked EST because the 30 September balance is a rounded figure. No facility balance is filed at 31 August or 11 September, so the borrowing cannot be placed on those rows. The 31 August row falls below zero and is floored. Since 2026-10-14 at 03:30:20 UTC, its cash basis line carries "filed flows exceed carried cash; funding source not stated". The 30 September row's claims run on the net figure Metaplanet filed for that date, which already nets its cash, so its Senior Claims %, CEBE and Adjusted CEBE do not move.

Interest on a debt instrument labelled as a dividend

The instrument card on /credit/ labels an instrument's annual cost Annual Interest for debt and Annual Dividend for a preferred. It recognised debt only by a seniority of 0 or by the words note, loan, debenture, CLN or bond in the type cell, so a debt instrument whose type reads facility, credit facility, secured or debt, at a seniority of 1 or 2, was labelled a dividend: Metaplanet's revolving credit facility printed its US$47.1M of annual interest as Annual Dividend. The card now reads what the instrument is from the class column where it holds a token, the same rule that decides preferred rows on the page. The debt classes on the instruments tab, debt, facility, convertible and convertible note, all read as debt, and a preferred never does. Where the class cell carries prose instead of a token, the type cell decides, read for the same debt words plus credit and secured.

A share-delivery card said Claims % holds beside figures that showed it falling

Each share-delivery card for a warrant, option or right said Claims % is unchanged because the right carries no claim, the short card above the key metrics said Claims % does not move, and the section above the cards said these rights do not move Claims %. Beside those sentences, every card for a right with an exercise price printed an as-exercised Claims % below the standing one: Metaplanet's 27th Series card read 21.1% standing and 18.0% as exercised, 16.3% with the exercise price in force. The right adds no claim, but the as-exercised state adds its exercise proceeds to cash, and cash nets against debt and preferred, so net claims fall and Claims % falls with them; taken back out of cash, the proceeds leave every card's as-exercised Claims % equal to its standing figure. Each card and section now chooses its sentence from the two figures it prints. Where they agree and no proceeds enter cash the sentence stands; where they agree and proceeds do enter cash it says the proceeds do not move Claims % at one decimal place; where Claims % falls it names the exercise proceeds added to cash as the cause; where the as-exercised figure is not yet verified it says only that the right carries no claim. The question-and-answer text in the page data of /company/OBTC3/, which said Senior Claims % barely moves beside 8.9% standing and 8.1% as exercised, now says the proceeds lower net claims.

A moving exercise price read at its floor instead of the price in force

Metaplanet's 27th Series warrants have an exercise price that resets each trading day to the previous day's close, with a floor of JPY 187 and no reset on a record date or the day before it. Adjusted CEBE took the warrants at the JPY 187 floor on every row, which put them in the money against every close and gave them a full delivery probability. Taken at the price in force on each row's date, as the company's monthly notices state it, the warrants sit just below the share price on every row and take the near-the-money delivery probability. The prices in force are now recorded as the instrument's price history, and Adjusted CEBE reads them.

An exercise moved shares into basic but not out of the instrument's remaining count

Metaplanet's 18th Series stock acquisition rights carried 4,500,200 shares still to deliver, the count after the exercise of 16 July 2026. A further 1,500 rights were exercised between 31 August and 11 September 2026 for 150,000 shares. Those shares entered the basic share count on the 11 September 2026 row, but the series kept its old count, so the same 150,000 shares were counted both in basic shares and in the count still to deliver. The company's own table of rights outstanding at 9 October 2026 states 4,350,200, and the series now carries it.

Figures dated other than the row's balance date

Metaplanet's 30 September 2026 row carried its dollar credit facility at the 30 June balance of US$414,000,000, and the instruments tab carried the facility at US$416,640,058, the balance a 2 July notice states. On 13 October Metaplanet filed the balance at 30 September as about US$650 million drawn, under a facility of up to US$800 million. Both now carry US$650,000,000, marked as an estimate because the filing states the balance only as a rounded figure. The rest of the row's balance sheet stays carried from 30 June until the third-quarter report, and the 30 June row is unchanged. CEBE, Senior Claims % and Adjusted CEBE do not move: the row's claims run on the net figure Metaplanet filed for 30 September, JPY 122,374 million, and the facility is not one of the instruments the Adjusted layer admits.

An active claim left off the Claims Grade

Metaplanet's Claims Grade was published as C (Elevated) on two instruments, the MERCURY preferred and the 20th Series bonds, while its dollar credit facility, an active claim since 31 October 2025 and the largest on the stack, was left off the grade tab. That omission is the cause of this correction: every instrument active on the instruments tab belongs on the grade. The facility is now graded at the 15 September 2026 grade date, on the same filed row of 30 June 2026 the other two were weighted from: Permanence 2, no defined maturity and repayable at the company's option; Moneyness 2, not convertible; Downside 3, bitcoin collateral under a required collateral level whose breach calls for more collateral or a forced sale, the level itself not disclosed; Cost 2, a floating rate of 7.25 percent paid in cash. Its letter is D (Critical). At US$414,000,000 it is 68.04 percent of Metaplanet's US$608,466,981 of gross graded claims, more than half, and under the published rule a Critical instrument above half of gross claims caps the company grade at D. Metaplanet's grade moves from C (Elevated) to D (Critical).

Rules file version 2026-10-11.3

The rules file moved from version 2026-10-11.2 to 2026-10-11.3, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row. The gate is the vertex range: Adjusted CEBE lies between the minimum and the maximum of the figure over every subset of its admitted instruments delivered (each at full delivery or none, exercise proceeds included on the same construction), inclusive. The side against CEBE prints on the row in plain words, naming the leg class that moves it. A leg with an exercise price below CEBE's value per share lowers CEBE and that is the finding, never a hold. An admitted instrument the row cannot strike (no share price at its close) holds the company. A company that fails holds, with the reason stated.

Instruments no longer outstanding counted as owed

On /credit/, the financing cost, a company's annual interest and dividends on the instruments listed as a percent of its bitcoin reserve, summed every instrument of the company on the instruments tab, including those the tab marks repaid or retired. The cash coverage beside it already counted outstanding instruments only. Three Nakamoto loans repaid or retired in 2025 still carry their face and rate on the tab, so Nakamoto's financing cost read 17.31% where its two outstanding Kraken tranches give 3.51%; a converted DDC Enterprise preferred raised DDC's from 0.19% to 0.80%. The Annual Cost table's annual obligations, cost per share and runway read the same sum and were overstated the same way. The instrument card also printed a Claims % contribution and a break-even bitcoin price for instruments no longer outstanding, worked from each face as though it were still owed. Every one of these figures now counts outstanding instruments only, by the status the instruments tab serves. The card of an instrument no longer outstanding prints none for both, and its row prints the tab's own status word, in a group headed retired, where it printed "Converted" and "claims eliminated" for every such row. Nakamoto's secured convertible debenture, which the company repaid in cash, is corrected in the entry for served copy with no filing behind it and is not repeated here.

Static blocks lagged the Sheet

The static block on each company page (the quick answer a reader sees before the live figures load, the Dataset a search engine reads, and the fallback object the page renders when the live read fails) and the comparison table restated snapshot rows as they stood at the last manual bake, not as the Sheet held them. The generator that writes the blocks runs by hand, nothing ran it after the rows moved, and nothing compared a committed block to the feed, so a row corrected on the Sheet kept its old figures on the page until somebody happened to rebake. On 2026-10-11 the Méliuz 2026-06-30 row was re-derived from the period report, the Capital B series and the DDC quarter-end rows received their raw filing cells, and the Silvia block still sat on a 2026-06-30 row while the feed had moved on to 2026-10-06. Every block is rebaked from the feed as of this entry. The generator now reads every page back after writing and matches every figure the block carries against the governing feed row, recomputed, and fails the bake with the mismatch named; it writes each page's sitemap date from the bake; and the bake is a single job step for the daily integrity run, so the lag cannot recur unnoticed.

Deal rows without a currency, and deal terms carried as the market price

Nine of Metaplanet's deal rows carried a deal term as the share price at the deal: the offering price on three share issuances and on the warrant tranche sold beside the February 2026 issuance, and the exercise price on four 27th Series warrant exercises, which the warrant terms set at the previous day's close rather than the deal day's. The 10th Series exercise of 28 August 2026 carried no share price. The share price at a deal is the Tokyo Stock Exchange close on the deal date. Each row now carries that close in yen, and the deal terms stay in each row's source text. One priced row, the facility repayment reported on 2 April 2026, has no deal date on the row and is unchanged while that row waits on a ruling.

Quarter-end cells not taken from the period report

Metaplanet's quarter-end rows for 2025 carried figures that were not the period report's own. The 31 March 2025 row carried debt of US$98.8 million, a dollar figure entered by hand, where the first-quarter report states zero-coupon bonds of JPY 4,250 million and no borrowings. The 30 September 2025 row carried debt of US$29.7 million and cash of US$20.0 million from a secondary source, where the third-quarter report states bonds of JPY 4,500 million and cash of JPY 1,488 million. The 30 June, 30 September and 31 December 2025 rows carried shares issued including treasury stock, and the 31 March 2025 row carried 459,823,340, a count the report does not state. Every quarter-end row from 31 March 2025 to 30 June 2026 now carries the period report's own cells in yen, with basic shares net of treasury from each report's cover page, and the rules file converts them at the row's own rate. Deposits held with third parties, which the reports keep outside cash and cash equivalents, are not netted.

Preferred carried below its accrued liquidation preference

Metaplanet's MERCURY preferred was carried at its face, JPY 1,000 a share on 23,610,000 shares, on every row since it was issued. The tracker carries preferred at its liquidation preference, and the share terms put the cumulative unpaid and the accrued quarterly dividend inside it. Each quarter's dividend is paid after its record date, so at every quarter end the preference holds that quarter's dividend: JPY 0.40 a share for the stub period to 31 December 2025 and JPY 12.25 a share for each quarter since. The rows now carry JPY 23,619,444,000 on 31 December 2025 and JPY 23,899,222,500 on 31 March and 30 June 2026, and the rows carried from 30 June take the 30 June figure.

A deal row recorded an event its filing does not state

Metaplanet's deals ledger carried a row recording the retirement of JPY 8,000,000,000 of bonds on 24 April 2026, the day the company issued its 20th Series bonds for the same amount. The filing the row cited is a change in the planned use of the 27th Series warrant proceeds; it retires no bond, and the 20th Series bonds stand at JPY 8,000 million on the 30 June 2026 balance sheet. The row was built in May 2026 from a reading that the bond proceeds had been redirected to redeem an earlier series, which the filing does not say. It sat in one funding group with the issuance row, so the capital events ledger presented the day as a refinancing with a net claim change of zero, and the Decision Lab's print for the group summed its claim legs to zero, where the issuance alone, a JPY 8,000 million addition to senior claims, belongs. The row has been deleted; the issuance row stands.

A surface computed or gated claims outside the rules file

The remaining surfaces that computed claims, netting or CEBE outside the rules file now compute through it. They passed the raw Sheet row to the claims formula, or took Senior Claims % from the rules file while reading holdings, shares and the fiat terms off the raw row, so they never saw the net senior claims Metaplanet filed for 30 September 2026 or the raw filing cells the rules file resolves on other rows: /compare/, the company pages' CEBE Amplification, net claims and history figures, the Metaplanet modeler and its forward projection, the drawdown page's net claims and break-even, the capital events ledger, the CEBE explainer's stress test and waterfall, the compass, the tracker and the charts. Every claims, netting and CEBE computation on the site, served or projected, now runs through the rules file.

A surface computed or gated claims outside the rules file

The company cards on the /modeler/ hub and its live CEBE snapshot table seeded each company's claims from the Sheet row's separate debt, preferred and cash cells, read raw, rather than from the row as the rules file resolves it. The company modeler pages took the resolved row at registry sync, so the earlier amendment's /modeler/ figures for Metaplanet held on its own page while the hub card kept netting the separate figures. The hub now reads the resolved row, so Metaplanet's card and table row carry the net senior claims the company filed.

A surface computed or gated claims outside the rules file

The valuation view on /tracker/ printed a hold of its own, "not yet shown, construction under ruling", in the Adjusted CEBE, Adjusted Claims % and Adjusted CEBE mNAV positions of all twelve rows, while the feed served Adjusted CEBE for six companies under the serving gate in the rules file and held the other six with a reason each. The view was built when the layer was held on 7 October 2026 and never read the feed's adjusted_status when the layer began to serve on 10 October. It now reads adjusted_status, cebe_adjusted_sats and cebe_adjusted_mnav per row from the feed and prints nothing of its own: the served figure marked EST where the status is est, the feed's plain-words reason where a company holds, and no ruling id on any row. The Adjusted Claims % position is retired from the view, because the feed serves no such figure and the page computes none; Claims % stays the measured figure in both views. /valuation/ said in the same period that the tracker's valuation view stays held and carried a dated line about a pending revision; both now describe the feed as it serves. The rules file's serving gate itself changes the same day, from version 2026-10-11.2 to 2026-10-11.3 (the per-leg direction test removed and the range widened to every delivery outcome, with the side printed beside the figure), and that change has its own entry.

A surface computed or gated claims outside the rules file

/endgame/ computed break-even on its own, as net senior claims over all BTC held, the form the methodology retired on 2026-09-07. The ruled form, stated alike on the methodology page and in the glossary, takes net fiat senior claims over BTC held less the BTC-denominated claim, and does not exist where the fiat leg nets to cash or the BTC-denominated claim covers the treasury. The page now reads break-even from the rules file, which carries the ruled form and the reason in its place. /compare/, the drawdown pages, the forward-simulation modeler and the two admin pages solved the ruled form on their own; they now read the same figure from the rules file, and none of their figures moved.

A surface computed or gated claims outside the rules file

/receipts/ charted a weekly series of FD BPS, Basic BPS, CEBE, Senior Claims %, stock-implied sats and CEBE mNAV built by a script outside the rules file. The script floors the fiat leg before adding the BTC-indexed claim instead of flooring the total, reads a blank as zero, ignores a filed net and applies a BTC-indexed claim override the rules file retired; the series ends 2026-05-08 and covers nine of the companies the page showed, while the page called its table the latest week of all companies. The series carries no balance-sheet columns, so the page cannot recompute it through the rules file. The page no longer prints a figure: the chart, the statistics, the January 2026 callout, the company notes and the table are withdrawn, and the site's failure-state sentence stands in their place until the series is rebuilt through the rules file.

Debt not carried at face

Metaplanet's row for 31 December 2025 carried its dollar credit facility at the yen figure on its balance sheet, JPY 43,836 million of short-term borrowings, converted back to dollars at the row's rate. The facility's face is the US$280,000,000 drawn in three draws before the balance date, and a dollar claim is carried at its dollar face and never re-crossed through yen. The row now carries the face.

Bitcoin price and exchange rate off the site convention

Metaplanet's rows for 31 August, 11 September and 30 September 2026 carry the 30 June 2026 balance sheet forward until the third-quarter report, and stated the 30 June yen cross, 0.0061521 dollars per yen, as their rate. The 31 August and 11 September rows converted the carried yen figures at it instead of at their own date's cross. The 30 September row runs on the net senior claims the company filed in yen, which had been converted at an unrounded rate for that date while the row stated the 30 June one. Each row now states its own date's cross, the CoinGecko 00:00 UTC print of the next day, 0.0062597, 0.0065115 and 0.0063466 dollars per yen, and the rules file converts the row's yen figures at that rate. The dollar facility stays at its dollar face on all three rows.

Stablecoins left out of cash

Metaplanet's row for 31 December 2025 carried cash of JPY 2,552 million, its cash and deposits, without the USDC the annual report carries outside cash and cash equivalents, JPY 14,892 million, stated there as US$95,123,061. USDC had been counted as cash on the 2026 rows and not carried back to this one. The row now carries the USDC at its stated dollar figure beside the yen cash. The 2026 rows already included it, at the yen figure their reports state.

Rules file version 2026-10-11.1

The rules file moved from version 2026-10-10.1 to 2026-10-11.1, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row: Adjusted CEBE lies between CEBE and the fully exercised figure (every admitted instrument delivered), inclusive; no instrument carries more than its own full delivery or less than nothing; a combination-settlement note adds shares above principal only; and an in-the-money cash-strike leg does not lower CEBE. A company that fails holds, with the reason stated.

A surface computed or gated claims outside the rules file

The 2026-10-08 entry listed /company/MTPLF/ among the pages moved onto the filed net. Its headline figures were: the key block's CEBE and Senior Claims % read the feed. The sections the page computes itself were not. Net senior claims in the key block, the Capital Structure section's Net Claims and Claims in BTC, the break-even price, and the per-period CEBE in the dilution tracker kept netting the separate debt, preferred and cash figures on Metaplanet's 30 September 2026 row instead of the net senior claims the company filed. They now take the filed net, and the Net Claims figures say "as filed (net)".

A surface computed or gated claims outside the rules file

The CEBE bridge card on /charts/, which splits what moved CEBE per share between two filings, computed the claims term on its own rather than through the rules file every other figure on the page uses. On a row the rules file resolves from raw filing cells, or from a filed net, the bridge's endpoints and legs were struck on the row's separate served figures instead. It now takes the claims term from the rules file.

A surface computed or gated claims outside the rules file

Metaplanet's 30 September 2026 row carries the net senior claims the company filed, not the separate debt, preferred and cash figures. The feed (/api/v1/companies.json) computed Senior Claims from that filed net from 2026-10-07. Every page that computed Senior Claims in the browser instead netted the separate figures the row also carries, and showed a lower figure for Metaplanet than the feed served, from the time the row was added until each page moved onto the rules file. The pages: the home page (and /simple/, which opens it), /tracker/, /credit/, /command/, /charts/, /compare/, /flows/, /claims/, /claims/preferred-cost/, /company/MTPLF/ and its drawdown page; and the scenario tools /endgame/, /modeler/mnav/, /modeler/txn/, /modeler/allocator/, /modeler/powerlaw/, /modeler/drag/, /compass/, /fracture/, /insights/cebe/, /insights/engine-state/ and /insights/accretion-threshold/. Each now computes through the rules file, which applies the filed net, so every page shows the figure the feed serves.

Constructed rows apply both sides of a filed flow or neither

Metaplanet's served cash was overstated on its 2026-08-31 and 2026-09-11 rows. Those rows are constructed between filed balance sheets, and the construction added the post-period proceeds of the 10th Series without the JPY 2,100 million Siiibo payment of 2026-07-13, so only one side of the period's cash flows was applied. Both rows now carry the last filed balance, JPY 1,087 million of cash and deposits plus JPY 250 million of USDC at the 30 June rate of JPY 162.546875 to the dollar, unchanged until the third-quarter report files a new balance. A constructed row now applies both sides of every filed flow since the balance date or none of them, and carries the balance forward by default. Reported by @vk981000.

Offsets summed as costs

Nakamoto's Costs tab marked its three segment results, the offsets against its costs, as the number 1 where every reader on the site looks for TRUE, so the three were added to its costs instead of taken from them. They are the filed second quarter 2026 operating results of its Media and Information Services, Asset Management and Bitcoin Operations segments, each with the goodwill impairment and the unrealised marks taken out and annualised: US$7,808,000, minus US$4,204,000 and US$38,700,000, together US$42,304,000. The rows now carry TRUE and FALSE, and the Bitcoin Operations offset is re-cut. That segment's result holds US$10,418 thousand of derivative revenue for the quarter, and the 10-Q does not split it into realised and unrealised parts. Its management discussion splits it by purpose: about US$9.3 million from mitigating a portion of the downside exposure to bitcoin, and US$1.2 million from capturing income from bitcoin's volatility. A recurring offset carries volatility or premium capture only, and directional or protective derivative gains are non-recurring and excluded, whether realised or not. The offset now carries the US$1.2 million, annualised, and excludes the protective gain. The Bitcoin Operations offset goes from US$38,700,000 to US$1,828,000, and the three offsets together from US$42,304,000 to US$5,432,000. Read as offsets, the Wrapper is the costs less that sum, a cost of 7.19% of the reserve, where it had read as a cost of 25.34%. The offset is revisited at the third quarter 2026 10-Q.

A conditional rate costed at one value no filing states

The site now costs a conditional rate at the higher filed rate, one figure everywhere, with the condition in a note. Nakamoto's June Loan is costed at 8.00% on the full 165,000,000 USDT, the filed rate whenever the Trading Wallet holds less than 2,000 bitcoin; the note reads "7.75% while at least 2,000 BTC sit in the Trading Wallet; no filing states the balance." The lower rate and the schedule stay on the instruments tab as the record. The interest line on the costs rows moves from US$12,937,500, a per-tranche split no filing makes, to US$13,200,000.

Bitcoin pledged as collateral counted as Bitcoin bought

The Decision Lab added up the Bitcoin on every leg of a print as Bitcoin bought. One leg type moves Bitcoin without changing what the company holds: a collateral pledge records the coin placed with a lender as collateral, and that coin stays on the balance sheet. Nakamoto's refinancing print of 11 June 2026 carries such a leg, NAKA-2026-06-05-001, pledging 3,805.112 BTC, beside a sale of 600 BTC, so the Lab printed 3,205.11 BTC bought and raised Bitcoin held after the print by that amount. Only a leg that changes holdings now counts toward the coins bought and Bitcoin held: a purchase, a sale, coin received on an acquisition, and coin paid or received on a raise or a retirement. A pledge leg is printed on its own line as coin pledged as collateral and reaches no figure.

A share-delivery card said Claims % holds beside figures that showed it falling

Each share-delivery card for a warrant, option or right said Claims % is unchanged because the right carries no claim, the short card above the key metrics said Claims % does not move, and the section above the cards said these rights do not move Claims %. Beside those sentences, every card for a right with an exercise price printed an as-exercised Claims % below the standing one: Metaplanet's 27th Series card read 21.1% standing and 18.0% as exercised, 16.3% with the exercise price in force. The right adds no claim, but the as-exercised state adds its exercise proceeds to cash, and cash nets against debt and preferred, so net claims fall and Claims % falls with them; taken back out of cash, the proceeds leave every card's as-exercised Claims % equal to its standing figure. Each card and section now chooses its sentence from the two figures it prints. Where they agree and no proceeds enter cash the sentence stands; where they agree and proceeds do enter cash it says the proceeds do not move Claims % at one decimal place; where Claims % falls it names the exercise proceeds added to cash as the cause; where the as-exercised figure is not yet verified it says only that the right carries no claim. The question-and-answer text in the page data of /company/OBTC3/, which said Senior Claims % barely moves beside 8.9% standing and 8.1% as exercised, now says the proceeds lower net claims.

A conditional rate costed at one value no filing states

The instruments tab still gave each Kraken tranche row a rate of its own, 8.00% per annum on Tranche A and 7.75% per annum on Tranche B, as text and as a single numeric rate. The filings put one fee on the whole June Loan and state no rate per tranche. Both rows now carry the filed schedule in words, the same on each: "7.75% or 8.00% per annum, one fee on the whole June Loan: 7.75% while at least 2,000 bitcoin are held in the Trading Wallet, 8.00% otherwise. No filing states the Trading Wallet balance." The single numeric rate is cleared on both rows. The two filed rates stay in the rows' rate bounds, filed on 2026-10-13, which /credit/ already reads.

Rules file version 2026-10-11.3

The rules file moved from version 2026-10-11.2 to 2026-10-11.3, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row. The gate is the vertex range: Adjusted CEBE lies between the minimum and the maximum of the figure over every subset of its admitted instruments delivered (each at full delivery or none, exercise proceeds included on the same construction), inclusive. The side against CEBE prints on the row in plain words, naming the leg class that moves it. A leg with an exercise price below CEBE's value per share lowers CEBE and that is the finding, never a hold. An admitted instrument the row cannot strike (no share price at its close) holds the company. A company that fails holds, with the reason stated.

Served copy with no filing behind it

The public feed served Nakamoto's annual wrapper cost as a negative figure, US$-18,925,667, which reads as a surplus, and no traceable construction stood behind it. It was the 30 June 2026 snapshot cell, built by netting costs of US$19,816,333 against offsets of US$38,742,000 that are not filed operating results: a pre-acquisition estimate drawn from the gross revenue of the businesses acquired in February 2026, and a modelled return on bitcoin derivatives. The site's rules retired both as offset bases in September 2026, and the cell was never rebuilt. The 31 March 2026 cell carried US$-31,080,000, a non-GAAP operating loss multiplied by four and entered with the sign of a surplus. Both cells are now blank, and the feed serves Nakamoto's wrapper as null. A figure is restored when it is traced to the filings, as a new value built from them, never the old cells brought back. The 30 September and 31 December 2025 cells, interest on a filed balance at a filed rate, stand.

A conditional rate costed at one value no filing states

On /credit/, Nakamoto's financing cost, its annual interest on the instruments listed as a percent of its bitcoin reserve, read 3.51%. It costed the instruments tab's two Kraken tranche rows at different rates, US$60,000,000 at 8.00% and US$105,000,000 at 7.75%. The filings make no such split. They put one fee on the whole US$165,000,000 June Loan, 7.75% while at least 2,000 BTC are held in the Trading Wallet and 8.00% otherwise, and no filing states the Trading Wallet balance. What the filings support at the same reserve is a range: 3.47% with the whole loan at 7.75%, and 3.58% with it at 8.00%. The page now reads an instrument's two filed rates from the instruments tab's rate bounds, computes every cost figure through the same functions at each, and prints the two low to high. It does not read the tranche rows' own rate cells for that figure. An instrument without rate bounds keeps its single rate. Nakamoto's figures move when both tranche rows carry the bounds; until then the page prints the single figure. The Annual Cost table's annual obligations and cost per share, the rows' annual interest and the instrument cards read the same bounds and move the same way.

Served copy with no filing behind it

On /credit/, the row and card for Nakamoto's secured convertible debenture printed it as converted, under a "CONVERTED" heading and with "claims eliminated" as its payment. It never converted. The company redeemed it in cash on 29 September 2025 and paid US$203,000,000 on 30 September, the US$200,000,000 principal plus a 1.5% premium, with no interest due. The card also gave it a Claims % contribution, 53.3% to 54.2% as the bitcoin price moved, and a break-even of US$44,773, as though the principal were still owed; it has been no claim since 30 September 2025. Its maturity read 12 May 2028 and its launch 12 May 2025, both worked out from the date the purchase agreement was signed; the debenture itself states an issue date of 14 August 2025 and a maturity of 14 August 2028, and the instrument row now carries both. Its conversion line read "Convertible to common at 2.8 per share". The debenture states that the US$2.80 price was subject to a one-time, downward only reset to 130% of the VWAP before the resale registration took effect, not below US$2.00, and to an exchange cap of 1,203,827 shares without stockholder approval; whether the reset took effect is stated in no filing read. On 11 October 2026 that reset had been withdrawn from the instrument row as unfiled, on a reading of the quarterly and annual reports, which describe it without stating its terms. The debenture states them, the withdrawal is reversed, and the card's source line now cites the debenture itself. The page now prints the row by the status the instruments tab serves, repaid, and computes no claim, cost or coverage figure for it.

Instruments no longer outstanding counted as owed

On /credit/, the financing cost, a company's annual interest and dividends on the instruments listed as a percent of its bitcoin reserve, summed every instrument of the company on the instruments tab, including those the tab marks repaid or retired. The cash coverage beside it already counted outstanding instruments only. Three Nakamoto loans repaid or retired in 2025 still carry their face and rate on the tab, so Nakamoto's financing cost read 17.31% where its two outstanding Kraken tranches give 3.51%; a converted DDC Enterprise preferred raised DDC's from 0.19% to 0.80%. The Annual Cost table's annual obligations, cost per share and runway read the same sum and were overstated the same way. The instrument card also printed a Claims % contribution and a break-even bitcoin price for instruments no longer outstanding, worked from each face as though it were still owed. Every one of these figures now counts outstanding instruments only, by the status the instruments tab serves. The card of an instrument no longer outstanding prints none for both, and its row prints the tab's own status word, in a group headed retired, where it printed "Converted" and "claims eliminated" for every such row. Nakamoto's secured convertible debenture, which the company repaid in cash, is corrected in the entry for served copy with no filing behind it and is not repeated here.

A surface computed or gated claims outside the rules file

The valuation view on /tracker/ printed a hold of its own, "not yet shown, construction under ruling", in the Adjusted CEBE, Adjusted Claims % and Adjusted CEBE mNAV positions of all twelve rows, while the feed served Adjusted CEBE for six companies under the serving gate in the rules file and held the other six with a reason each. The view was built when the layer was held on 7 October 2026 and never read the feed's adjusted_status when the layer began to serve on 10 October. It now reads adjusted_status, cebe_adjusted_sats and cebe_adjusted_mnav per row from the feed and prints nothing of its own: the served figure marked EST where the status is est, the feed's plain-words reason where a company holds, and no ruling id on any row. The Adjusted Claims % position is retired from the view, because the feed serves no such figure and the page computes none; Claims % stays the measured figure in both views. /valuation/ said in the same period that the tracker's valuation view stays held and carried a dated line about a pending revision; both now describe the feed as it serves. The rules file's serving gate itself changes the same day, from version 2026-10-11.2 to 2026-10-11.3 (the per-leg direction test removed and the range widened to every delivery outcome, with the side printed beside the figure), and that change has its own entry.

A surface computed or gated claims outside the rules file

/receipts/ charted a weekly series of FD BPS, Basic BPS, CEBE, Senior Claims %, stock-implied sats and CEBE mNAV built by a script outside the rules file. The script floors the fiat leg before adding the BTC-indexed claim instead of flooring the total, reads a blank as zero, ignores a filed net and applies a BTC-indexed claim override the rules file retired; the series ends 2026-05-08 and covers nine of the companies the page showed, while the page called its table the latest week of all companies. The series carries no balance-sheet columns, so the page cannot recompute it through the rules file. The page no longer prints a figure: the chart, the statistics, the January 2026 callout, the company notes and the table are withdrawn, and the site's failure-state sentence stands in their place until the series is rebuilt through the rules file.

Rules file version 2026-10-11.1

The rules file moved from version 2026-10-10.1 to 2026-10-11.1, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row: Adjusted CEBE lies between CEBE and the fully exercised figure (every admitted instrument delivered), inclusive; no instrument carries more than its own full delivery or less than nothing; a combination-settlement note adds shares above principal only; and an in-the-money cash-strike leg does not lower CEBE. A company that fails holds, with the reason stated.

Pre-funded warrants in basic shares

Nakamoto's 30 September 2025 row counted 84,502,113 pre-funded warrants in its basic share count. The quarterly report supports 84,502,773: the 133,800,773 issued on 14 August 2025 less the 49,298,000 shares issued on their exercise by 30 September, which also equals the 85,091,274 warrants it reports outstanding less the 588,501 public warrants it reports outstanding at 14 November 2025. The row now carries 12,791,390 basic shares after the 1-for-40 reverse split, up from 12,791,374.

Pre-funded warrants in basic shares

Reversed 2026-10-07: the tracker counts Nakamoto's pre-funded warrants in basic shares on every row, so the 30 June 2026 row is back at 18,987,567 shares, its CEBE back at 10,426 sats, and the warrants are no longer listed among the share-delivery instruments. The 31 March 2026 row was checked figure by figure against its 10-Q and stands unchanged at 18,793,081 shares and 13,308 sats. Original text follows. Nakamoto's 30 June 2026 row counted its 1,092,624 pre-funded warrants as basic shares. The tracker counts a pre-funded warrant in basic shares only when it is exercisable at any time with no condition and its remaining exercise price is under one percent of the share price. On 30 June 2026 the warrants' remaining exercise price of US$0.04 was 1.0127% of that day's close of US$3.95, so the row now carries the 17,894,943 common shares alone, and the warrants are disclosed with the company's other share-delivery instruments. The 31 March 2026 row is unchanged: its close of US$8.84 puts the same exercise price at 0.4525%, so its count of 18,793,081 still includes the 1,542,624 warrants outstanding at that date.

Bitcoin price and exchange rate off the site convention

Nakamoto's four quarter-end snapshot rows carried bitcoin prices other than the site's convention close: the prices printed in the issuer's filings on three rows, and on the 30 September 2025 row a price the filing does not state. Each row now carries CoinGecko's close for its balance date, and each filed price stays in that row's notes as the issuer's mark; the 30 September 2025 quarterly report states no price. On the 30 June 2026 row this reverses the change of 2026-10-04 that had moved the row to the filed price of US$58,532; the only change left on that row since it was first published is its cash correction.

Stablecoins left out of cash

Nakamoto's cash on its two 2026 quarter-end rows left out the USDT and USDC its 10-Qs carry at fair value outside cash and cash equivalents. Stablecoins count as cash, so both rows now include them, which puts the opening and closing quarters on one basis. The 30 June row's BTC price was also the convention close rather than the price the second-quarter 10-Q itself states for that date; where a filing states the price, the filing wins, and the row now carries $58,532 and cites the 10-Q page by page.

A cell transcribed differently from the filing it cites

OranjeBTC's deal row of 7 October 2025 carried 3,675 bitcoin, the company's whole holding after that week, where its notice states a purchase of 25. The holding is already the opening balance on the snapshot row of the same date, so the deal row now carries the purchase alone, with the price and cost the notice states.

Cost lines carried figures older than the latest filing

The Costs tabs of Strategy, Strive, The Smarter Web Company, Metaplanet and OranjeBTC carried dividend and interest lines that no longer matched the latest filings, most of them marked VERIFIED. Each line was a past period's filed figure, annualised, while the instrument behind it had since grown, been retired, been drawn or been reset. Strive's SATA Preferred Dividend read $79.4M a year, the dividends declared in the six months to 30 June 2026 annualised, while SATA outstanding had since grown. Each line is now its instrument's face times the rate in force on the latest filing. Convertible interest is the contractual cash coupon on face, as claims are measured at face: the filed interest expense, which includes non-cash discount amortisation, is noted on the line and is not used in the figure. A reader, @HatimBahiSlaoui on X, reported the SATA figure on 14 October 2026.

Carried cash without the filed flows since its date

The rule now reaches every row: a row's cash is the latest filed balance on or before its date, with every flow filed after that balance and on or before the row, in both directions. OranjeBTC's ten rows from 28 June to 30 August 2026 carried their reports' cash with nothing filed since applied. The 28 June 2026 row, built on the 31 March 2026 report, now adds the US$35,150,000 the company drew from Maple on 14 and 28 June 2026, which its debt already carried, and takes off ten bitcoin purchases and five repurchases of its own shares. The nine weekly rows from 5 July to 30 August 2026, built on the 30 June 2026 report, take off the purchases and repurchases filed since; the June draws are already inside that report's balance. From 26 July 2026 the outflows filed since 30 June exceed the cash that report states, and the filings do not say what paid for them, so those six rows carry cash at zero, marked EST, with the line "filed flows exceed carried cash; funding source not stated". The short-sale position the company closed in the second quarter has no filed date, so no cash flow is applied for it. No debt figure moves.

Interest on a debt instrument labelled as a dividend

The instrument card on /credit/ labels an instrument's annual cost Annual Interest for debt and Annual Dividend for a preferred. It recognised debt only by a seniority of 0 or by the words note, loan, debenture, CLN or bond in the type cell, so a debt instrument whose type reads facility, credit facility, secured or debt, at a seniority of 1 or 2, was labelled a dividend: Metaplanet's revolving credit facility printed its US$47.1M of annual interest as Annual Dividend. The card now reads what the instrument is from the class column where it holds a token, the same rule that decides preferred rows on the page. The debt classes on the instruments tab, debt, facility, convertible and convertible note, all read as debt, and a preferred never does. Where the class cell carries prose instead of a token, the type cell decides, read for the same debt words plus credit and secured.

A share-delivery card said Claims % holds beside figures that showed it falling

Each share-delivery card for a warrant, option or right said Claims % is unchanged because the right carries no claim, the short card above the key metrics said Claims % does not move, and the section above the cards said these rights do not move Claims %. Beside those sentences, every card for a right with an exercise price printed an as-exercised Claims % below the standing one: Metaplanet's 27th Series card read 21.1% standing and 18.0% as exercised, 16.3% with the exercise price in force. The right adds no claim, but the as-exercised state adds its exercise proceeds to cash, and cash nets against debt and preferred, so net claims fall and Claims % falls with them; taken back out of cash, the proceeds leave every card's as-exercised Claims % equal to its standing figure. Each card and section now chooses its sentence from the two figures it prints. Where they agree and no proceeds enter cash the sentence stands; where they agree and proceeds do enter cash it says the proceeds do not move Claims % at one decimal place; where Claims % falls it names the exercise proceeds added to cash as the cause; where the as-exercised figure is not yet verified it says only that the right carries no claim. The question-and-answer text in the page data of /company/OBTC3/, which said Senior Claims % barely moves beside 8.9% standing and 8.1% as exercised, now says the proceeds lower net claims.

An amount in another currency printed with a dollar sign

On /credit/, the card that opens from each instrument row printed its annual interest with a dollar sign whatever the instrument's currency, and printed a face in reais, and an annual dividend in sterling, reais or kronor, the same way. The amounts were in the instrument's own currency: the face is the instruments tab's face_value and the annual interest or dividend is that face times the rate, both in the currency the row names, and the instrument's table row already printed them with that currency's sign. Smarter Web Co's Coinbase credit facility read $1.2M a year for £1,187,500 (£19,000,000 at 6.25%), and OranjeBTC's two debenture series read $130.0M and $80.0M of face and $21.6M and $13.3M a year for amounts in reais. The card and the row now print from one formatter, in the instrument's currency, with the signs the company pages use: £ for sterling, R$ for reais, € for euros, ¥ for yen and kr for kronor, and the currency code for a currency with no sign there. Figures the page states in US dollars, the annual cost to common equity on each card, the headline totals, the claims bars and the financing cost, were already converted at the exchange rates the page reads and do not move. An amount under a million in a currency other than the US dollar or the yen printed in millions, as R$0M for a face of R$1, and now prints in thousands or units, as US dollar amounts do.

Carried cash without the filed flows since its date

OranjeBTC's 12 October 2026 row carried the cash of its 30 June 2026 half-year report, R$3,454,000 and US$3,584,161 in USDC, as though none of it had been spent, although the weekly treasury notice for 5 to 12 October 2026 states R$3,515,090 paid out for 530,000 of the company's own shares. Bitcoin held did not change, so whatever paid for the repurchase, it raised the claims ahead of the common by the amount paid. A row built between reports carries the last report's cash less the cash outflows filed after that report's date. The R$3,515,090 now comes off the row's cash: all R$3,454,000 of reais cash, and the remaining R$61,090, US$12,250.83 at the row's exchange rate, off the USDC. The row's cash basis line names the deduction.

Carried cash without the filed flows since its date

The same day the rule was widened to count the filed flows in both directions since the report's date. OranjeBTC's 12 October 2026 row had taken off only that week's repurchase. It now carries the 30 June 2026 cash with every flow filed from 1 July to 12 October 2026: the third debenture issue of 31 August 2026 adds the R$210,000,000 it raised to cash and its principal of US$40,528,022.23 to the claims ahead of the common; nine repurchases of the company's own shares, R$51,107,668.17, and five bitcoin purchases, US$3,502,593.71, come off cash. The 30 June report's debt and cash had been carried without the debenture on either side, because the filings do not state whether its proceeds repaid the Maple bridge; a repayment would move cash and debt by the same amount, so the row's claims do not depend on it. The filed flows do not exceed the carried cash, so no floor applies. The row's cash basis line names the flows; each one, with its filing, is on the row.

Carried cash without the filed flows since its date

OranjeBTC's five rows between the third debenture's settlement on 31 August 2026 and 12 October 2026 carried the 30 June 2026 report's debt and cash with nothing filed since applied. They now carry the same construction as the 12 October row: each row's cash is the 30 June filed cash with every flow filed from 1 July to the row's own date, the debenture's R$210,000,000 added to cash and its principal of US$40,528,022.23 to the claims ahead of the common, and the company's repurchases and bitcoin purchases taken off. The weekly figures now compare like with like: from 4 to 12 October 2026 the row changes by -4 sats, of which the week's repurchase is +4 and the bitcoin price -8. The debenture's two series on the instruments tab now carry their principal in US dollars, US$25,088,775.67 and US$15,439,246.56, as the settlement notice states it; their reais faces of R$130,000,000 and R$80,000,000 stay in the label. No row hits the zero floor.

Deals and deal figures a filing states, left off the deals tab

Fourteen OranjeBTC share rows carried the reais total of the weekly treasury notice for their window, where the company's monthly report of its own share trades, filed later, states a different total for the same trades. The two filings agree on every share count and differ on the reais in fourteen windows, by R$1 to R$4,247. Method decision, 2026-10-12: the later primary filing wins on reais totals and the gap is recorded as a finding. Each row now carries the monthly report's total, the sum of the day volumes it lists for the window's trading days, rounded to the whole real as every OBTC3 deal row carries its reais. Not changed: twelve windows where the two filings already agree; the four-week window of 30 March to 26 April 2026, R$676 on both; the two July 2026 rows, for which no monthly report is filed, so the weekly notice is the only primary filing; and the window of 28 September to 4 October 2026, whose October days wait for the October report.

Deal rows without a currency, and deal terms carried as the market price

Eight OranjeBTC deal rows dated on a B3 trading day did not carry the B3 close of that date as the share price at the deal: two carried a price from the deal's own week, a share sale price and a repurchase average, two carried R$15.00, which is not the close of their date, and four carried none. Method decision, 2026-10-12: a window row, whose filing states a weekly window rather than one event date, takes the close from the listing venue on the row date only. Each of the eight now carries the B3 close on its own date. Held, with the reason, and unchanged: the 45 window rows dated on a Saturday or a Sunday, when B3 holds no session; the row of 7 September 2026, a B3 holiday; and the listing-day row of 7 October 2025, which carries R$29, the session's intraday high, until its source is ruled on.

Rules file version 2026-10-11.3

The rules file moved from version 2026-10-11.2 to 2026-10-11.3, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row. The gate is the vertex range: Adjusted CEBE lies between the minimum and the maximum of the figure over every subset of its admitted instruments delivered (each at full delivery or none, exercise proceeds included on the same construction), inclusive. The side against CEBE prints on the row in plain words, naming the leg class that moves it. A leg with an exercise price below CEBE's value per share lowers CEBE and that is the finding, never a hold. An admitted instrument the row cannot strike (no share price at its close) holds the company. A company that fails holds, with the reason stated.

Rules file version 2026-10-11.12

The rules file moved from version 2026-10-11.11 to 2026-10-11.12, and every snapshot row was recomputed under it. An instrument enters the Adjusted layer on a row only if its launch or allotment date (the instruments tab's launched date) is on or before the row date; a row dated before it does not carry the instrument. A launched cell that is not a date admits nothing; an instrument with no launched date filed is not tested on it. A leg is taken at the exercise or conversion price in force on the row date under the filed terms: the instrument_rate_history value at the latest effective date on or before the row, read for an instrument whose price resets (exercise_price_resets TRUE) and for a warrant or option, which carries no coupon a history row could state; otherwise the instruments tab's conversion_price. A resetting instrument with no history row on or before the row holds the company with "reset terms not stated", because its conversion_price carries the floor, not the price in force. Where the history tab does not exist, every other leg reads conversion_price. An instrument whose filed terms state it cannot be exercised on the row date (exercise_closed_dates) does not enter the Adjusted layer on that row. A closed-dates cell that cannot be read holds the company with the reason stated.

Instruments no longer outstanding counted as owed

On /credit/, the financing cost, a company's annual interest and dividends on the instruments listed as a percent of its bitcoin reserve, summed every instrument of the company on the instruments tab, including those the tab marks repaid or retired. The cash coverage beside it already counted outstanding instruments only. Three Nakamoto loans repaid or retired in 2025 still carry their face and rate on the tab, so Nakamoto's financing cost read 17.31% where its two outstanding Kraken tranches give 3.51%; a converted DDC Enterprise preferred raised DDC's from 0.19% to 0.80%. The Annual Cost table's annual obligations, cost per share and runway read the same sum and were overstated the same way. The instrument card also printed a Claims % contribution and a break-even bitcoin price for instruments no longer outstanding, worked from each face as though it were still owed. Every one of these figures now counts outstanding instruments only, by the status the instruments tab serves. The card of an instrument no longer outstanding prints none for both, and its row prints the tab's own status word, in a group headed retired, where it printed "Converted" and "claims eliminated" for every such row. Nakamoto's secured convertible debenture, which the company repaid in cash, is corrected in the entry for served copy with no filing behind it and is not repeated here.

Deals and deal figures a filing states, left off the deals tab

OranjeBTC's deals tab left out deals and figures that the company's weekly treasury notices state. Seven deals in six weekly windows between 6 October and 21 December 2025, five share sales or repurchases and two bitcoin purchases, had no row, and fifteen bitcoin purchase rows from October 2025 to July 2026 carried no cash paid, three of them no price either, although each notice states both. Every OBTC3 deal row was tied, window by window, to the weekly notice that reports it, 42 notices from 7 October 2025 to 27 September 2026. The missing deals are now rows, and the blank cells carry the figures the notices state. The company's monthly reports of its own share trades, thirteen filed from September 2025 to October 2026, agree with the share count of every share row; no report is filed for July 2026, and that month's two rows are confirmed by the treasury balances the June and August reports state either side of it.

Static blocks lagged the Sheet

The static block on each company page (the quick answer a reader sees before the live figures load, the Dataset a search engine reads, and the fallback object the page renders when the live read fails) and the comparison table restated snapshot rows as they stood at the last manual bake, not as the Sheet held them. The generator that writes the blocks runs by hand, nothing ran it after the rows moved, and nothing compared a committed block to the feed, so a row corrected on the Sheet kept its old figures on the page until somebody happened to rebake. On 2026-10-11 the Méliuz 2026-06-30 row was re-derived from the period report, the Capital B series and the DDC quarter-end rows received their raw filing cells, and the Silvia block still sat on a 2026-06-30 row while the feed had moved on to 2026-10-06. Every block is rebaked from the feed as of this entry. The generator now reads every page back after writing and matches every figure the block carries against the governing feed row, recomputed, and fails the bake with the mismatch named; it writes each page's sitemap date from the bake; and the bake is a single job step for the daily integrity run, so the lag cannot recur unnoticed.

Snapshot share prices not taken from the listing venue's close

Thirteen OranjeBTC rows from 28 June to 27 September 2026 did not carry the B3 close for their dates. Eight carried the price the company paid for its own shares in a repurchase, as its weekly treasury notice states it, or that price carried forward to a later week: R$4.05 on three rows (the off-exchange block of 14 July and two later weeks), R$7.2668, R$7.2564, R$5.3005, R$6.3186 and R$7.4533. Two carried R$6.96 from a basis no source states. Three carried none. Each row now carries the B3 closing price on the last trading day on or before its date, read from the exchange's own daily quotation file. 7 September 2026 was a B3 holiday, so the rows of 6 and 7 September both take the close of 4 September. The same file reproduces, to the cent, the five OBTC3 closes already on the tab.

Deal cash legs not recorded as the cash that moved

Two OranjeBTC deal rows, the share buybacks of the weeks to 23 August and 30 August 2026, carried the cash the company paid for its own shares as a positive figure, which the site reads as cash received. Every other OranjeBTC buyback row carries its payment as negative, the site's sign for cash paid out. Both now carry their payments as negative. The share counts on both rows were right throughout, and no snapshot row, Senior Claims % or CEBE figure depends on these two cells.

Deal cash legs not recorded as the cash that moved

Four OranjeBTC bitcoin purchase rows, the weeks to 31 May, 26 July, 2 August and 9 August 2026, carried the dollars paid for bitcoin as a positive figure, so the Decision Lab read each purchase as cash raised. Bitcoin purchase rows on the site carry the dollars paid as negative. All four now do. A sweep of every OranjeBTC deal row with a cash figure found no other: the share sale, the debenture and bond rows and the convertible carry cash received as positive, and every buyback row carries cash paid as negative.

A surface computed or gated claims outside the rules file

The valuation view on /tracker/ printed a hold of its own, "not yet shown, construction under ruling", in the Adjusted CEBE, Adjusted Claims % and Adjusted CEBE mNAV positions of all twelve rows, while the feed served Adjusted CEBE for six companies under the serving gate in the rules file and held the other six with a reason each. The view was built when the layer was held on 7 October 2026 and never read the feed's adjusted_status when the layer began to serve on 10 October. It now reads adjusted_status, cebe_adjusted_sats and cebe_adjusted_mnav per row from the feed and prints nothing of its own: the served figure marked EST where the status is est, the feed's plain-words reason where a company holds, and no ruling id on any row. The Adjusted Claims % position is retired from the view, because the feed serves no such figure and the page computes none; Claims % stays the measured figure in both views. /valuation/ said in the same period that the tracker's valuation view stays held and carried a dated line about a pending revision; both now describe the feed as it serves. The rules file's serving gate itself changes the same day, from version 2026-10-11.2 to 2026-10-11.3 (the per-leg direction test removed and the range widened to every delivery outcome, with the side printed beside the figure), and that change has its own entry.

A surface computed or gated claims outside the rules file

/receipts/ charted a weekly series of FD BPS, Basic BPS, CEBE, Senior Claims %, stock-implied sats and CEBE mNAV built by a script outside the rules file. The script floors the fiat leg before adding the BTC-indexed claim instead of flooring the total, reads a blank as zero, ignores a filed net and applies a BTC-indexed claim override the rules file retired; the series ends 2026-05-08 and covers nine of the companies the page showed, while the page called its table the latest week of all companies. The series carries no balance-sheet columns, so the page cannot recompute it through the rules file. The page no longer prints a figure: the chart, the statistics, the January 2026 callout, the company notes and the table are withdrawn, and the site's failure-state sentence stands in their place until the series is rebuilt through the rules file.

A cell transcribed differently from the filing it cites

Eight OranjeBTC deal rows carried a figure other than the one the weekly treasury notice for their window states. One summed three windows into one row: the purchase row dated 15 November 2025 carried 14.3 bitcoin, the 5 bitcoin bought from 31 October to 16 November together with 7.3 and 2.0 bought in two later weeks, which now have rows of their own. One carried a share count the notice does not state: the repurchase week to 28 December 2025 carried 102,400 shares where the notice states 129,300, and a cash figure to match. One carried a bitcoin price with two digits transposed. The other five carried cash rounded or estimated where the notice states the amount to the real or the dollar. Every OBTC3 deal row was tied, window by window, to the notice that reports it, and each of these cells now carries the stated figure.

Bitcoin price and exchange rate off the site convention

The text of this item is on the full entry.

Constructed rows apply both sides of a filed flow or neither

The one-sided debt of US$93,501,022.23 that OranjeBTC's constructed rows served from 2026-09-25 to 2026-10-03 also reached three surfaces the 2026-10-03 section does not list: the static block on the company page and the comparison table, which are baked from the latest row and committed, and the public feed, which served the latest row's figures while they stood. Each is stated below with what it printed. The 2026-10-03 section also left one question open, and it is answered here: no filing checked states that the third debenture's proceeds retired the Maple draws of the second quarter. The settlement notice of 31 August 2026 states that R$210,000,000 of debentures were subscribed and paid in, that the principal converts at that day's PTAX selling rate to US$40,528,022.23, and that the net proceeds went mostly to buying bitcoin, and also to buying back the company's own shares and to operating costs and expenses; it names no repayment of the Maple facility. The second-quarter ITR, Note 14, says the Maple draws of the quarter, USDC 35,150 thousand, act as a bridge loan until the third debenture settles, and Note 24.1 says the company took short-term borrowings to anticipate the issue's proceeds; neither note states that the bridge was or would be repaid from them, and no filing from 31 August to 12 October 2026 states a repayment. So the constructed rows carry neither side of the debenture, and debt stays at the 30 June figure of US$52,973,000 until the third-quarter ITR files a new balance sheet.

Rules file version 2026-10-11.1

The rules file moved from version 2026-10-10.1 to 2026-10-11.1, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row: Adjusted CEBE lies between CEBE and the fully exercised figure (every admitted instrument delivered), inclusive; no instrument carries more than its own full delivery or less than nothing; a combination-settlement note adds shares above principal only; and an in-the-money cash-strike leg does not lower CEBE. A company that fails holds, with the reason stated.

A surface computed or gated claims outside the rules file

The CEBE bridge card on /charts/, which splits what moved CEBE per share between two filings, computed the claims term on its own rather than through the rules file every other figure on the page uses. On a row the rules file resolves from raw filing cells, or from a filed net, the bridge's endpoints and legs were struck on the row's separate served figures instead. It now takes the claims term from the rules file.

Bitcoin price and exchange rate off the site convention

OranjeBTC's quarter-end rows for 31 December 2025, 31 March 2026 and 30 June 2026 were checked figure by figure against the company's own report for each period. The 30 June row matched in every figure. The 31 December row carried 3,722.3 bitcoin where the annual report states 3,722.319104, and an exchange rate of 5.75 that matched neither the site's convention nor the report; it now carries the filed holdings and the same-date bitcoin cross of 5.5185, the rate its cash and debt were already converted at. The 31 March row carried 3,723.019 bitcoin where the quarterly report states 3,723.019104, a bitcoin price of US$68,232 where the archived close is US$68,107.47, and the report's own exchange rate of 5.2194 where the site's convention is the same-date bitcoin cross; its cash had also left out R$47 thousand held in a brokerage current account. It now carries the filed holdings, the archived close and the cross of 5.1560, with cash and the real-denominated debt converted at it, and it adds two debts the report states that the row had left out: US$46,000 of interest accrued on the Maple loan and a short-sale obligation of R$2,650 thousand. Both additions follow the classification the site gives the same items on its other OranjeBTC rows. Both, and the cross of 5.1560, stand, as ruled. The 28 June 2026 row, which carries the 31 March balance, now carries the restated 31 March cash. Its debt is unchanged: the short-sale obligation was bought back during the second quarter on a date no filing states, so the row takes the 30 June value of nil, as it already does for the undated Maple draws, and accrued interest is not carried forward.

Absent inputs read as zero

Four OranjeBTC snapshot rows are restated, and two missing weekly rows are added. The 7 October 2025 row carried cash of zero, a figure no filing states, because no balance sheet exists before 31 December 2025; its cash is now blank and the row is withheld from the published series. The 31 December 2025 row now carries the year-end balance sheet, with the Note 12 items in debt. The 28 June 2026 row priced bitcoin at US$66,233, the issuer's weekly average purchase price, which is not a close; it now carries the convention close, and its debt carries the convertible's settlement and the Maple bridge draws with both legs on the dates the filings give them. The 5 and 12 July 2026 rows, missing until now, are added on the carried 30 June balance.

Accrued interest on a facility left out of debt

The OranjeBTC row for 30 June 2026 carried the Maple facility at principal only. The second-quarter ITR also states US$306,000 of accrued Maple interest at that date, a senior claim on the same facility, and it is now added to debt on that row. It is added on the one row the filing dates and on no later row: the weekly rows after 30 June carry no filed accrued figure of their own, so they stay at US$52,973,000, and no accrual is carried forward or estimated.

Company pages struck market cap and mNAV off the feed

The Smarter Web Company page showed a market cap of $156.7M and a CEBE mNAV of 0.76x while this site's feed and /compare/ served $397.1M and 1.916x. When the page's own venue fetch returned no quote, as it did with markets closed, the page struck its live figures on the governing snapshot's close instead: 31 GBp on the 2026-09-02 row, converted at that row's 1.3483, times 374,840,705 shares. The feed strikes the last real trade among the admitted venues. Company pages now render the feed's market cap, CEBE mNAV, Senior Claims % and CEBE sats as served, with no quote or FX conversion of their own. The same path moved the Méliuz, Capital B and OranjeBTC pages off the feed by smaller margins. @TailEdging reported the 0.76x on 2026-10-01.

A surface read an exchange rate in the wrong direction

The OranjeBTC company page served a market cap of $5.47B and a CEBE mNAV of 20.71x while the data feed served $212,272,522 and 0.804x for the same row. When no live B3 quote was available, the page fell back to the governing snapshot's closing price and converted it at the row's fx_rate as if that rate were dollars per real. The OranjeBTC rows record it as reals per dollar, so the 2026-09-27 close of 7.4533 reais at 5.1889 was served as $38.67 instead of $1.4364, against the $1.5008 the feed served from the live B3 quote. The same reading put every point of the page's valuation-history chart for OranjeBTC too high by the square of that row's rate, between 25.91 and 33.06 times. Every surface now reads a snapshot fx_rate through one function that returns dollars per unit in whichever direction the row was written. No Sheet figure and no API figure changed.

Constructed rows apply both sides of a filed flow or neither

Four OranjeBTC rows built on the 30 June 2026 balance sheet carried the third debenture's US$40,528,022.23 principal, settled 2026-08-31, as debt without the cash it raised. A row constructed between filed balance sheets may apply both sides of every filed flow since the balance date or none of them, and it carries the balance forward by default. Both sides could not be applied here: the second-quarter ITR, Note 14, names the second-quarter Maple draws a bridge to this debenture, and no filing states when or how much of that bridge was repaid. The four rows therefore carry the 30 June debt of US$52,973,000 and cash of US$4,245,581 until the third-quarter ITR files a new balance sheet. The third debenture itself is outstanding: R$210,000,000 in two series (R$130,000,000 and R$80,000,000), settled 2026-08-31 and maturing 2031-01-03, with no redemption, amortization or repayment in any later filing. Its proceeds are filed in the same settlement notice. Under the rule for constructed rows both sides apply or neither, and net senior claims are identical under both, so the rows carry neither and the debenture is not in the US$52,973,000. The debt of US$93,501,022 these rows served until the morning of 2026-10-03 was the one-sided construction, and it was withdrawn that day. The issuer's dashboard shows the bridge repaid on 2026-09-05; that repayment is unfiled and does not enter until the third-quarter ITR. The settlement notice states the debenture at US$40,528,022.23 (R$210,000,000 at that day's rate, 5.1816); the US$42,059,725 recorded at signing is the same R$210,000,000 at the signing-date rate of 4.9929, not a larger issue. @BRunner2040 described the restatement correctly.

Static blocks frozen while the baker could not run

Five company pages served a quick answer and a Dataset block built from a superseded snapshot row. The block is a committed artifact written by a generator, and the generator has not been able to run since 2026-09-07: a single-quoted string in it was written across two lines, which JavaScript does not allow, so the module failed to parse and every bake since exited before it read a page. Nothing reported the failure, because a bake that never runs looks the same as a bake with nothing to do. The figures a reader saw first on those five pages, and the figures a search engine read out of the JSON-LD, were therefore correct for the date each block names and stale against the row the live page loads. The distance ran from twelve days on Capital B to sixty-one on DDC. The string is fixed, the generator has been rerun, and all five blocks are rebuilt from the governing row; a second run reproduces the committed output exactly.

The fully diluted share count behind Fully Diluted BPS was a quarterly average, not a count at the row's date

The fully diluted share count we held for Strategy, Strive and SVIA was the weighted average diluted count from each quarterly report, the figure that sits under earnings per share, and on the newest rows it was carried forward unchanged. An average over a quarter in which shares were being issued is lower than the shares outstanding on the day, so on 32 rows the fully diluted count was below the basic count, which cannot be. The shared reader refuses that and shows the basic figure instead, so Fully Diluted BPS read the same as basic BPS on those rows. SVIA's four newest rows carried no count at all and showed the basic figure too. Four older rows sat above their basic count, so the check passed them, but they held the same quarterly average. This is a construction change, released by a ruling of 19 October 2026. The column now holds the fully diluted count at each row's date as the company filed it: Strategy's Assumed Diluted Shares Outstanding, and Strive's Assumed Fully Diluted Shares from its weekly report. Where a company files no figure for the date, the row holds its basic shares plus the last filed dilutive securities, marked as an estimate on the row and named in the row's source line. Four Strive quarter rows, 30 September 2025 to 30 June 2026, have no filed count at their dates, so their fully diluted count is cleared and Fully Diluted BPS is withheld on them. The 30 September 2025 row had served 13,495, a quarterly average shown as a count; it now shows withheld.

A share-delivery card said Claims % holds beside figures that showed it falling

Each share-delivery card for a warrant, option or right said Claims % is unchanged because the right carries no claim, the short card above the key metrics said Claims % does not move, and the section above the cards said these rights do not move Claims %. Beside those sentences, every card for a right with an exercise price printed an as-exercised Claims % below the standing one: Metaplanet's 27th Series card read 21.1% standing and 18.0% as exercised, 16.3% with the exercise price in force. The right adds no claim, but the as-exercised state adds its exercise proceeds to cash, and cash nets against debt and preferred, so net claims fall and Claims % falls with them; taken back out of cash, the proceeds leave every card's as-exercised Claims % equal to its standing figure. Each card and section now chooses its sentence from the two figures it prints. Where they agree and no proceeds enter cash the sentence stands; where they agree and proceeds do enter cash it says the proceeds do not move Claims % at one decimal place; where Claims % falls it names the exercise proceeds added to cash as the cause; where the as-exercised figure is not yet verified it says only that the right carries no claim. The question-and-answer text in the page data of /company/OBTC3/, which said Senior Claims % barely moves beside 8.9% standing and 8.1% as exercised, now says the proceeds lower net claims.

Snapshot share prices not taken from the listing venue's close

Four Silvia rows filed after 30 June 2026, dated 2 September, 15 September, 22 September and 6 October 2026, carried no share price at all, so the company page drew no valuation point for them, and Adjusted CEBE, which reads the latest row, was held: an instrument's expected state depends on the share price against its exercise price, and the row gave none. Each row now carries the Nasdaq Global Market close on its own date. The shares traded as BRR until 22 September 2026, when the ticker became SVIA; Nasdaq keeps the whole history under SVIA. For 6 October 2026 the company's own filing of 9 October states the same close. With a close on the latest row, Adjusted CEBE serves.

Instruments no longer outstanding counted as owed

On /credit/, the financing cost, a company's annual interest and dividends on the instruments listed as a percent of its bitcoin reserve, summed every instrument of the company on the instruments tab, including those the tab marks repaid or retired. The cash coverage beside it already counted outstanding instruments only. Three Nakamoto loans repaid or retired in 2025 still carry their face and rate on the tab, so Nakamoto's financing cost read 17.31% where its two outstanding Kraken tranches give 3.51%; a converted DDC Enterprise preferred raised DDC's from 0.19% to 0.80%. The Annual Cost table's annual obligations, cost per share and runway read the same sum and were overstated the same way. The instrument card also printed a Claims % contribution and a break-even bitcoin price for instruments no longer outstanding, worked from each face as though it were still owed. Every one of these figures now counts outstanding instruments only, by the status the instruments tab serves. The card of an instrument no longer outstanding prints none for both, and its row prints the tab's own status word, in a group headed retired, where it printed "Converted" and "claims eliminated" for every such row. Nakamoto's secured convertible debenture, which the company repaid in cash, is corrected in the entry for served copy with no filing behind it and is not repeated here.

Static blocks lagged the Sheet

The static block on each company page (the quick answer a reader sees before the live figures load, the Dataset a search engine reads, and the fallback object the page renders when the live read fails) and the comparison table restated snapshot rows as they stood at the last manual bake, not as the Sheet held them. The generator that writes the blocks runs by hand, nothing ran it after the rows moved, and nothing compared a committed block to the feed, so a row corrected on the Sheet kept its old figures on the page until somebody happened to rebake. On 2026-10-11 the Méliuz 2026-06-30 row was re-derived from the period report, the Capital B series and the DDC quarter-end rows received their raw filing cells, and the Silvia block still sat on a 2026-06-30 row while the feed had moved on to 2026-10-06. Every block is rebaked from the feed as of this entry. The generator now reads every page back after writing and matches every figure the block carries against the governing feed row, recomputed, and fails the bake with the mismatch named; it writes each page's sitemap date from the bake; and the bake is a single job step for the daily integrity run, so the lag cannot recur unnoticed.

A surface computed or gated claims outside the rules file

The valuation view on /tracker/ printed a hold of its own, "not yet shown, construction under ruling", in the Adjusted CEBE, Adjusted Claims % and Adjusted CEBE mNAV positions of all twelve rows, while the feed served Adjusted CEBE for six companies under the serving gate in the rules file and held the other six with a reason each. The view was built when the layer was held on 7 October 2026 and never read the feed's adjusted_status when the layer began to serve on 10 October. It now reads adjusted_status, cebe_adjusted_sats and cebe_adjusted_mnav per row from the feed and prints nothing of its own: the served figure marked EST where the status is est, the feed's plain-words reason where a company holds, and no ruling id on any row. The Adjusted Claims % position is retired from the view, because the feed serves no such figure and the page computes none; Claims % stays the measured figure in both views. /valuation/ said in the same period that the tracker's valuation view stays held and carried a dated line about a pending revision; both now describe the feed as it serves. The rules file's serving gate itself changes the same day, from version 2026-10-11.2 to 2026-10-11.3 (the per-leg direction test removed and the range widened to every delivery outcome, with the side printed beside the figure), and that change has its own entry.

A surface computed or gated claims outside the rules file

/receipts/ charted a weekly series of FD BPS, Basic BPS, CEBE, Senior Claims %, stock-implied sats and CEBE mNAV built by a script outside the rules file. The script floors the fiat leg before adding the BTC-indexed claim instead of flooring the total, reads a blank as zero, ignores a filed net and applies a BTC-indexed claim override the rules file retired; the series ends 2026-05-08 and covers nine of the companies the page showed, while the page called its table the latest week of all companies. The series carries no balance-sheet columns, so the page cannot recompute it through the rules file. The page no longer prints a figure: the chart, the statistics, the January 2026 callout, the company notes and the table are withdrawn, and the site's failure-state sentence stands in their place until the series is rebuilt through the rules file.

Rules file version 2026-10-11.1

The rules file moved from version 2026-10-10.1 to 2026-10-11.1, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row: Adjusted CEBE lies between CEBE and the fully exercised figure (every admitted instrument delivered), inclusive; no instrument carries more than its own full delivery or less than nothing; a combination-settlement note adds shares above principal only; and an in-the-money cash-strike leg does not lower CEBE. A company that fails holds, with the reason stated.

An issuer changed its name and symbol

ProCap Financial is named Silvia, Inc. and its common trades as SVIA rather than BRR, effective at the market open on 2026-09-22. The warrants moved from BRRWW to SVIAWW at the same time. This site keyed the company as BRR and carried the old name on every surface that names it, so the entry records what the identifier now denotes rather than a figure that was wrong. The legal entity, the board and the CIK are unchanged, and so is every figure: this is a change of name and symbol and nothing else. The page has moved to /company/SVIA/ and every BRR address redirects there permanently. The Snapshots tab continues to key the company as BRR, which the rename ruling leaves in place, and the alias table carries BRR to SVIA so those rows reach the company. The public feed adds former_ticker, which reads BRR here and null everywhere else, so a consumer that stored the old symbol can follow the rename instead of seeing a delisting.

Deal rows without a currency, and deal terms carried as the market price

On a deal row the price currency names the currency of the share price at the deal, and the bitcoin price is always in dollars. Sixteen of The Smarter Web Company's bitcoin purchase rows named a price currency for a row that carries no share price, and the 15 October purchase carried its sterling average, £62,676, in the bitcoin price cell. Those price currencies are now blank, and the 15 October row carries no bitcoin price, with the sterling average in its notes. Fifteen rows carry a term of the deal in the share price cell, a placement or subscription price; the price is kept, and each now says so in the note beside it.

A deal row recorded an event its filing does not state

The Smarter Web Company's placement rows recorded new shares that no filing states were issued. Each placement sells shares the company had already put in issue under its December 2025 subscription agreement, so the count of shares in issue does not move on a placement. Five rows from 3 August to 12 October carried the shares sold as shares issued, and on 20 October six earlier rows, 20 April to 20 July, were restated to the shares placed on the same mistaken reading. Separately, the two warrant purchases of March and April recorded the 3,000,000 and 39,000,000 warrants cancelled as shares retired. All thirteen rows now carry no shares issued, with the count in the note beside the figure.

Deal cash legs not recorded as the cash that moved

The Smarter Web Company's other cash legs did not record the cash that moved. Sixteen bitcoin purchases carried no cash figure, or zero, where each announcement states the amount paid. The two warrant purchases of March and April carried the cash paid as a positive figure, which the site reads as cash received, and the 23 July repayment carried zero where US$11,698,540 was paid. Five more rows, four warrant exercises and a direct subscription, carried their gross in the net proceeds cell. Purchases and payments now carry the cash paid as negative, the site's sign for cash out, and the five gross rows are blank with the gross in their notes.

A cell transcribed differently from the filing it cites

Two more of The Smarter Web Company's bitcoin purchase rows carried a bitcoin price their announcements do not state. The 2 September purchase carried US$77,519, which we derived from the announced £57,494; the 12 May purchase carried US$81,593 where the announcement states US$81,592.67. The 2 September row now carries no dollar price, with the sterling average in its notes, and the 12 May row the announced price.

Sterling figures converted and then rounded to the thousand

Eleven of The Smarter Web Company's drawings on the Coinbase facility, on its deal rows, were stated in dollars rounded to the thousand. Each now carries the sterling drawing converted at the cross for its own date, to the cent.

Deal rows without a currency, and deal terms carried as the market price

The Smarter Web Company's 23 July bitcoin sale and repayment rows named no currency for a dollar figure, so the deal tape withheld the sale's proceeds. Both rows now name US dollars.

Deal cash legs not recorded as the cash that moved

Eleven of The Smarter Web Company's placement rows carried a net proceeds figure no announcement states: the gross on six, a figure we derived at the approximate 98.25% settlement on four, and on 3 August a figure in no announcement at all (amended under the cell-not-as-filed cause the same day). Each announcement states the gross before expenses and that the company receives approximately 98.25%. A deal's cash leg is the cash that landed, and no announcement states it, so each row's net proceeds is now blank, with the gross in its notes.

A cell transcribed differently from the filing it cites

Five of The Smarter Web Company's deal rows carried figures their announcements do not state. The January and February bitcoin purchases carried a dollar bitcoin price we had derived, where the announcement states one; the two April warrant purchases carried a share price of 28.7 pence that no announcement states; and the 3 August placement carried net proceeds of £998,476, which is in no announcement. Three rows were also dated before their announcements, on dates no filing states. Each now carries what its announcement states.

Bitcoin price and exchange rate off the site convention

The Smarter Web Company's deal rows converted sterling at a rate other than the bitcoin cross for each row's own date. Thirty-three rows from 22 January to 20 July 2026 carried one rate, 1.3231, throughout; nine later rows carried another date's cross or a cross rounded to four places; and six rows from 28 September to 12 October carried no rate, so their sterling amounts were withheld. Each row now carries the cross for its own date, the CoinGecko bitcoin price in dollars over the same print in pounds at 00:00 UTC the next day.

A one-time line annualised inside a segment result

The Smarter Web Company's Costs tab carried its website development services offset at minus $7,326,050 a year: the filed operating loss of £2,716,773 for the six months to 30 April 2026, annualised by two and converted at 1.3483. That loss holds £1,259,760 of listing fees, which Note 5 of the interim report lists, and the chief executive's statement attributes the loss predominantly to the one off costs of the move to the Main Market. A listing fee for an uplisting happens once, so annualising it by two counted $3,397,069 a year that will not recur. The offset now excludes the fees: minus £2,716,773 plus £1,259,760 is minus £1,457,013, times two is minus £2,914,026, and at 1.3483 is minus $3,928,981. Professional and legal fees and employee benefit expense stay in, because the notes do not file any part of either as an uplisting cost.

A cell transcribed differently from the filing it cites

The deals row for Smarter Web Company's MORE preferred share issue, TSWCF-2026-10-12-03, served shares issued of 0. The issue's own filing states 111,112 Preferred Shares issued in the offer, at GBP 90 each. The row was entered on 12 October 2026 with shares issued at 0, ahead of Admission, and the cell stayed at 0 after Admission on 14 October 2026, when the row's event date and source were updated. It now carries 111,112. The 100,000 ATM Facility shares admitted alongside the offer are unsold and are not counted. The row's source cell now names the offer count and states that the 100,000 ATM Facility shares are not counted. The licensed deals feed and the deal lists that read it served the wrong figure from 2026-10-12 at 12:35:23 UTC, when the row was first applied, to 2026-10-19 at 15:52:33 UTC, when the figure below was applied.

Cost lines carried figures older than the latest filing

The Smarter Web Company's Costs tab carried the Coinbase Facility Interest line at US$1,601,106 a year, the facility drawn at £19,000,000 (RNS 0862X, 1 October 2026) at 6.25% and $1.3483 a pound, and the facility's face on the same footing. RNS 0989Z of 15 October 2026 states total drawings under the facility of approximately £16 million after the bitcoin purchase of that day, so the face is now £16,000,000 and the line is re-based on it: £16,000,000 × 6.25% × 1.3483 = US$1,348,300 a year. Both are marked EST, because the filing gives the balance as approximately £16 million, and both will be replaced when an exact balance is filed. On /credit/ the Coinbase line, face times the rate in force, goes from £1,187,500 to £1,000,000 a year.

Cost lines carried figures older than the latest filing

The Costs tabs of Strategy, Strive, The Smarter Web Company, Metaplanet and OranjeBTC carried dividend and interest lines that no longer matched the latest filings, most of them marked VERIFIED. Each line was a past period's filed figure, annualised, while the instrument behind it had since grown, been retired, been drawn or been reset. Strive's SATA Preferred Dividend read $79.4M a year, the dividends declared in the six months to 30 June 2026 annualised, while SATA outstanding had since grown. Each line is now its instrument's face times the rate in force on the latest filing. Convertible interest is the contractual cash coupon on face, as claims are measured at face: the filed interest expense, which includes non-cash discount amortisation, is noted on the line and is not used in the figure. A reader, @HatimBahiSlaoui on X, reported the SATA figure on 14 October 2026.

Carried cash without the filed flows since its date

The Smarter Web Company's 30 September 2026 row still carried its 30 April 2026 balance sheet cash, GBP 1,273,024, unchanged, while the 12 October 2026 row after it now counts every filed flow since 30 April. The change printed between the two rows therefore mixed two constructions: it credited the 12 October row with five months of filed cash flows that the 30 September row did not carry. The 30 September row is rebuilt on the same rule, from the 30 April cash with every filed flow dated after it and on or before 30 September 2026, both ways, so the change between the rows compares like with like. The row's cash basis line names each flow by its announcement.

Carried cash without the filed flows since its date

Five earlier rows for The Smarter Web Company, 31 March, 30 June, 23 July, 3 August and 2 September 2026, carried the cash of their last balance sheet unchanged. Under the cash rule set on 13 October 2026, every row's cash is the latest filed balance on or before the row date plus the filed flows between that date and the row, in both directions, floored at zero and marked EST. The five rows are rebuilt on it, so every TSWCF row from 31 March 2026 now stands on the same construction as the 30 September and 12 October rows. Each row's cash basis line names every flow by its announcement. No row needed the floor.

Carried cash without the filed flows since its date

Three 2025 rows for The Smarter Web Company, 30 June, 30 September and 31 December 2025, carried the cash of their last balance sheet unchanged. On the cash rule set on 13 October 2026, each row's cash is the latest filed balance on or before its date plus every filed flow between that date and the row, in both directions, floored at zero and marked EST. The three rows are rebuilt on it, so every TSWCF row from 30 June 2025 to 12 October 2026 stands on one construction. Each row's cash basis line names every flow by its announcement. No row needed the floor. In the same change, the 5 May 2026 share sale is carried at the GBP 115,830 the company's interim results state it received, in place of a figure worked out from the announced proceeds that was GBP 7 higher; that moves no Senior Claims %, CEBE or Adjusted CEBE figure at the precision served.

Interest on a debt instrument labelled as a dividend

The instrument card on /credit/ labels an instrument's annual cost Annual Interest for debt and Annual Dividend for a preferred. It recognised debt only by a seniority of 0 or by the words note, loan, debenture, CLN or bond in the type cell, so a debt instrument whose type reads facility, credit facility, secured or debt, at a seniority of 1 or 2, was labelled a dividend: Metaplanet's revolving credit facility printed its US$47.1M of annual interest as Annual Dividend. The card now reads what the instrument is from the class column where it holds a token, the same rule that decides preferred rows on the page. The debt classes on the instruments tab, debt, facility, convertible and convertible note, all read as debt, and a preferred never does. Where the class cell carries prose instead of a token, the type cell decides, read for the same debt words plus credit and secured.

A share-delivery card said Claims % holds beside figures that showed it falling

Each share-delivery card for a warrant, option or right said Claims % is unchanged because the right carries no claim, the short card above the key metrics said Claims % does not move, and the section above the cards said these rights do not move Claims %. Beside those sentences, every card for a right with an exercise price printed an as-exercised Claims % below the standing one: Metaplanet's 27th Series card read 21.1% standing and 18.0% as exercised, 16.3% with the exercise price in force. The right adds no claim, but the as-exercised state adds its exercise proceeds to cash, and cash nets against debt and preferred, so net claims fall and Claims % falls with them; taken back out of cash, the proceeds leave every card's as-exercised Claims % equal to its standing figure. Each card and section now chooses its sentence from the two figures it prints. Where they agree and no proceeds enter cash the sentence stands; where they agree and proceeds do enter cash it says the proceeds do not move Claims % at one decimal place; where Claims % falls it names the exercise proceeds added to cash as the cause; where the as-exercised figure is not yet verified it says only that the right carries no claim. The question-and-answer text in the page data of /company/OBTC3/, which said Senior Claims % barely moves beside 8.9% standing and 8.1% as exercised, now says the proceeds lower net claims.

An amount in another currency printed with a dollar sign

On /credit/, the card that opens from each instrument row printed its annual interest with a dollar sign whatever the instrument's currency, and printed a face in reais, and an annual dividend in sterling, reais or kronor, the same way. The amounts were in the instrument's own currency: the face is the instruments tab's face_value and the annual interest or dividend is that face times the rate, both in the currency the row names, and the instrument's table row already printed them with that currency's sign. Smarter Web Co's Coinbase credit facility read $1.2M a year for £1,187,500 (£19,000,000 at 6.25%), and OranjeBTC's two debenture series read $130.0M and $80.0M of face and $21.6M and $13.3M a year for amounts in reais. The card and the row now print from one formatter, in the instrument's currency, with the signs the company pages use: £ for sterling, R$ for reais, € for euros, ¥ for yen and kr for kronor, and the currency code for a currency with no sign there. Figures the page states in US dollars, the annual cost to common equity on each card, the headline totals, the claims bars and the financing cost, were already converted at the exchange rates the page reads and do not move. An amount under a million in a currency other than the US dollar or the yen printed in millions, as R$0M for a face of R$1, and now prints in thousands or units, as US dollar amounts do.

Carried cash without the filed flows since its date

The Smarter Web Company's 12 October 2026 row, the latest it serves, carried the cash of its 30 April 2026 balance sheet, GBP 1,273,024, as though no cash had come in or gone out since. Between 30 April and 12 October 2026 the company's announcements state GBP 8,244,148 received from share sales, a direct subscription and warrant exercises, GBP 7,000,000 drawn on its Coinbase facility, GBP 8,346,384 paid for bitcoin and GBP 1,858,824 repaid on the facility. The row already carried the facility's balance and the bitcoin bought; it did not carry the cash those flows left. The carried-cash rule as amended on 13 October 2026 counts every filed flow after the balance sheet date in both directions: share proceeds add cash, a draw adds cash and its claim, and purchases and repayments reduce cash, with the result floored at zero and marked EST. The facility's claim was already in the row's debt, so the draws add cash only. The row's cash basis line now names each flow by its announcement.

Sterling figures converted and then rounded to the thousand

The 3 August 2026 row carried the same rounding and was missed when the 23 July and 2 September rows were corrected. It now carries the Coinbase facility of £18,500,000 and the carried cash of £1,273,024 at the row's rate of 1.3426, to the cent.

Snapshot share prices not taken from the listing venue's close

Five Smarter Web Company rows did not carry the London Stock Exchange close for their dates, where the shares are listed. Four, dated 30 June, 23 July, 3 August and 2 September 2026, carried a price implied by a share placement, marked estimated. The fifth, 30 September 2026, carried none, because the exchange's price chart could not be read for a dated close. The daily series behind that chart, which the exchange's own SWC page loads, dates every close it carries and reaches each of these dates. Each row now carries the exchange close for its date, in pence, the quote unit.

Instruments no longer outstanding counted as owed

On /credit/, the financing cost, a company's annual interest and dividends on the instruments listed as a percent of its bitcoin reserve, summed every instrument of the company on the instruments tab, including those the tab marks repaid or retired. The cash coverage beside it already counted outstanding instruments only. Three Nakamoto loans repaid or retired in 2025 still carry their face and rate on the tab, so Nakamoto's financing cost read 17.31% where its two outstanding Kraken tranches give 3.51%; a converted DDC Enterprise preferred raised DDC's from 0.19% to 0.80%. The Annual Cost table's annual obligations, cost per share and runway read the same sum and were overstated the same way. The instrument card also printed a Claims % contribution and a break-even bitcoin price for instruments no longer outstanding, worked from each face as though it were still owed. Every one of these figures now counts outstanding instruments only, by the status the instruments tab serves. The card of an instrument no longer outstanding prints none for both, and its row prints the tab's own status word, in a group headed retired, where it printed "Converted" and "claims eliminated" for every such row. Nakamoto's secured convertible debenture, which the company repaid in cash, is corrected in the entry for served copy with no filing behind it and is not repeated here.

Sterling figures converted and then rounded to the thousand

The Smarter Web Company's 23 July and 2 September 2026 rows carried the Coinbase facility and the carried cash balance converted at each row's rate and rounded to the thousand. The 23 July row now carries £18,500,000 and £1,273,024 at 1.3312, and the 2 September row £20,500,000 at 1.3483, each to the cent; the 2 September cash already stood at its exact figure.

A surface computed or gated claims outside the rules file

The remaining surfaces that computed claims, netting or CEBE outside the rules file now compute through it. They passed the raw Sheet row to the claims formula, or took Senior Claims % from the rules file while reading holdings, shares and the fiat terms off the raw row, so they never saw the net senior claims Metaplanet filed for 30 September 2026 or the raw filing cells the rules file resolves on other rows: /compare/, the company pages' CEBE Amplification, net claims and history figures, the Metaplanet modeler and its forward projection, the drawdown page's net claims and break-even, the capital events ledger, the CEBE explainer's stress test and waterfall, the compass, the tracker and the charts. Every claims, netting and CEBE computation on the site, served or projected, now runs through the rules file.

A surface computed or gated claims outside the rules file

The valuation view on /tracker/ printed a hold of its own, "not yet shown, construction under ruling", in the Adjusted CEBE, Adjusted Claims % and Adjusted CEBE mNAV positions of all twelve rows, while the feed served Adjusted CEBE for six companies under the serving gate in the rules file and held the other six with a reason each. The view was built when the layer was held on 7 October 2026 and never read the feed's adjusted_status when the layer began to serve on 10 October. It now reads adjusted_status, cebe_adjusted_sats and cebe_adjusted_mnav per row from the feed and prints nothing of its own: the served figure marked EST where the status is est, the feed's plain-words reason where a company holds, and no ruling id on any row. The Adjusted Claims % position is retired from the view, because the feed serves no such figure and the page computes none; Claims % stays the measured figure in both views. /valuation/ said in the same period that the tracker's valuation view stays held and carried a dated line about a pending revision; both now describe the feed as it serves. The rules file's serving gate itself changes the same day, from version 2026-10-11.2 to 2026-10-11.3 (the per-leg direction test removed and the range widened to every delivery outcome, with the side printed beside the figure), and that change has its own entry.

A surface computed or gated claims outside the rules file

/receipts/ charted a weekly series of FD BPS, Basic BPS, CEBE, Senior Claims %, stock-implied sats and CEBE mNAV built by a script outside the rules file. The script floors the fiat leg before adding the BTC-indexed claim instead of flooring the total, reads a blank as zero, ignores a filed net and applies a BTC-indexed claim override the rules file retired; the series ends 2026-05-08 and covers nine of the companies the page showed, while the page called its table the latest week of all companies. The series carries no balance-sheet columns, so the page cannot recompute it through the rules file. The page no longer prints a figure: the chart, the statistics, the January 2026 callout, the company notes and the table are withdrawn, and the site's failure-state sentence stands in their place until the series is rebuilt through the rules file.

Rules file version 2026-10-11.1

The rules file moved from version 2026-10-10.1 to 2026-10-11.1, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row: Adjusted CEBE lies between CEBE and the fully exercised figure (every admitted instrument delivered), inclusive; no instrument carries more than its own full delivery or less than nothing; a combination-settlement note adds shares above principal only; and an in-the-money cash-strike leg does not lower CEBE. A company that fails holds, with the reason stated.

A surface computed or gated claims outside the rules file

The CEBE bridge card on /charts/, which splits what moved CEBE per share between two filings, computed the claims term on its own rather than through the rules file every other figure on the page uses. On a row the rules file resolves from raw filing cells, or from a filed net, the bridge's endpoints and legs were struck on the row's separate served figures instead. It now takes the claims term from the rules file.

Rules file version 2026-10-08.2: raw filing cells and dollar items

The text of this item is on the full entry.

Figures dated other than the row's balance date

The Smarter Web Company's 31 March 2026 row carried its cash at the 30 April 2026 balance of £1,273,024, a figure from a month after the row's date. The company's quarterly update for that quarter states no cash balance, so the row now carries forward the last balance it reported before 31 March, £1,503,118 at 31 October 2025, the same figure its 31 December 2025 row carries.

Figures dated other than the row's balance date

The Smarter Web Company's 30 June 2025 row carried 543 bitcoin, rounding down the 543.53 it held before its 1 July 2025 purchase, and 228,245,812 shares, which left out 14,221,623 shares issued on 25 June and included 7,000,000 issued on 7 July. The row now carries 543.53 bitcoin and the 235,467,435 shares the company's share capital note shows in issue at 30 June 2025.

Figures dated other than the row's balance date

The Smarter Web Company's 30 September 2025 row carried 2,470 bitcoin, missing the 55 it bought on 23 September 2025, and a cash figure of US$538,000 with no recorded source. The row now carries 2,525 bitcoin, as the 23 September announcement states, and the last cash balance the company reported before the date, £1,340,198 at 30 April 2025, carried forward.

Figures dated other than the row's balance date

The Smarter Web Company's 30 June 2025 row carried cash of US$52,000,000, a press figure matching the cash the company said it held after its 1 July 2025 bitcoin purchase, while the same row carries the bitcoin it held before that purchase. The row now carries cash as of 30 June on the same pre-purchase basis: the approximate £38,000,000 the company stated after the purchase plus the £17,967,595 the purchase cost, £55,967,595, marked as an estimate.

A Claims Grade struck on a superseded facility balance

The Smarter Web Company's Claims Grade was struck on its Coinbase credit facility at a face of GBP 20,500,000. The facility stands at GBP 19,000,000 at 30 September 2026, so the grade is re-struck on that balance under the fleet construction: the governing filed row of 30 September at its own exchange rate, priced at the bitcoin close of the strike date. The company letter stays D (Critical); the scores of Permanence 2, Moneyness 2, Downside 3 and Cost 2 are unchanged, the D following from the lender's lien on bitcoin. The prior 12.4438% was struck on the 2 September row at the 15 September close; after that row's cash was corrected from US$1,801,000 to US$1,716,418, the same construction gave 12.4845%. This re-strike supersedes both.

Company pages struck market cap and mNAV off the feed

The Smarter Web Company page showed a market cap of $156.7M and a CEBE mNAV of 0.76x while this site's feed and /compare/ served $397.1M and 1.916x. When the page's own venue fetch returned no quote, as it did with markets closed, the page struck its live figures on the governing snapshot's close instead: 31 GBp on the 2026-09-02 row, converted at that row's 1.3483, times 374,840,705 shares. The feed strikes the last real trade among the admitted venues. Company pages now render the feed's market cap, CEBE mNAV, Senior Claims % and CEBE sats as served, with no quote or FX conversion of their own. The same path moved the Méliuz, Capital B and OranjeBTC pages off the feed by smaller margins. @TailEdging reported the 0.76x on 2026-10-01.

Static BTC claim read a filed zero as empty

Senior claims corrected, and the static BTC claim given one reader. A filing-true reported zero in btc_claim_static was read as an empty column and replaced by a fallback override, so a settled claim kept being counted.

A published gap figure withdrawn

A Strategy transaction panel posted by @CEBETracker in April 2026 gave the gap between fully diluted Bitcoin per share and CEBE as widening by 746 sats into 6 April 2026. The figure was struck on a purchase-average cost basis rather than the site's Bitcoin price, the CoinGecko 00:00 UTC print of the following day, and does not reproduce on the corrected gap series; it is withdrawn from the panel.

Bitcoin per share on the fully diluted count stood beside CEBE on basic shares on /cebe/

Two figures on /cebe/ mixed share counts. The three figures at the top of the page, Bitcoin per share, CEBE and Senior Claims % for Strategy's newest row, put Bitcoin per share on the fully diluted count beside CEBE and Senior Claims % on basic shares. The Senior Claims % in the split zone section was worked out from Bitcoin per share on the fully diluted count against CEBE on basic shares. While the fully diluted count on the newest row sat below the basic count, the page fell back to the basic count and the figures agreed. From 20 October 2026, when the fully diluted count moved to the count at the row's date, they did not: the top of the page read 187,750, 157,500 and 21.6%, which together say claims of 16.1%, and the split zone printed about 16.1%. Senior Claims % is Bitcoin per share less CEBE, over Bitcoin per share, all on basic shares, the CEBE denominator. Both figures now run on basic shares, and the top of the page labels its figure Basic BPS. The split zone's Bitcoin per share threshold stays on the fully diluted count and is now labelled FD BPS. Applied 2026-10-21.

The fully diluted share count behind Fully Diluted BPS was a quarterly average, not a count at the row's date

The fully diluted share count we held for Strategy, Strive and SVIA was the weighted average diluted count from each quarterly report, the figure that sits under earnings per share, and on the newest rows it was carried forward unchanged. An average over a quarter in which shares were being issued is lower than the shares outstanding on the day, so on 32 rows the fully diluted count was below the basic count, which cannot be. The shared reader refuses that and shows the basic figure instead, so Fully Diluted BPS read the same as basic BPS on those rows. SVIA's four newest rows carried no count at all and showed the basic figure too. Four older rows sat above their basic count, so the check passed them, but they held the same quarterly average. This is a construction change, released by a ruling of 19 October 2026. The column now holds the fully diluted count at each row's date as the company filed it: Strategy's Assumed Diluted Shares Outstanding, and Strive's Assumed Fully Diluted Shares from its weekly report. Where a company files no figure for the date, the row holds its basic shares plus the last filed dilutive securities, marked as an estimate on the row and named in the row's source line. Four Strive quarter rows, 30 September 2025 to 30 June 2026, have no filed count at their dates, so their fully diluted count is cleared and Fully Diluted BPS is withheld on them. The 30 September 2025 row had served 13,495, a quarterly average shown as a count; it now shows withheld.

A one-time line annualised inside a segment result

Strategy's Costs tab carried its Bitcoin segment offset at plus $368,112,000 a year, the second quarter of 2026's segment result with the unrealised loss on digital assets taken out, annualised by four. That result included a gain of $113.916 million on the extinguishment of debt, from the May 2026 repurchase of 2029 convertible notes. A gain on extinguishing debt happens once and does not recur, so annualising it by four counted $455,664,000 a year that Strategy will not earn again. The offset now excludes the gain: the quarter is minus $8,223,337 thousand as filed, plus the $8,315,365 thousand unrealised loss, less the $113,916 thousand gain, which is minus $21,888 thousand, and times four is minus $87,552,000. The segment's recurring result is a small loss, so the row is now a cost of $87,552,000 a year rather than an offset of $368,112,000. Nothing else in the segment result was changed.

A cost line already counted inside a segment result

Strategy's Costs tab carried a line labelled Other interest (income) expense, net at minus $53,696,000 a year, filed as interest. It is the second quarter of 2026's figure of minus $13.424 million, annualised by four. The 10-Q shows that figure is interest earned on the USD Reserve's cash equivalents, $14.371 million for the quarter, net of $0.947 million of interest on the company's other secured debt. The same 10-Q puts that interest inside each segment's net income, and the tab's two segment offset rows, Software and Bitcoin, annualise those segment results. The reserve's interest income was therefore subtracted twice: once in the offsets and once as this line. Interest income on the reserve is not a segment operating result and is not the cost of any instrument, so the line has no category of its own. It is retired as a duplicate and no longer enters any total. The figure is kept on the row for the record.

Cost lines carried figures older than the latest filing

The Costs tabs of Strategy, Strive, The Smarter Web Company, Metaplanet and OranjeBTC carried dividend and interest lines that no longer matched the latest filings, most of them marked VERIFIED. Each line was a past period's filed figure, annualised, while the instrument behind it had since grown, been retired, been drawn or been reset. Strive's SATA Preferred Dividend read $79.4M a year, the dividends declared in the six months to 30 June 2026 annualised, while SATA outstanding had since grown. Each line is now its instrument's face times the rate in force on the latest filing. Convertible interest is the contractual cash coupon on face, as claims are measured at face: the filed interest expense, which includes non-cash discount amortisation, is noted on the line and is not used in the figure. A reader, @HatimBahiSlaoui on X, reported the SATA figure on 14 October 2026.

Rules file version 2026-10-11.3

The rules file moved from version 2026-10-11.2 to 2026-10-11.3, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row. The gate is the vertex range: Adjusted CEBE lies between the minimum and the maximum of the figure over every subset of its admitted instruments delivered (each at full delivery or none, exercise proceeds included on the same construction), inclusive. The side against CEBE prints on the row in plain words, naming the leg class that moves it. A leg with an exercise price below CEBE's value per share lowers CEBE and that is the finding, never a hold. An admitted instrument the row cannot strike (no share price at its close) holds the company. A company that fails holds, with the reason stated.

A surface printed its hardcoded fallback in place of the loaded row

Two surfaces carry hardcoded figures as a fallback for when the Sheet does not load, and printed the fallback even when it did. On /credit/, the card comparing a convertible preferred with a perpetual one looked up the instruments by short keys (STRK, SATA) while the loaded instruments tab keys them by inst_id (MSTR_STRK, ASST_SATA), so the lookup always missed and SATA was struck on a fallback face of US$457,319,400 instead of the US$1,349,808,200 on the tab. On /insights/cebe/ (also served at /cebe/), the waterfall, the stress test and the split zone rendered before the MSTR snapshot finished loading, so they stood on the April fallback balance sheet (780,897 BTC, debt US$8,254M, preferred US$11,363M, 315,000,000 fully diluted shares) until a reader moved a slider; the hero figures above them were already live. Each now prints the loaded row: /credit/ finds the tab row by its inst_id, and /insights/cebe/ redraws the three sections on the loaded MSTR row.

A surface computed or gated claims outside the rules file

The remaining surfaces that computed claims, netting or CEBE outside the rules file now compute through it. They passed the raw Sheet row to the claims formula, or took Senior Claims % from the rules file while reading holdings, shares and the fiat terms off the raw row, so they never saw the net senior claims Metaplanet filed for 30 September 2026 or the raw filing cells the rules file resolves on other rows: /compare/, the company pages' CEBE Amplification, net claims and history figures, the Metaplanet modeler and its forward projection, the drawdown page's net claims and break-even, the capital events ledger, the CEBE explainer's stress test and waterfall, the compass, the tracker and the charts. Every claims, netting and CEBE computation on the site, served or projected, now runs through the rules file.

A surface computed or gated claims outside the rules file

The valuation view on /tracker/ printed a hold of its own, "not yet shown, construction under ruling", in the Adjusted CEBE, Adjusted Claims % and Adjusted CEBE mNAV positions of all twelve rows, while the feed served Adjusted CEBE for six companies under the serving gate in the rules file and held the other six with a reason each. The view was built when the layer was held on 7 October 2026 and never read the feed's adjusted_status when the layer began to serve on 10 October. It now reads adjusted_status, cebe_adjusted_sats and cebe_adjusted_mnav per row from the feed and prints nothing of its own: the served figure marked EST where the status is est, the feed's plain-words reason where a company holds, and no ruling id on any row. The Adjusted Claims % position is retired from the view, because the feed serves no such figure and the page computes none; Claims % stays the measured figure in both views. /valuation/ said in the same period that the tracker's valuation view stays held and carried a dated line about a pending revision; both now describe the feed as it serves. The rules file's serving gate itself changes the same day, from version 2026-10-11.2 to 2026-10-11.3 (the per-leg direction test removed and the range widened to every delivery outcome, with the side printed beside the figure), and that change has its own entry.

A surface computed or gated claims outside the rules file

/endgame/ computed break-even on its own, as net senior claims over all BTC held, the form the methodology retired on 2026-09-07. The ruled form, stated alike on the methodology page and in the glossary, takes net fiat senior claims over BTC held less the BTC-denominated claim, and does not exist where the fiat leg nets to cash or the BTC-denominated claim covers the treasury. The page now reads break-even from the rules file, which carries the ruled form and the reason in its place. /compare/, the drawdown pages, the forward-simulation modeler and the two admin pages solved the ruled form on their own; they now read the same figure from the rules file, and none of their figures moved.

A surface computed or gated claims outside the rules file

/receipts/ charted a weekly series of FD BPS, Basic BPS, CEBE, Senior Claims %, stock-implied sats and CEBE mNAV built by a script outside the rules file. The script floors the fiat leg before adding the BTC-indexed claim instead of flooring the total, reads a blank as zero, ignores a filed net and applies a BTC-indexed claim override the rules file retired; the series ends 2026-05-08 and covers nine of the companies the page showed, while the page called its table the latest week of all companies. The series carries no balance-sheet columns, so the page cannot recompute it through the rules file. The page no longer prints a figure: the chart, the statistics, the January 2026 callout, the company notes and the table are withdrawn, and the site's failure-state sentence stands in their place until the series is rebuilt through the rules file.

Rules file version 2026-10-11.1

The rules file moved from version 2026-10-10.1 to 2026-10-11.1, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row: Adjusted CEBE lies between CEBE and the fully exercised figure (every admitted instrument delivered), inclusive; no instrument carries more than its own full delivery or less than nothing; a combination-settlement note adds shares above principal only; and an in-the-money cash-strike leg does not lower CEBE. A company that fails holds, with the reason stated.

A surface computed or gated claims outside the rules file

The CEBE bridge card on /charts/, which splits what moved CEBE per share between two filings, computed the claims term on its own rather than through the rules file every other figure on the page uses. On a row the rules file resolves from raw filing cells, or from a filed net, the bridge's endpoints and legs were struck on the row's separate served figures instead. It now takes the claims term from the rules file.

Rules file version 2026-10-08.2: raw filing cells and dollar items

The text of this item is on the full entry.

Debt not carried at face

Strategy's four 2025 quarter-end rows did not match the company's own quarterly and annual reports in nine cells. On all four rows, debt carried the company's other secured borrowing at its net carrying value rather than the principal the reports tag, so debt was understated by US$111,000, US$388,000, US$383,000 and US$418,000. The 31 March 2025 row carried preferred stock without the US$1,417,000 of dividend accrued and unpaid on STRF, which the report includes in its aggregate redemption requirement, and both the 31 March and 30 June 2025 rows carried cash rounded to US$0.1 million. The 31 March and 30 September 2025 rows carried share counts, 266,199,000 and 287,159,000, that appear in neither report; they now carry the balance-sheet counts of class A and class B shares outstanding. All four rows now carry the reported figures.

A carried-forward cell kept a value its source row later corrected

Strategy's 2 August 2026 weekly row carried forward the euro rate of 1.14133 that its 30 June 2026 row had held before that row was corrected earlier the same day. The rate the company's Q2 2026 10-Q implies for its euro-denominated STRE preferred, US$884,120,000 on EUR 775,000,000, is 1.1408, and the row's own preferred total already held STRE at that rate. The row now carries 1.1408, the same as every later row. The 9 and 16 August 2026 weekly rows had left the per-series preferred faces and the euro rate blank, so /flows/ showed no STRK, STRF, STRD or STRE point for those two weeks. They now carry the 2 August figures forward, labelled as carried: the weekly reports for those weeks record no preferred stock sold, and each row's own preferred total reproduces the carried faces to the dollar.

A cell transcribed differently from the filing it cites

Two cells on Strategy's 2026 quarter-end rows did not match the company's own quarterly reports. The 31 March 2026 row carried debt of US$8,253,859,000; the Q1 2026 10-Q tags US$8,253,852,000, six convertible notes at US$8,213,659,000 plus other secured debt at US$40,193,000, and the row had taken the secured leg as US$40,200,000. The 30 June 2026 row carried a euro rate of 1.14133 for its euro-denominated STRE preferred, while the Q2 2026 10-Q's own STRE figure, US$884,120,000 on EUR 775,000,000, implies 1.1408; the row's preferred total already matched the report, so the rate was the wrong cell. Both rows now carry the reported figures.

A carried component added on top of a filed balance

Nine Strategy weekly rows, the weeks to 2 August through 27 September 2026, carried cash as the USD Reserve and USD Cash balances each week's report states plus a component carried from the 30 June 2026 balance sheet: US$73,420,776 on the 2 August row, US$76,520,776 from 9 August to 30 August, US$70,220,776 on the 7 September row and US$70,920,776 from 13 September. No filing after 30 June states that component, and each weekly report states the balance it covers, so nothing is carried on top of it. Each row now carries the two stated balances alone. The week to 4 October 2026 was filed without the component, and the six quarter-end rows carry their balance-sheet cash as filed. Cash nets against senior claims, so on every row Senior Claims % rises and CEBE falls.

Preferred-era dataset at the Q3 2026 checkpoint

Correction and update log. On October 1, 2026 the dataset was extended through the Q3 2026 quarter-end close, to 79 weeks, and the two falsifiable claims staked in April were evaluated at their second pre-specified checkpoint. Both held. Through the week ending September 27, the mean gap change across non-event weeks was −615 sats against a threshold of zero, and the correlation between issuance size and gap change across event weeks was r = 0.94 against a threshold of 0.85. No preferred stock was issued in the third quarter, so the correlation rests on the same 34 event weeks as at the second-quarter checkpoint. Beginning July 27, 2026, the preferred stack shrank for the first time, through STRC repurchases in ten consecutive weeks. The April registration defined event weeks by issuance only, so these repurchase weeks are non-event weeks under it. All ten narrowed the gap, by an average of 1,076 sats; one of them, the week of August 10, also carries the second-quarter balance-sheet update. Without the repurchase weeks, the non-event mean is −479 sats. The extension also restated the second-quarter checkpoint. The July 1 evaluation ran on inputs frozen in July that had diverged from the published dataset: an estimated $48 million STRC issuance in the week of June 1 that the 8-K for that week does not report, the STRE conversion rate, and the price used in weeks with only bitcoin sales. On the corrected dataset the second-quarter non-event mean is −502 sats, published as −596, and r is 0.9443, published as 0.9395. Both verdicts are unchanged. Section 05's second-quarter stack figure of $15.47B was the pipeline ledger total, not a filed figure, and its own components summed to $15.46B; it now reads the Sheet's filed faces at the Q3 close. The STRC rate line now states 12.00% per annum with semi-monthly dividend periods since July 1, 2026; the earlier wording described the monthly regime before July. Sections 01, 02, 05, 06, 07, 08, 09, and 10 reflect the extended series. The structural argument in Sections 03 and 04 is unchanged. The staked window closed at this checkpoint. A new registration with a symmetric event definition was sealed on October 1, 2026; its hash is on this page and on /evidence/.

Static blocks frozen while the baker could not run

Five company pages served a quick answer and a Dataset block built from a superseded snapshot row. The block is a committed artifact written by a generator, and the generator has not been able to run since 2026-09-07: a single-quoted string in it was written across two lines, which JavaScript does not allow, so the module failed to parse and every bake since exited before it read a page. Nothing reported the failure, because a bake that never runs looks the same as a bake with nothing to do. The figures a reader saw first on those five pages, and the figures a search engine read out of the JSON-LD, were therefore correct for the date each block names and stale against the row the live page loads. The distance ran from twelve days on Capital B to sixty-one on DDC. The string is fixed, the generator has been rerun, and all five blocks are rebuilt from the governing row; a second run reproduces the committed output exactly.

Net BTC defined without the USD cash add-back

The glossary and The Net Effect defined Strategy's Net BTC without the USD Cash add-back, and the glossary named the difference between Net BTC and the CEBE numerator as preferred at notional against preferred at accrued liquidation preference. Under Strategy's definitions as amended 2026-08-24, Net BTC deducts debt and preferred, then adds back the USD Reserve and USD Cash. The two numerators agree while every convertible is out of the money, and once a note crosses its conversion price they differ by that note's face, because Strategy's construction moves it from the claim line to the share count and CEBE does not. The definition on both pages and the glossary's difference sentence are replaced.

STRK liquidation preference described wrongly

STRK's liquidation preference was described as an upward ratchet on The Net Effect and as $1,000 per share in the glossary. Under the amended Certificate of Designations it is the greatest of the $100 stated amount, the last reported sale price and a ten-day average of those prices, so it floats daily above a $100 floor and can fall as well as rise. STRF, STRC and STRD carry a $100 stated amount. Both passages are corrected to the certificate's terms and The Net Effect's section heading follows.

STRE preferred re-marked at the live euro cross

The company page and the tracker re-marked Strategy's EUR-denominated STRE preferred (EUR 775,000,000) from the snapshot's filed cross to the live EUR cross before the claims term, while the API, the comparison table, the charts explorer and the drawdown pages carried preferred_usd as filed. One company and one date therefore had two CEBE figures on one site, and the band chart's caption promised a snapshot basis the chart did not have. Ruled: a non-USD preferred face enters every surface at the snapshot's filed cross, never re-marked. On the 2026-08-30 row (preferred_usd 14,789,035,800 at eurusd_rate 1.1408) the company page printed 156,719 sats and a $17,482 break-even at a live print of $79,359 where the filed basis gives 156,769 sats and $17,462; at the snapshot print the band chart printed 155,843 where every other surface printed 155,895. The tracker carried the re-mark in its USD net claims figure and not in its CEBE cell, so one metrics object disagreed with itself.

Accretion threshold attributed to the wrong document

The page attributed a 1.22x accretion threshold to Strategy’s Q1 2026 earnings disclosure. The figure sits in the earnings presentation cited below rather than in the earnings release, stated as of 2026-05-03, and was superseded as a construction on 2026-07-23 when Strategy redefined mNAV with a 1.0x threshold. Source note corrected and a dated paragraph added. Found by the site on a sourcing check run 2026-09-02.

Dividends payable carried as a separate claims line

Strategy's Senior Claims % and CEBE were computed with declared-but-unpaid preferred dividends carried as a separate claims line. The ruling of record is that no standalone dividends-payable term exists in the claims stack. The accrued liquidation preference is the carrying value, and a payable is settlement in transit, not an additional claim. Corrected figures at the 2026-08-02 snapshot basis: Senior Claims % 33.71 (was 34.00), CEBE 144,023 sats (was 143,392). The dividends-payable figure remains disclosed as a non-netting field. No other issuer carried the term. Checked 2026-09-07: the 2026-08-02 row as served (btc_holdings 842,138; debt_usd 6,753,703,000; preferred_usd 15,341,948,700; cash_usd 4,073,420,776; shares_outstanding 387,605,620; btc_price 63,466; dividends_payable_usd 155,157,000) gives Senior Claims % 33.72 and CEBE 144,005 sats, 1 basis point and 18 sats from the figures above. The inputs this entry was struck on were not pinned, so whether the row moved after 2026-08-05 or the entry was struck on different inputs cannot be shown from the entry; the row's fields are pinned here and the row as served is the figure.

STRC stub-week finding refuted

The Q2 2026 results refute the STRC stub-week finding. Wrong: the audit's STRC share count, 2,275,613 shares below the dashboard's, which reconciled to the consolidated preferred totals only at an implied EURUSD rate of 1.4345 against an actual 1.14133 on June 30. Right: the dashboard's count, which reconciles to the 8-K's consolidated balance sheet at $15,462,056 thousand of preferred redemption value and liquidation preference and 153,529 thousand preferred shares issued and outstanding. The stub-week shares were sold March 30 to 31 and issued in early April, and the audit read a settled-basis identity as proof they were already inside the March 31 base. The forward test staked in the piece resolved against its own prediction.

Preferred-era ratio from a synthetic dataset

Correction and update log. The original 10.6x preferred-event ratio came from a 64-week synthetic dataset whose inputs could not be reproduced. The dataset was rebuilt from verified 8-K filings on 2026-04-27, the Q1 2026 debt and cash anchors were corrected on 2026-06-07, and the series was extended to 66 weeks on 2026-07-01.

Served copy with no filing behind it

The article Finish the Math: Strive, published 25 May 2026, said in its CEBE Chop scenario that management maintains “the 42-44% amplification target”. Strive has published no 42 to 44% target or band. The nearest statements are its chief executive’s stated target of “30 to 50% amplification over time”, in a podcast transcript Strive filed on 18 November 2025, and a current “Bitcoin amplification ratio” of “over 40%” as of 9 May 2026, in the investor presentation Strive filed on 14 May 2026: a measured level, not a target. Strive defines that ratio as notional preferred equity and debt over the value of its bitcoin, with no cash netted. On 5 October 2026 Strive stated a new objective, its “Amplification Ratio” above 60% while bitcoin is below US$100,000. The range is not the site’s Senior Claims % for Strive at that date either: the article printed 36.4% at US$72,000 bitcoin, and Strive’s own construction on the article’s inputs (US$576.0M of SATA at its stated amount over 16,500 bitcoin) gives 48.5% at US$72,000 and 46.3% at the 22 May 2026 close of US$75,478. A dated correction note now follows the paragraph in the article, linked here. The article’s text is unchanged.

The fully diluted share count behind Fully Diluted BPS was a quarterly average, not a count at the row's date

The fully diluted share count we held for Strategy, Strive and SVIA was the weighted average diluted count from each quarterly report, the figure that sits under earnings per share, and on the newest rows it was carried forward unchanged. An average over a quarter in which shares were being issued is lower than the shares outstanding on the day, so on 32 rows the fully diluted count was below the basic count, which cannot be. The shared reader refuses that and shows the basic figure instead, so Fully Diluted BPS read the same as basic BPS on those rows. SVIA's four newest rows carried no count at all and showed the basic figure too. Four older rows sat above their basic count, so the check passed them, but they held the same quarterly average. This is a construction change, released by a ruling of 19 October 2026. The column now holds the fully diluted count at each row's date as the company filed it: Strategy's Assumed Diluted Shares Outstanding, and Strive's Assumed Fully Diluted Shares from its weekly report. Where a company files no figure for the date, the row holds its basic shares plus the last filed dilutive securities, marked as an estimate on the row and named in the row's source line. Four Strive quarter rows, 30 September 2025 to 30 June 2026, have no filed count at their dates, so their fully diluted count is cleared and Fully Diluted BPS is withheld on them. The 30 September 2025 row had served 13,495, a quarterly average shown as a count; it now shows withheld.

Deal rows that did not add up to the filed series

Strive's deal rows for common stock and bitcoin did not add up to what its filings state. The first quarter of 2026 was missing most of its share issuance: the Semler Scientific merger on 16 January 2026 issued 16,090,786 Class A shares and brought 5,048.1 bitcoin, restricted stock vesting issued 118,950 shares (and 29,334 more in the second quarter), and three bitcoin purchases (123, 333.89 and 179 bitcoin) had no row. The quarter's at the market row carried the note's rounded 8.2 million shares instead of the 8,182,150 the equity statement files. One week, 18 to 26 June 2026, had no row for its 76,942 new Class A shares. Two weekly rows for 24 April to 1 May 2026, 241,000 shares and 444 bitcoin, sat again inside the quarterly report's single figures for 1 April to 12 May. Two cells held figures that belong to no filed line: 9 bitcoin on a SATA preferred row and 59,200 shares on a bitcoin purchase row. Five purchase rows carried a rounded cost where the filing states only the coins and the average price; each now carries coins times average price, marked as an estimate. Two at the market rows carried the quarterly report's aggregate gross proceeds, $95.0M and $58.4M, in the net proceeds field; no filing states their net, so the field is blank and the gross is stated in each row's notes. And the at the market row for 1 April to 12 May 2026 also carried the $10.0M repurchase of the last Semler Scientific convertible notes, which the repurchase row already carries, so the feed retired $20.0M of a $10.0M balance; the claim is now on the repurchase row only. The seven missing rows are added from the filings, the two double counted rows are flagged superseded and kept for the record, and every other changed cell is restated to its filing. No row is added for the 317 bitcoin between 9 and 17 March 2026, because no filing states a purchase; it stays in the bridge residual.

Deal rows that did not add up to the filed series

The deals feed for Strive's SATA preferred stock did not add up to the filed series. One stretch of issuance was counted twice: 386,342 shares, $38,634,200 of preference, issued between 24 April and 1 May 2026 sat in a weekly row and again inside the 586,342 shares the quarterly report states for 1 April to 12 May. Seven rows showed a gross proceeds figure in the net proceeds field: two the quarterly report states as aggregate gross proceeds ($11.0M and $58.6M) and five computed as shares times $100 or $100.01, where no filing states net proceeds. And the feed began in April 2026, leaving out 4,262,728 shares, $426,272,800 of preference, issued from the November 2025 offering to the January 2026 note exchange. The double counted row is now flagged superseded, the seven gross figures are out of the net proceeds field and stated as gross in each row's source, and four rows are added from the filings. The only commission any filing states is a ceiling of up to 3.0%, so no net figure is derived from it. Where a filing does not state net proceeds the row carries gross in its source and a blank net proceeds cell.

A fair-value mark left inside a segment result

Strive's Costs tab carried its Corporate and Other segment offset at minus $53,248,000 a year, the filed operating result of that segment for the six months to 30 June 2026 with the unrealised losses on digital assets and on preferred equity taken out, annualised by two. The result still held an other investment loss of $2.801 million, which the 10-Q describes as the change in fair value of other financial instruments and adds back in its cash flow statement as a non-cash item. That is a mark, not an operating result, and annualising it counted $5,602,000 a year of cost that is not an operating cost. The offset now excludes it: revenues of $84 thousand less operating expenses of $23,907 thousand is minus $23,823 thousand for the half, and times two is minus $47,646,000. Nothing else in the segment result was changed.

Cost lines carried figures older than the latest filing

The Costs tabs of Strategy, Strive, The Smarter Web Company, Metaplanet and OranjeBTC carried dividend and interest lines that no longer matched the latest filings, most of them marked VERIFIED. Each line was a past period's filed figure, annualised, while the instrument behind it had since grown, been retired, been drawn or been reset. Strive's SATA Preferred Dividend read $79.4M a year, the dividends declared in the six months to 30 June 2026 annualised, while SATA outstanding had since grown. Each line is now its instrument's face times the rate in force on the latest filing. Convertible interest is the contractual cash coupon on face, as claims are measured at face: the filed interest expense, which includes non-cash discount amortisation, is noted on the line and is not used in the figure. A reader, @HatimBahiSlaoui on X, reported the SATA figure on 14 October 2026.

Interest on a debt instrument labelled as a dividend

The instrument card on /credit/ labels an instrument's annual cost Annual Interest for debt and Annual Dividend for a preferred. It recognised debt only by a seniority of 0 or by the words note, loan, debenture, CLN or bond in the type cell, so a debt instrument whose type reads facility, credit facility, secured or debt, at a seniority of 1 or 2, was labelled a dividend: Metaplanet's revolving credit facility printed its US$47.1M of annual interest as Annual Dividend. The card now reads what the instrument is from the class column where it holds a token, the same rule that decides preferred rows on the page. The debt classes on the instruments tab, debt, facility, convertible and convertible note, all read as debt, and a preferred never does. Where the class cell carries prose instead of a token, the type cell decides, read for the same debt words plus credit and secured.

A share-delivery card said Claims % holds beside figures that showed it falling

Each share-delivery card for a warrant, option or right said Claims % is unchanged because the right carries no claim, the short card above the key metrics said Claims % does not move, and the section above the cards said these rights do not move Claims %. Beside those sentences, every card for a right with an exercise price printed an as-exercised Claims % below the standing one: Metaplanet's 27th Series card read 21.1% standing and 18.0% as exercised, 16.3% with the exercise price in force. The right adds no claim, but the as-exercised state adds its exercise proceeds to cash, and cash nets against debt and preferred, so net claims fall and Claims % falls with them; taken back out of cash, the proceeds leave every card's as-exercised Claims % equal to its standing figure. Each card and section now chooses its sentence from the two figures it prints. Where they agree and no proceeds enter cash the sentence stands; where they agree and proceeds do enter cash it says the proceeds do not move Claims % at one decimal place; where Claims % falls it names the exercise proceeds added to cash as the cause; where the as-exercised figure is not yet verified it says only that the right carries no claim. The question-and-answer text in the page data of /company/OBTC3/, which said Senior Claims % barely moves beside 8.9% standing and 8.1% as exercised, now says the proceeds lower net claims.

Preferred carried below its accrued liquidation preference

Strive's SATA preferred was carried at its US$100 stated amount on the 2 October 2026 row. Its certificate sets the liquidation preference each business day at the greatest of the stated amount, the prior trading day's close on a day SATA is sold, and the average of the last reported sale prices over the ten trading days before the row date. SATA closed at US$100.01 on each of the ten trading days from 18 September to 1 October 2026, so the preference on 2 October was US$100.01 a share, not US$100. On every other SATA row, from 31 December 2025 to 9 October 2026, the ten-day average is below US$100 and the stated amount governs.

Rules file version 2026-10-11.3

The rules file moved from version 2026-10-11.2 to 2026-10-11.3, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row. The gate is the vertex range: Adjusted CEBE lies between the minimum and the maximum of the figure over every subset of its admitted instruments delivered (each at full delivery or none, exercise proceeds included on the same construction), inclusive. The side against CEBE prints on the row in plain words, naming the leg class that moves it. A leg with an exercise price below CEBE's value per share lowers CEBE and that is the finding, never a hold. An admitted instrument the row cannot strike (no share price at its close) holds the company. A company that fails holds, with the reason stated.

Quarter-end cells not taken from the period report

Strive's quarter-end rows carried their at-the-market share count as zero or as a share-count change, not as the count each period report states. The 30 September 2025 row carried 0 shares, marked verified, where the quarterly report states 11.0 million Class A shares sold under the at-the-market program from 12 to 30 September 2025, before the 1-for-20 reverse split of 6 February 2026, which is 550,000 on the split-adjusted basis the row carries. The 31 December 2025 row carried 0, marked estimated; the annual report states only the total from 12 September to 31 December 2025, 26.4 million shares before the split (1.3 million after it), which includes the third quarter, so no report states the fourth quarter alone and the cell now reads not stated. The 30 June 2026 row carried 12,786,042, marked estimated, a change in the share count rather than the 12.8 million shares the quarterly report states. Each cell now carries the report's figure, and the estimate flag is cleared on all three. The 31 March 2026 row already carried its report's 8.2 million and is unchanged.

A surface printed its hardcoded fallback in place of the loaded row

Two surfaces carry hardcoded figures as a fallback for when the Sheet does not load, and printed the fallback even when it did. On /credit/, the card comparing a convertible preferred with a perpetual one looked up the instruments by short keys (STRK, SATA) while the loaded instruments tab keys them by inst_id (MSTR_STRK, ASST_SATA), so the lookup always missed and SATA was struck on a fallback face of US$457,319,400 instead of the US$1,349,808,200 on the tab. On /insights/cebe/ (also served at /cebe/), the waterfall, the stress test and the split zone rendered before the MSTR snapshot finished loading, so they stood on the April fallback balance sheet (780,897 BTC, debt US$8,254M, preferred US$11,363M, 315,000,000 fully diluted shares) until a reader moved a slider; the hero figures above them were already live. Each now prints the loaded row: /credit/ finds the tab row by its inst_id, and /insights/cebe/ redraws the three sections on the loaded MSTR row.

A surface computed or gated claims outside the rules file

The valuation view on /tracker/ printed a hold of its own, "not yet shown, construction under ruling", in the Adjusted CEBE, Adjusted Claims % and Adjusted CEBE mNAV positions of all twelve rows, while the feed served Adjusted CEBE for six companies under the serving gate in the rules file and held the other six with a reason each. The view was built when the layer was held on 7 October 2026 and never read the feed's adjusted_status when the layer began to serve on 10 October. It now reads adjusted_status, cebe_adjusted_sats and cebe_adjusted_mnav per row from the feed and prints nothing of its own: the served figure marked EST where the status is est, the feed's plain-words reason where a company holds, and no ruling id on any row. The Adjusted Claims % position is retired from the view, because the feed serves no such figure and the page computes none; Claims % stays the measured figure in both views. /valuation/ said in the same period that the tracker's valuation view stays held and carried a dated line about a pending revision; both now describe the feed as it serves. The rules file's serving gate itself changes the same day, from version 2026-10-11.2 to 2026-10-11.3 (the per-leg direction test removed and the range widened to every delivery outcome, with the side printed beside the figure), and that change has its own entry.

A surface computed or gated claims outside the rules file

The Decision Lab read the stock price and the share count on Capital B deal rows as filed. The rows dated before Capital B's ten-for-one share consolidation of 8 September 2026 state both on the old share, while CEBE per basic share beside them stands on the new share, because the rules file puts every snapshot's share count on it. So on every print before the consolidation, CEBE mNAV at the print came out at a tenth of its value, and so did sats per new share delivered. The Lab now reads both through the rules file, which divides a share count from a filing published before a split by the split ratio and multiplies a share price dated before it by the same ratio, and the basis line names the consolidation and the filed figures.

A surface computed or gated claims outside the rules file

/receipts/ charted a weekly series of FD BPS, Basic BPS, CEBE, Senior Claims %, stock-implied sats and CEBE mNAV built by a script outside the rules file. The script floors the fiat leg before adding the BTC-indexed claim instead of flooring the total, reads a blank as zero, ignores a filed net and applies a BTC-indexed claim override the rules file retired; the series ends 2026-05-08 and covers nine of the companies the page showed, while the page called its table the latest week of all companies. The series carries no balance-sheet columns, so the page cannot recompute it through the rules file. The page no longer prints a figure: the chart, the statistics, the January 2026 callout, the company notes and the table are withdrawn, and the site's failure-state sentence stands in their place until the series is rebuilt through the rules file.

Rules file version 2026-10-11.1

The rules file moved from version 2026-10-10.1 to 2026-10-11.1, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row: Adjusted CEBE lies between CEBE and the fully exercised figure (every admitted instrument delivered), inclusive; no instrument carries more than its own full delivery or less than nothing; a combination-settlement note adds shares above principal only; and an in-the-money cash-strike leg does not lower CEBE. A company that fails holds, with the reason stated.

Debt not carried at face

Strive's 31 March 2026 row carried its remaining Semler convertible notes at US$9,701,000, the fair value at which the balance sheet records them. The tracker counts debt at face. The quarterly report states that US$10.0 million aggregate principal amount of the notes remained outstanding at 31 March 2026, so the row now carries US$10,000,000. Every other figure on the row was checked against the same report and stands.

Pre-funded warrants in basic shares

Strive's 31 December 2025 row counted 44,713,285 basic shares, the Class A and Class B common stock alone. The annual report states 1,072,289 PIPE pre-funded warrants outstanding at year end, each for one twentieth of a share at US$0.0020 after the reverse split, immediately exercisable until exercised in full, which is 0.0136% of the year-end close. Under the same rule as the 30 September row, the row now counts them: 34,936,745 Class A + 9,776,540 Class B + 53,614 shares from the warrants is 44,766,899. Every other figure on the row was checked against the same report and stands.

Pre-funded warrants in basic shares

Strive's 30 September 2025 row counted 33,342,654 basic shares, the Class A and Class B common stock alone after the 1-for-20 reverse split. The tracker counts a pre-funded warrant in basic shares when it is exercisable at any time with no condition and its remaining exercise price is under one percent of the share price. The quarterly report states 177,246,462 PIPE pre-funded warrants outstanding at 30 September 2025, immediately exercisable until exercised in full at US$0.0001 each before the 1-for-20 reverse split, US$0.0020 after, 0.004% of that day's split-adjusted close of US$50.00. The row now counts them: (448,817,597 Class A + 218,035,473 Class B + 177,246,462 pre-funded warrants) divided by 20 is 42,204,977. An earlier audit had removed the warrants from this row as a diluted count, before the tracker's rule on pre-funded warrants existed. Every other figure on the row was checked against the same report and stands.

A row cited a document that does not exist

The Strive deal row for the bitcoin purchase in the week to 2 July 2026 cited a document that does not exist, asst-20260703.htm, and carried figures that no filing states: 18 BTC at US$59,579 for US$1,072,422, marked VERIFIED. The 8-K filed 6 July 2026 states 17.76 BTC at an average of US$59,850. The row now carries those figures and cites that filing. The total consideration is derived from the stated count and average, so the proceeds are marked EST. The four other rows of the same week cited the same non-existent document and now cite the 8-K, with no change to their figures.

Static blocks frozen while the baker could not run

Five company pages served a quick answer and a Dataset block built from a superseded snapshot row. The block is a committed artifact written by a generator, and the generator has not been able to run since 2026-09-07: a single-quoted string in it was written across two lines, which JavaScript does not allow, so the module failed to parse and every bake since exited before it read a page. Nothing reported the failure, because a bake that never runs looks the same as a bake with nothing to do. The figures a reader saw first on those five pages, and the figures a search engine read out of the JSON-LD, were therefore correct for the date each block names and stale against the row the live page loads. The distance ran from twelve days on Capital B to sixty-one on DDC. The string is fixed, the generator has been rerun, and all five blocks are rebuilt from the governing row; a second run reproduces the committed output exactly.

Interest on a debt instrument labelled as a dividend

The instrument card on /credit/ labels an instrument's annual cost Annual Interest for debt and Annual Dividend for a preferred. It recognised debt only by a seniority of 0 or by the words note, loan, debenture, CLN or bond in the type cell, so a debt instrument whose type reads facility, credit facility, secured or debt, at a seniority of 1 or 2, was labelled a dividend: Metaplanet's revolving credit facility printed its US$47.1M of annual interest as Annual Dividend. The card now reads what the instrument is from the class column where it holds a token, the same rule that decides preferred rows on the page. The debt classes on the instruments tab, debt, facility, convertible and convertible note, all read as debt, and a preferred never does. Where the class cell carries prose instead of a token, the type cell decides, read for the same debt words plus credit and secured.

A share-delivery card said Claims % holds beside figures that showed it falling

Each share-delivery card for a warrant, option or right said Claims % is unchanged because the right carries no claim, the short card above the key metrics said Claims % does not move, and the section above the cards said these rights do not move Claims %. Beside those sentences, every card for a right with an exercise price printed an as-exercised Claims % below the standing one: Metaplanet's 27th Series card read 21.1% standing and 18.0% as exercised, 16.3% with the exercise price in force. The right adds no claim, but the as-exercised state adds its exercise proceeds to cash, and cash nets against debt and preferred, so net claims fall and Claims % falls with them; taken back out of cash, the proceeds leave every card's as-exercised Claims % equal to its standing figure. Each card and section now chooses its sentence from the two figures it prints. Where they agree and no proceeds enter cash the sentence stands; where they agree and proceeds do enter cash it says the proceeds do not move Claims % at one decimal place; where Claims % falls it names the exercise proceeds added to cash as the cause; where the as-exercised figure is not yet verified it says only that the right carries no claim. The question-and-answer text in the page data of /company/OBTC3/, which said Senior Claims % barely moves beside 8.9% standing and 8.1% as exercised, now says the proceeds lower net claims.

Static blocks lagged the Sheet

The static block on each company page (the quick answer a reader sees before the live figures load, the Dataset a search engine reads, and the fallback object the page renders when the live read fails) and the comparison table restated snapshot rows as they stood at the last manual bake, not as the Sheet held them. The generator that writes the blocks runs by hand, nothing ran it after the rows moved, and nothing compared a committed block to the feed, so a row corrected on the Sheet kept its old figures on the page until somebody happened to rebake. On 2026-10-11 the Méliuz 2026-06-30 row was re-derived from the period report, the Capital B series and the DDC quarter-end rows received their raw filing cells, and the Silvia block still sat on a 2026-06-30 row while the feed had moved on to 2026-10-06. Every block is rebaked from the feed as of this entry. The generator now reads every page back after writing and matches every figure the block carries against the governing feed row, recomputed, and fails the bake with the mismatch named; it writes each page's sitemap date from the bake; and the bake is a single job step for the daily integrity run, so the lag cannot recur unnoticed.

Snapshot share prices not taken from the listing venue's close

Two Twenty One Capital rows did not carry the share's close on their balance dates. The 31 March 2026 row carried US$6.32, the average price the company's Form S-8 states for 27 March 2026, a figure for calculating a registration fee; the close on 31 March was US$6.40. The 30 June 2026 row carried no price, under a note written before the quarter ended; the close on 30 June was US$4.95. Both rows now carry the close, marked estimated at this find because the figures came from aggregators rather than the exchange; the next section records the exchange's own confirmation.

Snapshot share prices not taken from the listing venue's close

The two Twenty One Capital closes filed earlier the same day were read from aggregators and marked estimated. The New York Stock Exchange's own published daily history for the share prints the same figures to the cent, US$6.40 on 31 March 2026 and US$4.95 on 30 June 2026, and also prints US$8.76 for 31 December 2025, the figure the row of record already carried, and US$6.64 for 9 April 2026, the one close the company's second-quarter report states. Neither quarterly report states a close for the two balance dates, so the exchange's close is the figure. The estimated marker comes off both rows.

Deal cash legs not recorded as the cash that moved

The deals of Twenty One Capital's business combination recorded net proceeds that did not match the cash that moved, as seen from the company. Two purchases of bitcoin from Tether, for US$458.7 million and US$99.5 million, carried no figure, and a third, US$7.5 million paid for 88.3771 BTC, carried a positive figure and read as cash raised. The two equity placements carried their full subscription values, US$200 million and US$165 million, which include bitcoin contributed in kind; the cash received was US$178.0 million and US$150.8 million. The Option Notes carried US$99.5 million, net of a US$500,000 holdback the company kept, against US$100 million received. The June purchase of 1,381.16 BTC for US$147.5 million carried no figure, and five in-kind contributions carried blanks where no cash moved. Every leg now carries the cash that moved, signed from the company's side, and the group ties to the three holdbacks the filings state.

Instrument terms described without the governing document

The description of Twenty One Capital's secured convertible notes was built from the company's annual and quarterly reports, which define the notes' terms by reference to the indenture without stating them. The indenture, filed at closing, states them. The bitcoin price that triggers a quarterly release of collateral was given as an estimate of US$120,617; the indenture fixes it at 133.3% of a defined US$90,560.40, which is US$120,717.01. The description said holders had no put on a fixed date; the indenture gives every holder the right to require repurchase for cash at par, plus accrued interest, on 8 December 2028. It also omitted a second automatic release of collateral tied to the company's public float. The description and the put date now carry the indenture's terms.

A surface computed or gated claims outside the rules file

The valuation view on /tracker/ printed a hold of its own, "not yet shown, construction under ruling", in the Adjusted CEBE, Adjusted Claims % and Adjusted CEBE mNAV positions of all twelve rows, while the feed served Adjusted CEBE for six companies under the serving gate in the rules file and held the other six with a reason each. The view was built when the layer was held on 7 October 2026 and never read the feed's adjusted_status when the layer began to serve on 10 October. It now reads adjusted_status, cebe_adjusted_sats and cebe_adjusted_mnav per row from the feed and prints nothing of its own: the served figure marked EST where the status is est, the feed's plain-words reason where a company holds, and no ruling id on any row. The Adjusted Claims % position is retired from the view, because the feed serves no such figure and the page computes none; Claims % stays the measured figure in both views. /valuation/ said in the same period that the tracker's valuation view stays held and carried a dated line about a pending revision; both now describe the feed as it serves. The rules file's serving gate itself changes the same day, from version 2026-10-11.2 to 2026-10-11.3 (the per-leg direction test removed and the range widened to every delivery outcome, with the side printed beside the figure), and that change has its own entry.

Rules file version 2026-10-11.1

The rules file moved from version 2026-10-10.1 to 2026-10-11.1, and every snapshot row was recomputed under it. Adjusted CEBE serves for a company only where its serving gate passes on the served row: Adjusted CEBE lies between CEBE and the fully exercised figure (every admitted instrument delivered), inclusive; no instrument carries more than its own full delivery or less than nothing; a combination-settlement note adds shares above principal only; and an in-the-money cash-strike leg does not lower CEBE. A company that fails holds, with the reason stated.

Bitcoin price and exchange rate off the site convention

Three Twenty One Capital snapshot rows carried a bitcoin price other than the site's convention close, the CoinGecko 00:00 UTC print of the day after each balance date, carried to the cent. The 31 December 2025, 31 March 2026 and 30 June 2026 rows carried US$87,520, US$68,232 and US$58,551, which matched neither that print nor the company's own fair-value mark for the same date. All three now carry the convention close. The 30 June row's note, which described the old price as the convention, is corrected with it, and each row's note now records the company's fair-value mark beside the convention close.

Rules file version 2026-10-28.1

The rules file moved from version 2026-10-26.1 to 2026-10-28.1, and every snapshot row was recomputed under it. Adjusted CEBE has a live twin, priced where the page is live: the same construction on the same row, with each instrument's moneyness, and so its delivery prior, read at the latest stock price (put in the instrument's currency at the live exchange rate) and claims and exercise proceeds in BTC at the live bitcoin price. The serving gate runs again at those prices, and a company that fails there holds the live figure with the reason stated, whatever the row's own prices serve. Adjusted CEBE mNAV on the live basis is the stock price over the live Adjusted CEBE valued at the live bitcoin price. The figure at the row's own btc_price and close is served unchanged beside it.

Framework figure printed without its CEBE prefix

Framework figure now always labelled CEBE Amplification. The figure (1 minus Indexed Claims %) divided by (1 minus Senior Claims %) was printed on several surfaces as a bare Amplification, the word the industry's Toolkit and several issuers use for their own constructions, so a reader could take it for an issuer's figure. Every label, column heading, tooltip, definition and API description that names the Framework figure now reads CEBE Amplification, in line with CEBE mNAV against mNAV and CEBE against BTC per share. The company card cell reads CEBE Amplification, and the dated image cards carry the same label. Bare Amplification stays only where a page describes the Toolkit measure or quotes an issuer, for example Strive's "Amplification Ratio". The name, the formula, the code and the API field names are unchanged, and the glossary definition is reworded to say how much common's BTC value moves for each 1% move in Bitcoin, at today's claims.

Rules file version 2026-10-19.1

The rules file moved from version 2026-10-15.1 to 2026-10-19.1, and every snapshot row was recomputed under it. A row's fx_rate is US dollars per one unit of the currency its company files in, for every currency, and converts its native figures to USD in that direction. The company names that currency in config/tickers.js (snapshotFxCurrency). The direction is declared, never read from the size of the rate. A raw row with no usable fx_rate or no declared currency holds (fx-hold); its filed USD columns are not read in place of the rate. A row missing its exchange rate never renders blank. It holds, with a stated reason in place of the figure ("FX rate for <date> not yet available; figure held"), the same pattern as a withheld price quote: Senior Claims %, CEBE and Adjusted CEBE on a raw row with no usable fx_rate, and Adjusted CEBE where an admitted instrument's face, exercise price or exercise proceeds needs a rate the row does not carry.

Rules file version 2026-10-15.1

The rules file moved from version 2026-10-11.14 to 2026-10-15.1, and every snapshot row was recomputed under it. The Wrapper percent is the annual cost over the row's BTC held at the row's own price, with a _live twin at the live price; every figure states which basis it is on. Wrapper = financing + operating, each served on its own and as the total. Financing comes from the instruments; dividend and interest lines on the costs tab are not read into it. An offset is the filed segment operating result with its filed sign: income lowers the cost and a loss raises it. Unrealised bitcoin marks are not an offset. An is_offset cell other than TRUE or FALSE withholds the operating line. A one-time item is excluded only where its is_one_time cell is TRUE; no label text is read. Until the column is filed, every line is recurring. An operating line is the latest filed period times 12 over its months, with the factor carried beside it, where period_amount_usd and period_months are filed; otherwise the filed annual figure, marked EST. Share-based compensation is counted once: one line per cost line, and none where a segment result already carries it (includes_sbc TRUE). The filed rate in force is the rate. A rate-history row in force governs; a variable rate reads the history and nothing else. Where a filing states a conditional schedule and no filing states which leg applies, the cost uses the higher filed rate, one figure, and the condition and the lower rate are carried in the note. Amounts convert at the row's fx_rate or a filed same-date cross on the row; live exchange rates are used only on the _live figure. A preferred counts at the rate in force, cumulative or not, until a filing states a suspension or non-declaration for the period; a filed dividend_waived_face is taken off the face, and a blank cell means none. Financing is computed on the row date from the instruments active and launched by then, and is never carried forward. Only the operating line carries, marked EST. Where an instrument files accrual_base_native and accrual_currency, its financing is that base times the rate in force, in that currency, at the row's rate; otherwise face times the rate in force. The claim is never the accrual base.

The dated bitcoin close rail served no close before 10 August 2025

The dated close rail, /api/btc-close, served a bitcoin close only for dates from 10 August 2025 onward. Its archive began there, and CoinGecko's public history reaches back 365 days, so an older date was refused. The archive now carries the CoinGecko USD close for every date from 1 January 2022, taken from CoinGecko's own historical-data export. The export states the close of each date on the rail's convention, the 00:00 UTC print of the following day, and it equals every close the archive had captured from CoinGecko's range route to the cent. The rail also serves the EUR, JPY and GBP close from the same instant on dates from 14 October 2025, the earliest date CoinGecko still served when that capture began, and states none before it.

Cumulative arrears read as compounding in the Claims Grade

The Claims Grade rubric's Downside band 2 read “Cumulative dividends compounding through the drawdown”, and the scorer placed every cumulative perpetual preferred in it, whether or not its unpaid dividends grow. Method decision, 2026-10-13: the rubric text governs the scorer, and the bands now state the distinction. Band 2 reads: Cumulative dividends whose arrears accrue a return (compounding or simple interest), or an out of the money claim whose cash maturity falls inside the stress window. Band 1 reads: Cumulative dividends whose arrears accumulate at face. The scorer reads compounding and simple interest as band 2 and arrears at face as band 1. The same text is amended in the glossary entry for Downside behavior, and in the methodology note on the maturity term, which names the treadmill’s inputs: cumulative compounding there now reads cumulative arrears that accrue a return (compounding or simple interest).

FX double expansion named as a treadmill input in the Claims Grade

The methodology note on the maturity term said the maturity is one input to the treadmill that defines Downside two, alongside cumulative arrears that accrue a return and double expansion. The Downside section of the same page records currency denomination as a flag, not a score: an FX denominated claim can expand twice in a drawdown, but that is a market movement rather than a contractual claim growth mechanism, so it never enters the treadmill. The note contradicted that rule. It now reads that the maturity is one input to the treadmill, alongside cumulative arrears that accrue a return (compounding or simple interest), and no longer names double expansion. Method decision, 2026-10-13.

Rules file version 2026-10-11.14

The rules file moved from version 2026-10-11.13 to 2026-10-11.14, and every snapshot row was recomputed under it. Every test of a leg against the share price, and every figure built from it, takes the close in the currency and unit of the leg's exercise price. A close the snapshots tab writes in a sub-unit (pence, config/tickers.js snapshotPriceUnit) is converted to its currency first; a close in another currency converts at the row's fx_rate. A close that cannot be put in the leg's currency and unit holds the company with the reason stated. A share grant whose vesting depends on the share price reaching a hurdle (gate_type market_priced) is out of the Adjusted layer on a row whose close is below its lowest hurdle, on moneyness and on vesting. Its hurdles are the price figures its filed terms state in the conversion_price cell, which on such a grant carries the hurdle, not an exercise price. A grant with no hurdle stated as a figure, or with hurdles on both sides of the close, holds the company with the reason stated.

Rules file version 2026-10-11.13

The rules file moved from version 2026-10-11.12 to 2026-10-11.13, and every snapshot row was recomputed under it. A row's fx_rate is US dollars per one unit of the currency its company files in, for every currency, and converts its native figures to USD in that direction. The company names that currency in config/tickers.js (snapshotFxCurrency). The direction is declared, never read from the size of the rate. A raw row with no usable fx_rate or no declared currency keeps its filed USD columns.

Rules file version 2026-10-11.11

The rules file moved from version 2026-10-11.10 to 2026-10-11.11, and every snapshot row was recomputed under it. A row's fx_rate is US dollars per one unit of the currency its company files in, for every currency, and converts its native figures to USD in that direction. The company names that currency in config/tickers.js (snapshotFxCurrency). A cell written in the other direction before the 2026-10-12 normalisation reads in the direction it was written only while it still holds its recorded value. The direction is declared, never read from the size of the rate. A raw row with no usable fx_rate or no declared currency keeps its filed USD columns.

Rules file version 2026-10-11.2

The rules file moved from version 2026-10-11.1 to 2026-10-11.2, and every snapshot row was recomputed under it. Every claims, netting and CEBE figure on the site, served or projected, is computed here from the row as these rules resolve it (raw filing cells, then the filed net). A projected or scenario balance sheet is a row in the same shape, and CEBE is the BTC left to the common after net senior claims, floored at zero, per basic share.

Rules file version 2026-10-11.10

The rules file moved from version 2026-10-11.3 to 2026-10-11.10, and every snapshot row was recomputed under it. Share counts are filed exactly as the filing states them. A count from a filing published before a split's effective date is divided by the split ratio, rounded half up; the filing date is the ISO date that opens shares_cite. A deal row is put on the same basis: a share count from a filing published before the effective date is divided by the ratio, and a share price dated before it is multiplied by the ratio. Break-even is the bitcoin price at which the fiat leg consumes the BTC left after the BTC-denominated claim: net fiat senior claims in US dollars over BTC held less BTC-denominated claims. It does not exist where the fiat leg nets to cash or the BTC-denominated claim covers the treasury, and the reason is stated in its place. (2026-09-07) CEBE mNAV is the share price over CEBE per share valued at the bitcoin price, both in one currency. (canon)

Rules file version 2026-10-10.1: a blank input withholds the figure

The rules file moved from version 2026-10-09.2 to 2026-10-10.1, and every snapshot row was recomputed under it. On every row, latest or historical, a blank BTC held, debt, preferred or cash, or no usable bitcoin price, now withholds Senior Claims % and CEBE with the reason shown; a blank is never read as zero, and a filed zero still computes. Issuer-held securities and BTC-indexed claims stay outside the required set, where blank means none. (2026-09-08) The latest-row pending gate now requires preferred beside BTC held, shares, price, debt and cash. (2026-09-14) Before this version the pending gate held only the latest row and only on debt and cash, and every history surface (the charts, the company page history, the compass, the drawdown pages and the scenario tools) read a blank fiat cell as zero and an absent price as a dropped fiat leg. Each surface now prints the figure as not yet verified and names the missing field.

Rules file version 2026-10-09.1

The rules file moved from version 2026-10-08.3 to 2026-10-09.1, and every snapshot row was recomputed under it. A row's fx_rate converts its native figures to USD in the direction its company declares in config/tickers.js (snapshotFxQuote: US dollars per unit, or units per US dollar). A raw row with no usable fx_rate or no declared direction keeps its filed USD columns. An instrument's delivery probability p on a row is the prior of the band its moneyness falls in at that row's close (M = share price / strike; ITM M >= 1.00, Near 0.769 <= M < 1.00, Deep OTM M < 0.769). The priors are issuance-era, from observed outcomes only, inferred outcomes excluded; PRIOR UNDER TEST until Cal-den-2 seals. Each admitted instrument carries its expected state at p: a convert or convertible preferred adds pN shares and releases pF of claim; a cash-strike warrant or option adds pN shares and pNK of proceeds in BTC at the row's price; a zero-strike share grant adds pN shares; a combination-settlement note keeps its principal as a claim and adds p times the shares above principal; a pre-funded warrant is already in basic shares and adds nothing. Earnouts and other equity-linked instruments are not modeled. An instrument enters the Adjusted layer only if its class is on the table and it states a pool, an expiry and, for a struck class, a strike. Anything else is listed with the reason and carried at nothing.

Rules file version 2026-10-09.2

The rules file moved from version 2026-10-09.1 to 2026-10-09.2, and every snapshot row was recomputed under it. The computation changed without a change to the listed conventions.

Rules file version 2026-10-08.3

The rules file moved from version 2026-10-08.2 to 2026-10-08.3, and every snapshot row was recomputed under it. The computation changed without a change to the listed conventions.

Rules file version 2026-10-07.1

The rules file moved from version pre-rules to 2026-10-07.1, and every snapshot row was recomputed under it. Net senior claims = debt at face + preferred at accrued liquidation preference - cash - issuer-held securities, in BTC at the row's own price, plus BTC-indexed claims; Senior Claims % = net claims / BTC held, floored at 0 and capped at 100%. (canon) A row is struck at its own btc_price, never a later or substitute price. (canon) The latest row serves no figure until it states BTC held, shares, price, debt and cash; an empty cell is absent, not zero. (2026-09-14) Where a row carries a filed net claims figure, claims run on that figure alone. A declared dividend outside the liquidation preference is served as dividends payable and stays outside Senior Claims %. Debt is carried at face on every row. Preferred is carried at accrued liquidation preference; arrears the certificate adds to it sit inside preferred. A quarter-end row between two report dates carries debt, preferred and cash from the last report, EST and labelled; BTC and shares are verified from the releases either side. Every cell is as of the row date, not a settlement or announcement date. An instrument is a claim before its conversion effective date and shares on or after it. Classification, accrual and FX conventions apply identically to every row of a company. A pre-funded warrant exercisable at any time with a remaining strike under one percent of the share price counts in basic shares. Non-USD figures convert at the same-date bitcoin cross, the CoinGecko print of the day after the row date. Row prices are the archive close carried to the cent. Quarter-end cells are VERIFIED against the period report or "not stated" with citation; a complete balance sheet with no preferred line reads 0 VERIFIED.

Directional-accuracy comparison retired

The February 2026 comparison that put CEBE's directional accuracy at 62 to 68 percent against 43 to 50 percent for Bitcoin per share is retired everywhere. The site retired it on 2026-07-01, on /insights/cebe/, /brand-facts/ and /gap/. The dispatch copy sent to outside reviewers kept carrying it until 2026-10-04, four weeks after the study that settles it reported on 2026-09-05 and 2026-09-06. The original figure came from a basic Bitcoin per share comparator, where fully diluted is the comparison standard, and from a favorable rolling window.

Two break-even definitions live at once

Two definitions of break-even were live. The glossary and the 2026-07-16 entry below stated Net Senior Claims (USD) over Total BTC; the comparison table, the API and the company page solved the fiat leg only, net fiat senior claims (USD) over Bitcoin held net of BTC-denominated claims, null where the fiat claims net to cash or the indexed claim covers the treasury. The served surfaces were right and the document of record was wrong: the glossary form is circular for a BTC-indexed issuer because Net Senior Claims USD is itself a function of the price being solved for, and it coincides with the served form only when the static claim is zero. For Capital B at the 2026-09-02 row (3,145 BTC, cash $4,029,310, 821 BTC static, btc_price 77,297) the glossary form gives $18,897 and the ruled form gives no break-even, net cash. The 2026-07-16 entry installed the wrong form and is annotated below. The glossary, the drawdown template (which also ignored the static term) and the modeler engine are corrected.

Calibration 2 capture attribution

Attribution corrected for the Barchart and AlphaQuery vendor captures behind the R-VOL companion's coverage table. The page named no one for them, and the only capture work it did name was the Market Chameleon pass, so the captures read as that pass's. They were performed by a separate capture pass on 2026-08-07 and delivered 2026-08-15. The Market Chameleon pass has attested zero vendor access, carried as NOT_CAPTURED_BY_THIS_DESK on every row of the R-VOL primary table. The coverage claim of 12, 6 and 2 dates of 12 stands on the same evidence, and the conclusion is unchanged.

Methodology page batch, five additions

Methodology page batch, five additions. An independence credential added to data standards, no CEBE figure depends on any issuer-defined metric; the cash netting rule stated beside the Net Senior Claims definition; the numéraire stated as a convention rather than a uniquely valid frame; a claims-scope note; and the accompanying basis, the criterion-7 sweep run 2026-08-02, result clean.

Share-count and retirement rulings

Two rulings land as page text. Ruling 2.1 names and holds apart three share-count constructions: basic shares outstanding, market-convention fully diluted, and the moneyness-partitioned construction an issuer published in July 2026. The comparison column stays on the all-dilutives convention deliberately, as the harsher of the two. Ruling 2.2, retirement conditionality, ships as a new crossover section on the retirement page.

Adjusted Claims specification v1.1

Adjusted Claims % specification amended to v1.1 following an implementation review, with seven clarifications. None changes a computed construction.

External-review credit misattributed

Section 3.3's external-review credit corrected to Valentin Kosanovic. The surname was misattributed at initial publication. The credited review and the mark rule are unchanged.

Break-even definition in the glossary

Superseded 2026-09-07: the definition this entry installed, Net Senior Claims (USD) over Total BTC, is the wrong form for any issuer with a BTC-denominated claim; see the 2026-09-07 break-even entry above. Original text follows. Break-Even BTC Price definition corrected. The glossary had defined it through a market-parity construction. Break-Even is computed as Net Senior Claims (USD) / Total BTC, a balance-sheet level independent of the stock price.