Engine State
As Bitcoin rises, senior claims shrink in BTC terms. The sats transfer back to common equity. This page measures how fast.
Engine State tracks the operational condition of each Bitcoin Treasury Company's (BTCTC) drag engine: not just where they are, but which direction they're heading and how fast. Built on the Drag Engine framework. Numbers trace to SEC, LSE, and EDINET filings.
Bitcoin Treasury Companies hold BTC as their primary asset. But they also carry debt and preferred stock (senior claims that rank above common shareholders). Drag is the percentage of the company's Bitcoin backing those senior claims. The rest belongs to common equity.
As Bitcoin's price rises, those fixed fiat claims become a smaller fraction of the BTC stack. The gap (the sats that were backing the claims) transfers back to common shareholders automatically. No action required. This is the drag engine working.
Engine State tracks whether that transfer is accelerating, holding steady, or reversing. Read the full Drag Engine framework →
Tiers measure data maturity, not company quality. A Tier 1 company has enough history to anchor a valuation. A Tier 3 company may be performing just as well. We just haven't tracked it long enough to say so with confidence.
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Tier assignments and engine state labels are computed automatically from Snapshots data. No manual overrides, no thumbs on the scale. Tier measures data maturity; Engine State measures current direction. These are independent: a Tier 1 company can carry a Decaying engine state and remain Tier 1 as long as its history criteria still hold. Yield stability requires 3 consecutive quarters within +/-10% of the trailing 3-quarter mean, all positive, with 6+ quarters tracked. Base distortion flags companies whose earliest recorded CEBE sats/share was below 1,000, a sign the annualized yield figure is not stable for valuation anchoring. All data traces to SEC, LSE, and EDINET filings. See the Drag Engine framework for full methodology.