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Field notes from the SEC filings

Treasury Scout

What bitcoin treasury companies hold, how they pay for it and what they owe, read straight from their filings. Every number links to its source.

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Figures are as stated in the filing unless tagged derived: Calculated by the tool from stated figures. Not printed in any filing.. Hover or focus a tag for what it means. Every row links to its filing.

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Scout Indexes

Close of
Oct 30, 2026
Preferred Index
$101.58

What $100 in bitcoin-backed preferreds became since Jul 30, 2025, dividends in. Variable rate $127.46 · Fixed rate $90.33. In bitcoin terms: 155 (bitcoin = 100).

Treasury Index
$29.04

What $100 split evenly across the five biggest bitcoin treasury stocks became since Dec 31, 2024. By size: $39.70. In bitcoin terms: 35 (bitcoin = 100).

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Who gets paid first

Latest filings

If they sold every bitcoin today, who would get the money?

Lenders are paid first, preferred holders next, and common shareholders get what is left.

Strategy

If Strategy sold all its bitcoin today, about 32% would go to debt and preferred holders first. The rest, 68%, belongs to common shareholders.

  • Paid first: debtConvertible notes and other loans, at balance-sheet (book) value: $1.05B current + $5.67B long-term · as of Sep 30, 2026$6.7 billion10%
  • Paid next: preferredSTRF, STRC, STRK, STRD and STRE at their liquidation amounts (mostly $100 a share) · as of Sep 30, 2026$14.1 billion21%
  • What's left: common shareholdersEverything after debt and preferred are paid in full$44.9 billion68%
$24,543

Bitcoin price where common shareholders would get nothing. That is 68% below today's $77,446.

848,517 BTC (as of Oct 25, 2026) × $77,446 = $65.7 billion. Strategy's Q3 10-Q is not filed yet; debt and preferred come from the Sep 30 balance sheet in its Oct 29 earnings release. STRC buybacks after Sep 30 are not reflected. Its $4.8B cash reserve is left out, which would only add to the cushion. Sources: bitcoin held · debt · preferred · bitcoin price, Oct 31, 2026 12:38 PM CT.

Strive

If Strive sold all its bitcoin today, about 63% would go to preferred holders first. The rest, 37%, belongs to common shareholders.

  • Paid first: debtNo borrowings: the Semler convertible notes and Coinbase loan were retired in H1 2026 · as of Jun 30, 2026$00%
  • Paid next: preferred14,030,176 SATA + 7,000,000 SATS shares at $100 each · as of Oct 23, 2026$2.1 billion63%
  • What's left: common shareholdersEverything after debt and preferred are paid in full$1.2 billion37%
$48,907

Bitcoin price where common shareholders would get nothing. That is 37% below today's $77,446.

43,000 BTC (as of Oct 23, 2026) × $77,446 = $3.3 billion. Debt is from the Jun 30 10-Q (latest filed); share counts are from the Oct 26 weekly 8-K. Strive's $504M cash and its STRC shares are left out, which would only add to the cushion. Sources: bitcoin held · debt · preferred · bitcoin price, Oct 31, 2026 12:38 PM CT.

Dividends

Preferred dividends

Rates, record dates and full payout history, linked to the filings: STRC, STRF, STRK and STRD and Strive SATA and SATS. All dividends