Scout Preferred Index
Oct 30, 2026
$100 spread across bitcoin-backed preferreds is now worth $101.58.Priced in bitcoin, the same $100 has beat just holding bitcoin by 55%.
Equal amounts in six preferred stocks from Strategy and Strive, with every dividend reinvested, starting Jul 30, 2025.Bitcoin went from $117,831 to $77,198 over the same stretch. Above 100 means the preferreds held their value better than bitcoin did.
Scout Preferred Index · in dollars
Scout Preferred Index · priced in bitcoin
Every line starts at 100 on Jul 30, 2025. 108 would mean $100 became $108, dividends included.Every line starts at 100 on Jul 30, 2025. Bitcoin itself would be a flat line at 100.
| Security | Price |
|---|---|
Click a row to put that preferred's own line on the chart, dividends in. Click again to take it off. Each line starts where the index stood on its first trading day. Prices are daily closes.
How this is built
- Each trading day, every security in an index counts equally. Its return is the price change plus any dividend that went ex that day.
- Starts at 100 on Jul 30, 2025, the first close of STRC, when all four Strategy preferreds were trading. SATA (Nov 2025) and SATS (Oct 2026) join on their second trading day, so they never jump the index.
- SATS pays a fixed 15%, so it sits in Fixed Rate. SATA is Strive's variable-rate preferred, so it sits with STRC. STRE trades in euros in Luxembourg and is left out.
- “In bitcoin” divides the index by the bitcoin price and resets to 100 on the same start date.
- Prices: Yahoo Finance daily closes. Dividends: each company's SEC filings (amounts and record dates), listed in sources.csv.
Scout Treasury Index
Oct 30, 2026
$100 split evenly across the five biggest bitcoin treasury stocks is now worth $29.04.Priced in bitcoin, the five biggest bitcoin treasury stocks have trailed just holding bitcoin by 65%.
Equal amounts in Strategy, Metaplanet, Twenty One, Strive and Nakamoto, starting Dec 31, 2024. The same $100 in bitcoin itself is worth $82.63.Bitcoin went from $93,429 to $77,198 over the same stretch. Below 100 means the shares did worse than simply owning bitcoin.
Scout Treasury Index · in dollars
Scout Treasury Index · priced in bitcoin
Both lines start at 100 on Dec 31, 2024. 80 would mean $100 became $80.Both lines start at 100 on Dec 31, 2024. Bitcoin itself would be a flat line at 100.
| Company | Price | Size share |
|---|---|---|
Metaplanet trades in Tokyo in yen, converted at 157.80 yen per dollar (Oct 30, 2026). Size share is each company's stock market value as a slice of the five. Click a row to put that company's own line on the chart; click again to take it off. Each line starts where the index stood the day the company joined.
The five companies whose main business is holding bitcoin, ranked by bitcoin held in each one's latest filing or disclosure (linked in the table). Miners and exchanges that also hold bitcoin are left out. Next in line: The Smarter Web Company (SWC, London), 2,850 BTC on Oct 23, 2026.
How this is built
- Equal weight (the headline). Every trading day each company counts the same, 20% each, then it resets. That way one giant cannot drown out the others: Strategy alone is about 88% of the five by market value, so a size-weighted index mostly tracks Strategy.
- By size (the thin dashed line). Each company counts in proportion to its stock market value (share price × shares outstanding, from its latest SEC cover page or Metaplanet's share count). Shown for comparison.
- Starts at 100 on Dec 31, 2024. Nakamoto joins after its merger with KindlyMD closed on Aug 14, 2025, Strive after its merger with Asset Entities closed on Sep 12, 2025, and Twenty One after its first day of trading on Dec 9, 2025. Each joins at the index's level that day, so nothing jumps.
- Dividends would be added, but none of the five pays one. Metaplanet's Tokyo close is converted to dollars at that day's yen rate.
- “In bitcoin” divides the index by the bitcoin price and resets to 100 on the same start date.
- Prices: Yahoo Finance daily closes. Holdings and share counts: company filings, listed in sources.csv.