Glossary · B
BTC Rating
Strategy's own coverage multiple for a security: its bitcoin reserve divided by the notional of that security plus everything ranking ahead of it. Strategy states it is not a credit rating from any agency.
Revised 22 October 2026 · The issuer's own metric, coined by Strategy Inc. · Suggest a correction
BTC Rating is the issuer's own metric. For Strategy's debt or perpetual preferred securities, it is "the ratio of (i) our BTC Reserve to (ii) the sum of the notional values of the instruments being rated and all instruments that are senior to" it. Equal-ranking liabilities with an earlier maturity or put date are also included (FWP, 24 August 2026).
BTC Rating = BTC Reserve ÷ (instrument notional + senior and earlier-maturing parity claims)
Strategy's worked coverage bridges also net USD Assets against debt. A related figure, the BTC Floor Price, is the bitcoin price at which the BTC Rating equals 1.0x.
Reported figures (Strategy credit dashboard, 24 August 2026)
These figures assume a bitcoin price of $77,004 and are taken from the same FWP:
| Instrument | BTC Rating | BTC Floor Price |
|---|---|---|
| STRF | about 49.3x | about $1,600 |
| STRC | about 5.7x | about $13,400 |
| STRK | about 4.8x | about $16,200 |
More junior series have lower ratings because more claims sit ahead of them (see seniority). The figures move with the bitcoin price.
What Strategy says it is not
Strategy states that BTC Rating "does not represent a rating from any rating agency and is not equivalent to a 'rating' in the traditional financial context". It also says the metric does not account for cross-defaults under its debt, which could make later-maturing obligations due sooner. Strategy presents it "for illustrative purposes only". The preferreds are not secured on bitcoin, and the metric does not include the cost or market impact of selling bitcoin.
Related metrics
BTC Risk estimates the probability that the BTC Rating falls below 1.0x over a security's duration. "BTC Credit" turns that probability into an annual spread.
What to check in the filing
- The bitcoin price and date used
- Which claims are counted as senior
- Strategy's limitations section for these metrics