Methodology

This page explains where 21DC's data comes from, how often it is updated, how derived figures are calculated, and how data is reviewed before it is published.

Data sources

• SEC filings. 21DC polls the SEC's EDGAR submissions API every 30 minutes for each US issuer it covers, currently Strategy and Strive. New 8-Ks, prospectus supplements (424B5), free writing prospectuses, 10-Qs and 10-Ks are stored with their accession numbers, and the primary document is archived.
• UK announcements. Regulatory News Service (RNS) announcements for The Smarter Web Company are collected from London Stock Exchange news pages every 30 minutes.
• Issuer websites. Some issuers publish figures on their own sites, such as Strategy's dashboard and STRC rate page. These are collected daily and labelled with the issuer's site as the source.
• Japanese disclosures. Metaplanet's disclosures are not yet collected automatically. Where 21DC has relied on press coverage instead of a primary disclosure, the page says so.
• Prices. End-of-day prices come from Yahoo Finance chart data, with Stooq as a fallback when Yahoo has no data for a day. The bitcoin price used is the daily close in US dollars from the same sources.

21DC does not show real-time or intraday prices.

Update cadence

• Prices. Collected at 23:30 UK time, Monday to Friday, after the US close. Market holidays are skipped.
• SEC and RNS filings. Checked every 30 minutes.
• Issuer website metrics. Collected daily at 06:00 UK time.
• Pages. Rebuilt after each successful update, so the date shown on a figure is the date of the data, not the date you load the page.

Definitions

Every derived figure is labelled with the date of the inputs it uses, for example "based on close of 21 October 2026".

Effective yield. The stated annual dividend rate multiplied by the par or stated amount, divided by the last closing price. A 10.00% series with a $100 stated amount closing at $80 has an effective yield of 12.50%. For variable-rate series such as STRC, SATA and MORE, 21DC uses the most recently declared rate. That rate may change for future periods. Effective yield is not a forecast of return, and it ignores taxes, fees and currency movements. See effective yield.

Discount or premium to par. The difference between the last close and the par or stated amount, as a percentage of par. A $100 stated amount closing at $95 is a 5% discount. See discount to par.

Coverage. For an issuer, the sum of three items, divided by the sum of two:

• the market value of its bitcoin holdings (holdings multiplied by the bitcoin close), plus its USD reserve and cash;
• its debt plus the notional amount of its preferred stock.

Each input comes from the issuer's most recent disclosure, and each carries its own as-of date. Because those dates can differ, the coverage figure shows all of them. Issuer-defined metrics, such as Strategy's BTC Yield, are reported separately as the issuer's own metrics, with the issuer's formula.

Review process

• Extracted data is held until approved. Rows extracted automatically from filings, such as declared dividends, rate changes, issuance and repurchase figures and balance-sheet snapshots, are held in a review queue. They appear on the site only after an editor has checked them against the source document and approved them.
• Terms are versioned, never edited in place. When an issuer amends a security's terms, 21DC adds a new version with its effective date and source filing, and closes the previous one. Every version stays visible on the instrument's terms page.
• Pages stay out of search until reviewed. An instrument page stays out of search engine indexes until its terms have been reviewed against the filing. Monthly dividend pages are not indexed until the dividend row has been approved.
• Unverified figures are labelled. Where a figure comes from a secondary source or is derived rather than reported, the page says so.

Currency

Each instrument is shown in its own currency: US dollars for the Nasdaq series, euros for STRE, sterling for MORE and yen for Metaplanet. 21DC does not convert prices, dividends or balance-sheet figures between currencies. Where an issuer reports a converted figure itself, as Strategy does for STRE's liquidation preference in its 10-Q, it is shown as the issuer reported it. Calculators that convert income ask you to supply an exchange rate.

Daily-paying series

SATA and SATS pay a dividend on each business day, and Strategy may move several series to daily record dates. To keep the dividend history readable, 21DC records daily-paying series as one row per monthly period. Each row shows:

• the annual rate;
• the amount per business day;
• the number of business days;
• the total for the period;
• the declaring filing.

Semi-monthly and weekly series are recorded one row per payment.

Corrections

If you find an error, email [email protected] with the page, the figure and the filing that shows the correct value. Confirmed errors are corrected promptly. A material correction to a term, a dividend or a balance-sheet figure is noted on the affected page with the date of the change. Corrections are made by adding a new version or row, not by silently overwriting.