CHAIN PULSE
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Issuance Decomp

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In plain English

Each quarter, how much of the new bitcoin on the balance sheet looks like it came from issuing common stock (ATM), from preferreds/converts, or from other?

There is no audited ATM tape — this is inferred from the change in shares, preferred par, and bitcoin. When the stock trades near 1× the coins, the ATM engine is nearly dead and further growth must come from preferreds.

Math and metrics

Quarterly cap-structure stubs + BTC spot as-of quarter end. Implied, not audited.

prefBtc ≈ max(0, ΔprefPar) / spot. atmBtc ≈ max(0, ΔBTC − prefBtc). other = residual.