About Digital Asset Treasuries (DATs)

The DATs Dashboard is OCM's dedicated intelligence tool for **Digital Asset Treasury** companies, which are publicly-traded corporations (Strategy, Metaplanet, Marathon, Tesla, Block) and sovereign nation-state holders that have built crypto exposure into their balance sheets. It consolidates Coingecko's treasury coverage with historical share-count disclosures, quarterly balance-sheet filings, and a transaction-level **FIFO tranche ledger**, replaying every disclosed purchase and sale to answer a question no single data source can: *how is the DAT thesis actually performing?* The dashboard supports three chains (Bitcoin, Ethereum, Solana) across four analytical views. **Overview** provides a market-wide leaderboard with a concentration ring (which adapts to a tappable dominance strip on smaller screens), peer-comparison bars, and geographic distribution, instantly showing the top-3 dominance ratios and corporate vs. sovereign split. **Accumulation** houses three sub-views: **Holdings Flow**, the classic holdings staircase with **CAGR** and stacking-streak detection; the **Cost Basis Map**, a URPD-style histogram showing how much coin the company holds in each purchase-price band marked against spot; and the raw **Transactions** tape of every disclosed purchase and sale with running balance. **Performance** is the analytical heart: eighteen metrics organised in a colour-coded dropdown under four families. *Valuation* covers **mNAV** (market cap to treasury NAV, with a **Premium Half-Life** statistic measuring how long mNAV spikes historically take to decay back to median), **mNAV Percentile** (today's premium ranked against its own full history, with a live right-side distribution strip), **Attribution** (a single stock-growth line coloured by whichever factor — coin-price, coins-per-share accretion, or pure premium repricing — dominates the trailing 30 sessions, so you see at a glance whether the stock moved because the coin moved, because they bought, or because sentiment repriced the wrapper), and **Implied Price** (market cap divided by holdings, the coin price the equity is actually paying, with a sign-aware premium/discount band). *Capital Structure* is the newest family, built on the **CEBE** framework (Common Equity Bitcoin Exposure): **CEBE / Share** strips senior claims (debt and preferred, net of cash) out of gross coins-per-share to show what common shareholders truly own, and **Zero Line** plots the coin price at which those claims would consume the entire treasury against live spot, with the cushion between them. *Treasury* covers **Supply P/L** (the share of the treasury sitting in profit versus underwater each day, from per-tranche cost bases), **Unrealised P&L** in dollars with return-on-cost and magnitude-scaled gradient bars, **Coin Age** (the volume-weighted average age of open tranches, dormancy for a company, where big buys reset the age and FIFO sales cliff it), the composite **VWAP / MVRV** panel, satoshis-per-share, the signature **BTC Yield** metric pioneered by Strategy, and shares-per-coin dilution tracking. *Benchmark* compares the stock directly against its underlying asset: drawdown-from-ATH (with the dislocation delta surfaced in the hover), cumulative return since inception with an alpha ribbon between the two curves, the stock priced in coin terms with its all-time-high marked, 90-day rolling volatility with a stock/coin vol-ratio strip, and **Rolling Beta**, the honest leverage factor through time with a selectable 30/90/180-day window and a shaded levered regime above 1.5x. **Projection** is a forward scenario modeller that projects a DAT's future share price from the treasury flywheel itself. Taking live price, holdings, and share count as the starting point, the user sets a handful of assumptions, the time horizon, coin-price **CAGR**, exit **mNAV** (defaulting to the typical historical premium), annual accumulation (defaulting to the trailing three-year pace), and the equity-versus-debt funding mix, and the engine simulates each month forward, issuing shares at the prevailing premium to fund purchases. It surfaces a projected price with total return and CAGR, a clean three-factor decomposition of that return into coin-price, coins-per-share accretion, and mNAV change, a projected-price path chart with a sensitivity fan and mNAV glide, a full outcome panel (terminal holdings, dilution, coins-per-share yield, NAV-per-share, breakeven coin price, and return versus simply holding the coin), and a sensitivity matrix across exit-mNAV and CAGR scenarios. Every view includes an intelligent **Signals** engine that detects anomalies in real-time: mNAV in the 90th+ percentile of its full history, over half the treasury underwater, premium repricing dominating the stock's attribution, a thinning CEBE cushion as senior claims approach the treasury's value, tranche-age cliffs that reveal old-coin distribution, rolling beta entering extreme leverage regimes, accumulation streaks lasting four or more months, and stock/coin dislocations exceeding 10 percentage points. Shareable URL states mean any chart configuration, down to the selected metric, sub-view, and beta window, can be deep-linked and sent to colleagues.

Signal Zones

Trading Signals by Regime

How It Is Calculated

Frequently asked questions

What is a Digital Asset Treasury company?

A **Digital Asset Treasury** (**DAT**) company is a publicly-traded corporation that has deliberately built significant cryptocurrency exposure into its corporate treasury, often as a primary strategic thesis. Strategy (formerly MicroStrategy) pioneered the category in 2020, using equity and convertible debt issuance to buy Bitcoin. The term now encompasses dozens of companies across Bitcoin, Ethereum, and Solana, plus a growing roster of nation-state sovereign holders.

What is mNAV and why is it the most important metric?

**mNAV** is the ratio of a company's market capitalisation to the USD value of its crypto holdings. At 1.0x, the stock is fairly priced against its treasury. Above 1.0x, investors pay a premium, typically justified by operational cash flows, ability to raise accretive capital, and optionality on future purchases. Below 1.0x, the stock trades at a discount to its own treasury. mNAV is the single cleanest measure of how the equity market values the treasury thesis itself, which is why the dashboard surrounds it with a full family: the percentile ranking, the half-life of spikes, the attribution of its changes, and the implied coin price it corresponds to.

What does the Attribution metric actually tell me?

**Attribution** answers the only question that matters daily: did the stock move because the coin moved, because the company bought, or because sentiment repriced the wrapper? Every daily return splits as an exact identity into the coin-price effect, the accretion effect (coins-per-share change, so buys net of dilution), and the premium effect (pure mNAV repricing). The chart draws the stock's cumulative growth as a single line, colouring each stretch, and a backdrop band behind it, by whichever factor dominated the trailing 30 sessions. When the line runs premium-coloured, the stock is trading on sentiment rather than fundamentals, and the Signals engine flags it. (Note: for companies without embedded historical share counts, dilution is understated, which biases the premium term; see the share-data FAQ.)

What is CEBE and the Zero Line?

**CEBE** (Common Equity Bitcoin Exposure) is the coins per share that genuinely belong to common shareholders once the senior stack is paid. Debt and preferred stock sit ahead of common equity and are fixed in dollars, so the dashboard subtracts net senior claims (total debt + preferred − cash, taken straight from quarterly balance-sheet filings) from gross holdings before dividing by shares. **CEBE / Share** shows that net figure in satoshis against gross coins-per-share, with the gap between them being what claims consume at spot. The **Zero Line** is the coin price at which those claims would consume the entire treasury and CEBE hits zero, plotted against live spot; the distance between them is the **cushion**. It reframes leverage as a solvency question: how far can the coin fall before common shareholders own nothing?

How is CEBE kept accurate and live?

Senior claims are pulled from **quarterly balance-sheet filings** via Financial Modeling Prep, the same cadence the underlying disclosures update on, rather than any fixed assumption. Each filing's total debt, preferred stock, and cash define a claims step that carries forward daily from its period-end date, and holdings, share count, and spot are the live daily series, so every CEBE figure recomputes on each render. The series begins at the first available filing rather than backfilling, favouring accuracy over coverage. Two honest caveats: preferred is counted at filed carrying value (its liquidation preference can run higher), and convertibles are held at face until a filing shows them retired, since a convert can heal by converting above its strike.

What is the Cost Basis Map?

The **Cost Basis Map** is a URPD for the treasury: a histogram of how much coin the company holds in each purchase-price band, built from the open tranches in the FIFO ledger and marked against the live spot price. Green bands sit in profit, red bands are underwater, and the thickest band is where the stack's conviction, and vulnerability, concentrates. The solid line marks spot and the dashed line the volume-weighted average basis, so one glance shows exactly where the treasury breaks even.

Why does BTC Yield matter if the company is just buying coins?

Raw coin count can grow whilst coins-per-share shrinks if new shares are issued faster than new coins are acquired. **BTC Yield** strips this out by measuring year-over-year change in coins-per-share. A +50% yield means existing shareholders effectively own 50% more coins at year-end than they did at the start, even accounting for all the new shares issued during the year. It's the true measure of whether capital raises were accretive.

How is the cost basis computed?

By replaying every disclosed transaction chronologically through a **FIFO tranche ledger**. Each purchase opens a lot at its disclosed average entry price (falling back to USD value divided by size). Each sale consumes the oldest lots first, a FIFO approximation since actual tax lots aren't public. The volume-weighted cost basis at any point is the value-weighted average across all open lots, and because the ledger keeps every lot rather than just the average, it also powers the Supply P/L classification, the Cost Basis Map, and the Coin Age metric.

Why is Strategy the only company with embedded historical share data?

Strategy's full quarterly history of basic and diluted share counts from 2020 through 2026 is hardcoded into the dashboard because it's the reference case for DAT analysis and the most closely-tracked company in the category. For other companies, the dashboard uses FMP's current shares outstanding as a constant baseline, which slightly understates historical dilution (and, in the Attribution view, shifts some of that dilution into the premium term). Future releases may add quarterly share data for Metaplanet, Marathon, and other major DATs.

Why are Ethereum and Solana limited to certain views?

Most ETH and SOL treasury companies are young. Many went public or added crypto exposure within the last 12-18 months. The Accumulation and Performance views require meaningful time-series depth (transaction history, share counts, aligned price series) to produce useful signals, so they are hidden on ETH and SOL until enough history accumulates. Overview and Projection remain available across all three chains, since the overview aggregates current holdings and the modeller is forward-looking and needs no deep history.

How do sovereign holdings differ from corporate ones?

**Sovereign holdings** are coins controlled by nation-state treasuries, central banks, or government agencies. For example, El Salvador's ongoing DCA programme, Bhutan's mining operations, the United States' seized-asset stockpile, and others. Unlike corporate holdings, sovereigns don't trade as equity and don't have share counts or cost bases in the same way. The dashboard includes them in the Overview aggregate and concentration views but excludes them from equity-specific views like Performance.

Can I share a specific dashboard configuration?

Yes. The URL hash encodes the full dashboard state: chain, view, entity, timeframe, the selected metric or sub-view, and settings like the rolling-beta window and marker overlay. Your configuration deep-links directly to your particular view, and legacy links to the old Technicals, Benchmark, and Transactions tabs remap automatically to their new homes. Any configuration you create is reflected in the URL, so you can copy the browser address and share it directly.

What does the Projection view do, and is it a price prediction?

**Projection** is a forward scenario modeller, not a prediction. It takes the live price, holdings, and share count and lets you set forward assumptions: the time horizon, coin-price **CAGR**, exit **mNAV** (defaulting to the typical historical premium), annual accumulation (defaulting to the trailing three-year pace), and the equity-versus-debt funding split. It then simulates the treasury flywheel month by month, issuing shares at the prevailing premium to fund purchases, and projects a share price with total return and CAGR, drawing the path with a sensitivity fan and the mNAV glide annotated along it. Crucially it breaks the return into its three true drivers, coin-price appreciation, coins-per-share accretion, and **mNAV** change, so you can see exactly where the upside or downside comes from, and a sensitivity matrix stress-tests the result across exit-mNAV and CAGR scenarios. Because issuance above NAV is accretive and below NAV is dilutive, the model captures the flywheel exactly. It deliberately omits operating costs, debt interest, convertibles, taxes, and the premium-compression feedback from heavy issuance, so treat the output as a clean what-if, not a target.