Fiat Debt to BTC NAV

Fiat Debt to BTC NAV measures how much traditional (fiat currency) debt a company has compared to the value of its bitcoin holdings, expressed as a percentage. It’s a direct way to see how leveraged a company is on its bitcoin assets—essentially, how much of the company’s bitcoin is “spoken for” by USD (or similar) borrowings.

Formula: Fiat Debt to BTC NAV = (Debt USD ÷ BTC NAV) × 100% Debt USD: The total value of the company’s outstanding debts in U.S. dollars or other fiat currencies. BTC NAV: The current dollar value of all bitcoin held by the company.

Example: If a company has $50 million in fiat debt and $100 million worth of bitcoin (BTC NAV), Fiat Debt to BTC NAV = ($50M ÷ $100M) × 100% = 50%