Bitcoin & Treasury Glossary

At-the-market equity issuance used by treasury companies to fund BTC purchases.

A clause allowing the issuer to redeem a preferred share at par value from a given date.

The mix of debt, preferred stock and common equity that funds a company.

Argentine Depositary Certificate: an instrument listed on BYMA that represents a fraction of a foreign stock or ETF. Traded in pesos; the IBIT and MSTR CEDEARs are the local route to Bitcoin exposure.

A bond that can be converted into common shares under certain conditions.

Unpaid preferred dividends that keep accruing and must be paid before any distribution to common stock.

The reduction in a shareholder's ownership percentage when new shares are issued.

Accounting valuation of an asset at real-time market price.

Grayscale Bitcoin Trust: the first BTC investment vehicle for institutional investors in the US.

Latin phrase indicating equal ranking in priority between two or more financial instruments.

Fixed-income instrument with no maturity that pays a fixed dividend, ranking ahead of common shareholders.

Top-quality collateral: liquid, free of counterparty risk, and with no possibility of default. Bitcoin aspires to be digital pristine collateral.

The priority hierarchy in the capital structure: who gets paid first in a liquidation.

The current market price of Bitcoin for immediate delivery.