{ "all_entity_count": 100, "caveats": [ "This is an early-warning forced-seller stress watch, not proof that any DAT must sell BTC. BitcoinTreasuries deltas are aggregator-implied reported reductions/additions, and non-MSTR capital structure is not yet official-source complete.", "Matched-entity reductions use normalized ticker plus entity name. Ticker/name changes can appear as new or disappeared rows rather than true holdings changes.", "Missing data lowers confidence rather than automatically raising stress score.", "Official confirmation expansion for non-MSTR DATs is a v2 follow-up." ], "generated_at_utc": "2026-07-14T05:20:36.659571+00:00", "score_model": { "btc_concentration_score_max": 10, "equity_refinancing_weakness_score_max": 15, "mnav_discount_score_max": 35, "obligation_pressure_score_max": 15, "reduction_score_max": 25, "score_is_early_warning_not_forced_sale_proof": true }, "sources": { "equity_overlay": "Latest public.btc_dat_equity_snapshots rows where ticker mapping exists", "holdings": "BitcoinTreasuries.net public-company DAT snapshots via public.btc_treasury_public_company_holdings", "mstr_obligations": "MSTR-only preliminary capital-structure summary from BTC DAT dashboard artifact", "weekly_reductions": "Matched entity ticker/name snapshot deltas over latest day and trailing 28 days" }, "stress_rows": [ 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0.0, "yahoo_market_cap_usd": null }, { "btc_held": 744.0, "btc_to_market_cap": null, "confidence": "low", "daily_volume": null, "data_quality_flags": { "disappeared_seen": false, "missing_equity_overlay": true, "missing_mnav": false, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": false, "weak_raw_parse_change": true }, "entity_key": "BTCT|bitcoin treasury corp", "entity_name": "Bitcoin Treasury Corp", "evidence_tier": "discount_plus_reduction", "latest_delta_btc": -8.0, "latest_reduction_btc": 8.0, "market_cap_usd": null, "mnav": 0.72, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": null, "rank": 56, "score_components": { "btc_concentration_score": 6.944444444444445, "equity_refinancing_weakness_score": 0.0, "mnav_discount_score": 19.6, "obligation_pressure_score": 0.0, "reduction_score": 14.795698924731182 }, "source_url": "https://bitcointreasuries.net/", "stress_score": 41.34014336917563, "ticker": "BTCT", "trailing_4w_addition_btc": 0.0, "trailing_4w_changed_days": 1, "trailing_4w_reduction_btc": 8.0, "yahoo_market_cap_usd": null }, { "btc_held": 1671.0, "btc_to_market_cap": null, "confidence": "low", "daily_volume": 47900.0, "data_quality_flags": { "disappeared_seen": false, "missing_equity_overlay": false, "missing_mnav": true, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": false, "weak_raw_parse_change": true }, "entity_key": "FUFU|bitfufu inc.", "entity_name": "BitFuFu Inc.", "evidence_tier": "reduction_only", "latest_delta_btc": -184.0, "latest_reduction_btc": 184.0, "market_cap_usd": null, "mnav": null, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": 1.409999966621399, "rank": 35, "score_components": { "btc_concentration_score": 0.0, "equity_refinancing_weakness_score": 9.0, "mnav_discount_score": 0.0, "obligation_pressure_score": 0.0, "reduction_score": 25.0 }, "source_url": "https://bitcointreasuries.net/", "stress_score": 34.0, "ticker": "FUFU", "trailing_4w_addition_btc": 0.0, "trailing_4w_changed_days": 1, "trailing_4w_reduction_btc": 184.0, "yahoo_market_cap_usd": 234981568.0 }, { "btc_held": 3139.0, "btc_to_market_cap": null, "confidence": "low_medium", "daily_volume": null, "data_quality_flags": { "disappeared_seen": false, "missing_equity_overlay": true, "missing_mnav": false, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": false, "weak_raw_parse_change": false }, "entity_key": "ALCPB|capital b", "entity_name": "Capital B", "evidence_tier": "discount_only", "latest_delta_btc": 0.0, "latest_reduction_btc": 0.0, "market_cap_usd": null, "mnav": 0.63, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": null, "rank": 26, "score_components": { "btc_concentration_score": 7.936507936507937, "equity_refinancing_weakness_score": 0.0, "mnav_discount_score": 25.9, 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"btc_to_market_cap": null, "confidence": "low", "daily_volume": null, "data_quality_flags": { "disappeared_seen": false, "missing_equity_overlay": true, "missing_mnav": true, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": false, "weak_raw_parse_change": false }, "entity_key": "BTCB|bitcoin treasury capital", "entity_name": "Bitcoin Treasury Capital", "evidence_tier": "insufficient_data", "latest_delta_btc": 0.0, "latest_reduction_btc": 0.0, "market_cap_usd": null, "mnav": null, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": null, "rank": 91, "score_components": { "btc_concentration_score": 0.0, "equity_refinancing_weakness_score": 0.0, "mnav_discount_score": 0.0, "obligation_pressure_score": 0.0, "reduction_score": 0.0 }, "source_url": "https://bitcointreasuries.net/", "stress_score": 0.0, "ticker": "BTCB", "trailing_4w_addition_btc": 0.0, "trailing_4w_changed_days": 0, "trailing_4w_reduction_btc": 0.0, "yahoo_market_cap_usd": null }, { "btc_held": 168.0, "btc_to_market_cap": null, "confidence": "low", "daily_volume": null, "data_quality_flags": { "disappeared_seen": false, "missing_equity_overlay": true, "missing_mnav": true, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": false, "weak_raw_parse_change": false }, "entity_key": "K33|k33 ab", "entity_name": "K33 AB", "evidence_tier": "insufficient_data", "latest_delta_btc": 0.0, "latest_reduction_btc": 0.0, "market_cap_usd": null, "mnav": null, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": null, "rank": 92, "score_components": { "btc_concentration_score": 0.0, "equity_refinancing_weakness_score": 0.0, "mnav_discount_score": 0.0, "obligation_pressure_score": 0.0, "reduction_score": 0.0 }, "source_url": "https://bitcointreasuries.net/", "stress_score": 0.0, "ticker": "K33", "trailing_4w_addition_btc": 0.0, "trailing_4w_changed_days": 0, "trailing_4w_reduction_btc": 0.0, "yahoo_market_cap_usd": null }, { "btc_held": 166.0, "btc_to_market_cap": null, "confidence": "low", "daily_volume": null, "data_quality_flags": { "disappeared_seen": false, "missing_equity_overlay": true, "missing_mnav": true, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": false, "weak_raw_parse_change": false }, "entity_key": "HODL|b hodl", "entity_name": "B HODL", "evidence_tier": "insufficient_data", "latest_delta_btc": 0.0, "latest_reduction_btc": 0.0, "market_cap_usd": null, "mnav": null, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": null, "rank": 93, "score_components": { "btc_concentration_score": 0.0, "equity_refinancing_weakness_score": 0.0, "mnav_discount_score": 0.0, "obligation_pressure_score": 0.0, "reduction_score": 0.0 }, "source_url": "https://bitcointreasuries.net/", "stress_score": 0.0, "ticker": "HODL", "trailing_4w_addition_btc": 0.0, "trailing_4w_changed_days": 0, "trailing_4w_reduction_btc": 0.0, "yahoo_market_cap_usd": null }, { "btc_held": 165.0, "btc_to_market_cap": null, "confidence": "low", "daily_volume": null, "data_quality_flags": { "disappeared_seen": false, "missing_equity_overlay": true, "missing_mnav": true, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": false, "weak_raw_parse_change": false }, "entity_key": "BTC|the brooker group", "entity_name": "The Brooker Group", "evidence_tier": "insufficient_data", "latest_delta_btc": 0.0, "latest_reduction_btc": 0.0, "market_cap_usd": null, "mnav": null, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": null, "rank": 94, "score_components": { "btc_concentration_score": 0.0, "equity_refinancing_weakness_score": 0.0, "mnav_discount_score": 0.0, "obligation_pressure_score": 0.0, "reduction_score": 0.0 }, "source_url": "https://bitcointreasuries.net/", "stress_score": 0.0, "ticker": "BTC", "trailing_4w_addition_btc": 0.0, "trailing_4w_changed_days": 0, "trailing_4w_reduction_btc": 0.0, "yahoo_market_cap_usd": null }, { "btc_held": 159.0, "btc_to_market_cap": null, "confidence": "low", "daily_volume": null, "data_quality_flags": { "disappeared_seen": false, "missing_equity_overlay": true, "missing_mnav": true, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": false, "weak_raw_parse_change": false }, "entity_key": "FRMO|frmo corp.", "entity_name": "FRMO Corp.", "evidence_tier": "insufficient_data", "latest_delta_btc": 0.0, "latest_reduction_btc": 0.0, "market_cap_usd": null, "mnav": null, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": null, "rank": 95, "score_components": { "btc_concentration_score": 0.0, "equity_refinancing_weakness_score": 0.0, "mnav_discount_score": 0.0, "obligation_pressure_score": 0.0, "reduction_score": 0.0 }, "source_url": "https://bitcointreasuries.net/", "stress_score": 0.0, "ticker": "FRMO", "trailing_4w_addition_btc": 0.0, "trailing_4w_changed_days": 0, "trailing_4w_reduction_btc": 0.0, "yahoo_market_cap_usd": null }, { "btc_held": 150.0, "btc_to_market_cap": null, "confidence": "low", "daily_volume": null, "data_quality_flags": { "disappeared_seen": false, "missing_equity_overlay": true, "missing_mnav": true, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": false, "weak_raw_parse_change": false }, "entity_key": "HIVE|hive digital technologies", "entity_name": "HIVE Digital Technologies", "evidence_tier": "insufficient_data", "latest_delta_btc": 0.0, "latest_reduction_btc": 0.0, "market_cap_usd": null, "mnav": null, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": null, "rank": 96, "score_components": { "btc_concentration_score": 0.0, "equity_refinancing_weakness_score": 0.0, "mnav_discount_score": 0.0, "obligation_pressure_score": 0.0, "reduction_score": 0.0 }, "source_url": "https://bitcointreasuries.net/", "stress_score": 0.0, "ticker": "HIVE", "trailing_4w_addition_btc": 0.0, "trailing_4w_changed_days": 0, "trailing_4w_reduction_btc": 0.0, "yahoo_market_cap_usd": null }, { "btc_held": 135.0, "btc_to_market_cap": null, "confidence": "low", "daily_volume": null, "data_quality_flags": { "disappeared_seen": false, "missing_equity_overlay": true, "missing_mnav": true, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": false, "weak_raw_parse_change": false }, "entity_key": "V3TC|vaultz capital", "entity_name": "Vaultz Capital", "evidence_tier": "insufficient_data", "latest_delta_btc": 0.0, "latest_reduction_btc": 0.0, "market_cap_usd": null, "mnav": null, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": null, "rank": 98, "score_components": { "btc_concentration_score": 0.0, "equity_refinancing_weakness_score": 0.0, "mnav_discount_score": 0.0, "obligation_pressure_score": 0.0, "reduction_score": 0.0 }, "source_url": "https://bitcointreasuries.net/", "stress_score": 0.0, "ticker": "V3TC", "trailing_4w_addition_btc": 0.0, "trailing_4w_changed_days": 0, "trailing_4w_reduction_btc": 0.0, "yahoo_market_cap_usd": null }, { "btc_held": 132.0, "btc_to_market_cap": null, "confidence": "low", "daily_volume": null, "data_quality_flags": { "disappeared_seen": false, "missing_equity_overlay": true, "missing_mnav": true, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": false, "weak_raw_parse_change": false }, "entity_key": "HKHC|horizon kinetics holding corp", "entity_name": "Horizon Kinetics Holding Corp", "evidence_tier": "insufficient_data", "latest_delta_btc": 0.0, "latest_reduction_btc": 0.0, "market_cap_usd": null, "mnav": null, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": null, "rank": 99, "score_components": { "btc_concentration_score": 0.0, "equity_refinancing_weakness_score": 0.0, "mnav_discount_score": 0.0, "obligation_pressure_score": 0.0, "reduction_score": 0.0 }, "source_url": "https://bitcointreasuries.net/", "stress_score": 0.0, "ticker": "HKHC", "trailing_4w_addition_btc": 0.0, "trailing_4w_changed_days": 0, "trailing_4w_reduction_btc": 0.0, "yahoo_market_cap_usd": null }, { "btc_held": 125.0, "btc_to_market_cap": null, "confidence": "low", "daily_volume": null, "data_quality_flags": { "disappeared_seen": true, "missing_equity_overlay": true, "missing_mnav": true, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": true, "weak_raw_parse_change": false }, "entity_key": "7603|mac house", "entity_name": "Mac House", "evidence_tier": "insufficient_data", "latest_delta_btc": 0.0, "latest_reduction_btc": 0.0, "market_cap_usd": null, "mnav": null, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": null, "rank": 100, "score_components": { "btc_concentration_score": 0.0, "equity_refinancing_weakness_score": 0.0, "mnav_discount_score": 0.0, "obligation_pressure_score": 0.0, "reduction_score": 0.0 }, "source_url": "https://bitcointreasuries.net/", "stress_score": 0.0, "ticker": "7603", "trailing_4w_addition_btc": 0.0, "trailing_4w_changed_days": 0, "trailing_4w_reduction_btc": 0.0, "yahoo_market_cap_usd": null } ], "summary": { "caveat": "This is an early-warning forced-seller stress watch, not proof that any DAT must sell BTC. BitcoinTreasuries deltas are aggregator-implied reported reductions/additions, and non-MSTR capital structure is not yet official-source complete.", "duplicate_entity_key_count": 0, "entity_count": 100, "first_snapshot_date_utc": "2026-06-07", "method": "early_warning_forced_seller_stress_score_v1", "score_max": 100, "snapshot_date_utc": "2026-07-13", "snapshot_days": 31, "source": "bitcointreasuries_net", "tier_counts": { "discount_only": 9, "discount_plus_reduction": 1, "insufficient_data": 83, "official_sale_or_obligation": 1, "reduction_only": 4, "watch_only": 2 }, "top_entity_name": "USBC, Inc.", "top_evidence_tier": "discount_only", "top_latest_reduction_btc": 0.0, "top_stress_score": 45.0, "top_ticker": "USBC" }, "top_stress_rows": [ { "btc_held": 1000.0, "btc_to_market_cap": null, "confidence": "low_medium", "daily_volume": null, "data_quality_flags": { "disappeared_seen": false, "missing_equity_overlay": true, "missing_mnav": false, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": false, "weak_raw_parse_change": false }, "entity_key": "USBC|usbc, inc.", "entity_name": "USBC, Inc.", "evidence_tier": "discount_only", "latest_delta_btc": 0.0, "latest_reduction_btc": 0.0, "market_cap_usd": null, "mnav": 0.09, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": null, "rank": 46, "score_components": { "btc_concentration_score": 10.0, "equity_refinancing_weakness_score": 0.0, "mnav_discount_score": 35.0, "obligation_pressure_score": 0.0, "reduction_score": 0.0 }, "source_url": "https://bitcointreasuries.net/", "stress_score": 45.0, "ticker": "USBC", "trailing_4w_addition_btc": 0.0, "trailing_4w_changed_days": 0, "trailing_4w_reduction_btc": 0.0, "yahoo_market_cap_usd": null }, { "btc_held": 744.0, "btc_to_market_cap": null, "confidence": "low", "daily_volume": null, "data_quality_flags": { "disappeared_seen": false, "missing_equity_overlay": true, "missing_mnav": false, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": false, "weak_raw_parse_change": true }, "entity_key": "BTCT|bitcoin treasury corp", "entity_name": "Bitcoin Treasury Corp", "evidence_tier": "discount_plus_reduction", "latest_delta_btc": -8.0, "latest_reduction_btc": 8.0, "market_cap_usd": null, "mnav": 0.72, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": null, "rank": 56, "score_components": { "btc_concentration_score": 6.944444444444445, "equity_refinancing_weakness_score": 0.0, "mnav_discount_score": 19.6, "obligation_pressure_score": 0.0, "reduction_score": 14.795698924731182 }, "source_url": "https://bitcointreasuries.net/", "stress_score": 41.34014336917563, "ticker": "BTCT", "trailing_4w_addition_btc": 0.0, "trailing_4w_changed_days": 1, "trailing_4w_reduction_btc": 8.0, "yahoo_market_cap_usd": null }, { "btc_held": 1671.0, "btc_to_market_cap": null, "confidence": "low", "daily_volume": 47900.0, "data_quality_flags": { "disappeared_seen": false, "missing_equity_overlay": false, "missing_mnav": true, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": false, "weak_raw_parse_change": true }, "entity_key": "FUFU|bitfufu inc.", "entity_name": "BitFuFu Inc.", "evidence_tier": "reduction_only", "latest_delta_btc": -184.0, "latest_reduction_btc": 184.0, "market_cap_usd": null, "mnav": null, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": 1.409999966621399, "rank": 35, "score_components": { "btc_concentration_score": 0.0, "equity_refinancing_weakness_score": 9.0, "mnav_discount_score": 0.0, "obligation_pressure_score": 0.0, "reduction_score": 25.0 }, "source_url": "https://bitcointreasuries.net/", "stress_score": 34.0, "ticker": "FUFU", "trailing_4w_addition_btc": 0.0, "trailing_4w_changed_days": 1, "trailing_4w_reduction_btc": 184.0, "yahoo_market_cap_usd": 234981568.0 }, { "btc_held": 3139.0, "btc_to_market_cap": null, "confidence": "low_medium", "daily_volume": null, "data_quality_flags": { "disappeared_seen": false, "missing_equity_overlay": true, "missing_mnav": false, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": false, "weak_raw_parse_change": false }, "entity_key": "ALCPB|capital b", "entity_name": "Capital B", "evidence_tier": "discount_only", "latest_delta_btc": 0.0, "latest_reduction_btc": 0.0, "market_cap_usd": null, "mnav": 0.63, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": null, "rank": 26, "score_components": { "btc_concentration_score": 7.936507936507937, "equity_refinancing_weakness_score": 0.0, "mnav_discount_score": 25.9, "obligation_pressure_score": 0.0, "reduction_score": 0.0 }, "source_url": "https://bitcointreasuries.net/", "stress_score": 33.836507936507935, "ticker": "ALCPB", "trailing_4w_addition_btc": 0.0, "trailing_4w_changed_days": 0, "trailing_4w_reduction_btc": 0.0, "yahoo_market_cap_usd": null }, { "btc_held": 1514.0, "btc_to_market_cap": null, "confidence": "low", "daily_volume": null, "data_quality_flags": { "disappeared_seen": false, "missing_equity_overlay": true, "missing_mnav": true, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": false, "weak_raw_parse_change": true }, "entity_key": "EMPD|empery digital", "entity_name": "Empery Digital", "evidence_tier": "reduction_only", "latest_delta_btc": -1400.0, "latest_reduction_btc": 1400.0, "market_cap_usd": null, "mnav": null, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": null, "rank": 36, "score_components": { "btc_concentration_score": 0.0, "equity_refinancing_weakness_score": 0.0, "mnav_discount_score": 0.0, "obligation_pressure_score": 0.0, "reduction_score": 25.0 }, "source_url": "https://bitcointreasuries.net/", "stress_score": 25.0, "ticker": "EMPD", "trailing_4w_addition_btc": 0.0, "trailing_4w_changed_days": 1, "trailing_4w_reduction_btc": 1400.0, "yahoo_market_cap_usd": null }, { "btc_held": 2878.0, "btc_to_market_cap": null, "confidence": "low_medium", "daily_volume": null, "data_quality_flags": { "disappeared_seen": false, "missing_equity_overlay": true, "missing_mnav": false, "missing_non_mstr_capital_structure": true, "missing_prior_snapshot_days": 6, "new_entrant_seen": false, "weak_raw_parse_change": false }, "entity_key": "SWC|the smarter web company plc", "entity_name": "The Smarter Web Company PLC", "evidence_tier": "discount_only", "latest_delta_btc": 0.0, "latest_reduction_btc": 0.0, "market_cap_usd": null, "mnav": 0.75, "obligation_detail": { "coverage": "not_available_for_non_mstr" }, "price_usd": null, "rank": 28, "score_components": { "btc_concentration_score": 6.666666666666667, "equity_refinancing_weakness_score": 0.0, "mnav_discount_score": 17.5, "obligation_pressure_score": 0.0, "reduction_score": 0.0 }, 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