New in the Monster Model: BTC rating charts for @Strategy and @Strive! A preferred equity's $BTC rating is the company's #Bitcoin NAV divided by everything that ranks at or above that preferred: net convertible debt plus the notional of each senior or pari passu preferred. A rating of 1.0 means the Bitcoin just barely covers those claims. Higher ratings mean more cushion. The higher the rating, the more credit-worthy the instrument. The Monster Model displays these BTC ratings across two new charts: → Strategy: $STRF, $STRC, $STRE, $STRK and $STRD → Strive: $SATA and $SATS Each chart contains recent history plus projections under whatever parameters you set. (For now, the charts are not part of the default set, so you'll need to add them manually via the chart picker.) Along with the charts, the BTC ratings — which were previously computed within the Monster Model but not displayed — now use net convertible debt, meaning convertible debt minus USD assets, floored at zero. Previously, the formula counted the full convertible balance without considering USD. Note that once a company's cash covers its convertible notes, that debt no longer counts against the preferreds. (This mimics how Strategy calculates BTC rating.) The new charts also exposed a display bug. The first time I opened the Strive chart, the y-axis, from bottom to top, read: 0 1 1 2 3 4 4 5 6. Despite this head-scratching sequence, nothing was wrong with the model's numbers. Each chart splits its y-axis into a fixed number of evenly spaced ticks. That works fine for prices and dollar totals, but BTC ratings live in a narrow band, often between 1 and 6. Spread across that band, the ticks landed at 0, 0.7, 1.4, 2.1 and so on, and rounding them to whole numbers produced the repeats. Showing a decimal on every label would have fixed it, but it made the axes busier and harder to read. That works on both linear and log scales. The log case needed its own handling, since the default log ladder includes values like 0.8 and 2.5. Both rating charts use the new label format. The Strive chart reads 0 1 2 3 4 5 6. The Strategy chart opens on a log scale, because STRF's rating can climb into the thousands once net debt reaches zero, and its labels run 1 2 3 ... 10 20 ... 1,000. Special thanks to @altols for inspiring the new charts! 🥳🧡 monstermodels.live $MSTR $ASST