
Option 2 logic: refinance debt at $8,000 BTC first; only residual shortfall draws from reserves.
| Metric | Value |
|---|---|
| Debt coverage at floor via BTC value ($B) | - |
| Residual debt shortfall after floor ($B) | - |
| Residual after convertibles ($B) | - |
| Reserve draw required ($B) | - |
| Net cash reserves post draw ($B) | - |
| Net-of-debt combined coverage years | - |
Each year assumes the same annual yield obligation. Cash is used first; any shortfall is funded by selling BTC at that year’s projected price. Coverage remaining is from end-of-year resources.
| Year | BTC price ($) | Yield obligation ($B) | Cash start ($B) | Cash used ($B) | Cash end ($B) | BTC start (coins) | BTC sold (coins) | BTC end (coins) | BTC value end ($B) | Total resources end ($B) | Coverage remaining (yrs) |
|---|