Digital Credit Sources & Data References
Verified by True North Research · Methodology
Every financial figure in True North’s digital credit research is traceable to a primary source. This page is the central directory. If a claim on any page in the hub doesn’t have an inline citation, check here — the source should be listed. If it’s not here either, let us know and we’ll fix it.
SEC Filings
The foundation of all instrument data. Filings are available at SEC EDGAR.
Strategy, Inc. (MSTR)
- EDGAR Filing Page — 8-K, 10-K, 10-Q, 424B5 prospectuses
- 424B5 filings for each instrument contain the definitive terms: stated value, dividend rate, cumulative status, convertibility, capital structure seniority
- 8-K current reports for BTC acquisitions, rate changes, and material events
- Q4 2025 earnings (February 5, 2026): 713,502 BTC held, $25.3B capital raised in 2025
Strive, Inc. (ASST)
- EDGAR Filing Page — 8-K, 10-K, 10-Q, 424B5 prospectuses
- SEC 8-K (January 28, 2026): 13,311 BTC held, SATA follow-on and Semler note exchange details
- 424B5 for SATA: definitive terms, redemption provisions, dividend structure
Exchange Data
Nasdaq — Real-time and historical pricing for STRK, STRF, STRD, STRC, SATA
Luxembourg Stock Exchange — Pricing and listing data for STRE
Issuer Treasury Trackers
Strive Treasury Tracker — Real-time BTC holdings, BTC Rating, NAV coverage, leverage, dividend data
- treasury.strive.com
- Data fields used: shares outstanding, market price, effective yield, annual dividend commitment, BTC NAV dividend coverage, BTC Rating, average cost basis, Bitcoin NAV, unrealized gain/loss
StrategyTracker — BTC holdings and acquisition history
Market Context Sources
SIFMA (Securities Industry and Financial Markets Association)
- U.S. corporate bond market data: $11.5T outstanding (Q3–Q4 2025)
- sifma.org
ICI (Investment Company Institute)
- U.S. money market fund AUM: $7.82T (week ending March 11, 2026)
- ici.org
Preqin
- Private credit market: ~$1.7T AUM (2024); forecast $2.64T by 2029
- preqin.com
Public market data aggregators
- Bitcoin market cap and price data
DeFiLlama
- DeFi lending TVL by protocol: Aave, Compound, MakerDAO/Sky, Morpho
- Total DeFi lending TVL: ~$55B (early 2026)
- defillama.com
The Block
- DeFi market data and analysis
- theblock.co
Federal Reserve / FRED
- Interest rate data, monetary policy context
- fred.stlouisfed.org
Historical Sources
CeFi Failure Data (2022–2023)
| Platform | Source | Key Data Point |
|---|---|---|
| Voyager | CNBC; Vermont DFR | $1.7B owed, 3.5M customers, filed Jul 6, 2022 |
| Celsius | Bloomberg; Fortune | $4.7B owed, $1.2B deficit, filed Jul 14, 2022 |
| BlockFi | TechCrunch; Decrypt | $1.3B owed (top 50), ~100K creditors, filed Nov 28, 2022 |
| Genesis | CoinDesk; Bloomberg | $3.5B owed (top 50), Gemini Earn $900M/340K users, filed Jan 20, 2023 |
M-Shwari / Digital Credit Development Finance
| Source | Data Point |
|---|---|
| Safaricom PR | M-Shwari launch (Nov 27, 2012), 3.5M customers in 6 months |
| CGAP Focus Note (Aug 2017) | Consumer protection in digital credit |
| CGAP Working Paper (Oct 2018) | 3,000+ Kenyans and 4,500+ Tanzanians surveyed |
| KachTech | 21 million Kenyans reached cumulatively |
Strategy World 2026
- Saylor keynote (Feb 25, 2026): Three-layer digital capital framework, $50–60T market sizing
- YouTube: Bitcoin Magazine channel, timestamp 50:32 (youtube.com/watch?v=HSqlTJjs36g)
- Saylor X post (Feb 26, 2026): “My keynote yesterday focused on Digital Credit…”
Google Trends Data
Search interest analysis is based on CSV exports from trends.google.com, not screenshots or approximations.
Key findings (March 2026 export):
- “digital credit” baseline (first 4 weeks, Mar 2025): 21.5 average
- Peak: 100 (week of September 21, 2025)
- Peak/baseline ratio: 4.65×
- Recent 8-week average: 71.9 (sustained 3.34× above baseline)
- Declining associations: “amazon digital credit” –60%, “digital credit union” –40%, “digital federal credit union” –50%
Downloadable Data
True North will publish downloadable datasets as the digital credit hub matures. Planned datasets:
- Instrument comparison data — All six instruments with current rates, yields, and key terms (CSV)
- Rate change history — Historical rate changes for STRC and SATA variable-rate instruments (CSV)
- Market context data — BTC market cap, corporate bond market, money market AUM, DeFi TVL over time (CSV)
When available, these will be hosted at tnorth.com/data/ and linked from this page with Dataset structured data for search discovery.
How to Verify Our Claims
We encourage readers to verify our data independently. Here’s how:
Instrument terms: Search for the issuer’s CIK number on SEC EDGAR and look at the 424B5 prospectus filing for the specific instrument. All terms (rate, cumulative status, stated value, convertibility) are in the prospectus.
BTC holdings: Check the issuer’s most recent 8-K filing on EDGAR. Strategy and Strive both report BTC acquisitions via 8-K. True North’s Treasury Tracker aggregates holdings data from SEC filings, company disclosures, and public market data.
Market prices and yields: Check Nasdaq.com for real-time pricing. Calculate effective yield: (stated rate × par value) / current market price.
DeFi data: Visit DeFiLlama and filter by lending protocols for current TVL data.
If you find a discrepancy between our data and a primary source, contact us. We document all corrections in the correction log.
All sources on this page were last verified against primary data as of the page’s “last data refresh” date shown above. Time-sensitive figures (prices, yields, TVL) change continuously and should be treated as approximate between refreshes.
This content is for informational and educational purposes only. It is not an offer to sell or a solicitation to buy any security. Review all offering documents on SEC EDGAR before investing.
Related Research
Methodology & Editorial Policy
How True North researches, verifies, and maintains digital credit content. Data sources, analytical framework, update cadence, editorial independence, and correction log.
Digital Credit Markets & Instruments
Every exchange-listed digital credit instrument mapped. STRK, STRF, STRD, STRC, STRE, SATA — issuer data, rates, yields, capital structure, and cross-instrument comparison.
True North contributors include professionals affiliated with Strive, Inc. (Nasdaq: ASST), a Bitcoin treasury company and issuer of SATA preferred stock. True North maintains editorial independence. All analysis reflects True North's views, not those of any affiliated entity. Coverage of all digital credit instruments follows the same analytical methodology regardless of issuer. This is not financial advice.