Financial Information and Editorial Standards

Measure in Sats is a financial education publication. It is not an investment adviser, broker-dealer, tax adviser, law firm, accounting firm, signal service, or portfolio-management service.

We publish frameworks, formulas, source-backed analysis, dated examples, and educational tools for understanding Bitcoin treasury companies, public-company securities, and related financial structures. The work is written for a general audience. It is not tailored to any reader's portfolio, risk tolerance, income needs, tax position, time horizon, or personal constraints.

What We Do

Explain financial mechanics using public sources, filings, prospectuses, and dated data.
Use named securities as examples when they help readers understand a structure.
Show assumptions, formulas, sensitivity tables, and downside cases.
Date-stamp market facts and point readers to current source cards where current values matter.
Disclose author positions and conflicts when they are material to the analysis.

What We Do Not Do

Tell readers what to buy, sell, hold, size, hedge, borrow against, or rebalance.
Provide personalized financial, investment, legal, tax, or accounting advice.
Review individual portfolios or answer "what should I do?" questions.
Publish paid promotion disguised as independent analysis.
Claim that any security, yield, strategy, or Bitcoin-related product is guaranteed, risk-free, or suitable for everyone.

How To Read The Analysis

Any model output is conditional on its assumptions. A formula can show what happens if a dividend rate, Bitcoin growth rate, price, issuance amount, share count, or coverage ratio changes. It cannot tell you whether an instrument is right for you.

When a page uses words like "yield," "coverage," "mNAV," "forever cost," "accretion," or "sats per share," those are analytical terms inside a framework. They are not a recommendation to buy or sell a security.

When a page discusses a specific security, read it as a worked example or source-backed analysis of that instrument's terms. Public-company securities can lose value. Preferred stock is not cash, not a bank deposit, not a government bond, and not risk-free. Bitcoin and Bitcoin-linked securities can be volatile. Issuer policy, market access, tax treatment, liquidity, rates, regulation, and investor demand can change.

Conflicts And Holdings

The author may hold Bitcoin, Strategy common stock, Strategy preferred securities, or other instruments discussed on this site or in related publications. Those holdings create a financial conflict. They also give the author a reason to care deeply about the work.

The rule is simple: conflicts should be disclosed, and the math should be inspectable. Readers should be able to see the source, the date, the assumption, the formula, and the downside case.

Paid Relationships

Measure in Sats does not accept undisclosed compensation to promote a security, issuer, broker, exchange, token project, or financial product.

If a sponsorship, affiliate relationship, free product, referral arrangement, or other material connection ever exists, it should be disclosed clearly and near the related statement. If compensation relates to a security or crypto asset security, it may create additional legal obligations and will not be accepted or published without legal review.

Current Data

Print and long-form essays use dated snapshots. Current market values belong on pages with source cards, timestamps, and stale-data handling.

A current fact should identify:

the source;
the as-of date;
the date accessed or generated;
the relevant freshness rule;
whether the figure may now be stale.

If a current value matters to your decision, check the current source yourself.

Reader Questions

We welcome questions about sources, formulas, definitions, and methodology. We do not answer individualized portfolio questions.

If you ask whether you should buy, sell, hold, size, borrow, hedge, or rebalance, the answer will be the same: Measure in Sats cannot make that decision for you. Use the published framework, do your own work, and consult qualified professionals who understand your full situation.

Sources Behind These Standards

These standards are informed by official guidance and enforcement materials from the SEC, CFTC, FTC, and FINRA, including materials on investment-adviser status, the publisher exclusion for bona fide financial publications, paid promotion, endorsement disclosures, crypto asset treatment, and fair public communications.

This page is an editorial standard, not legal advice. Readers should make their own decisions and consult their own investment, tax, legal, and accounting professionals.