Gammon Capital · Strategic Treasury Intelligence

Which crypto-treasury companies have the riskiest loan fine-print?

Many Bitcoin, Ethereum and Solana “treasury” companies borrowed money or issued preferred stock backed by their crypto. Those deals contain promises — called covenants. If crypto prices fall, some promises get triggered: a margin call, a forced sale, or the whole loan coming due. We read 100 verified covenants across 45 companies (57 screened, 471 filings) and ranked the ones most likely to come under stress.

45
companies with covenants
50
high-stress covenants
16
triggers hidden from public
6 hours
shortest collateral top-up window (Nakamoto Inc.)
⬇ Download the full PDF briefing

60-second explainer

What's a covenant?
A promise in a loan or bond. Example: “keep at least $150 of crypto pledged for every $100 you borrowed.” Break the promise and the lender gets rights.
What's a margin call?
If pledged crypto falls in value, the lender can demand more — often within hours. Miss the deadline and they can sell the crypto.
Why it matters now
Crypto is volatile and trades 24/7, but companies and banks don't move money 24/7. A sharp weekend drop can trip these triggers before anyone can react.

🏆 Companies ranked by covenant-failure risk

Every company we found with public loan/bond/preferred covenants, ranked by how exposed it is to failing one. 15 are “elevated.” Each shows the stress period that would cause it. Tap a row for detail. This is relative screening risk, not a prediction or an accusation.

#1 Elevated Empery Digital EMPD 20 high stress-covenant(s) 18 public-trigger
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#2 Elevated Upexi Inc. UPXI 8 high stress-covenant(s) 1 public-trigger
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#3 Elevated Nakamoto Inc. NAKA 6 high stress-covenant(s) 4 public-trigger
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#4 Elevated DeFi Development Corp. DFDV 6 high stress-covenant(s) 3 public-trigger
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#5 Elevated GameSquare GAME 1 high stress-covenant(s) 1 public-trigger
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#6 Elevated Hut 8 Corp. HUT 2 high stress-covenant(s) 2 public-trigger
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#7 Elevated Applied Digital APLD 20 collateral/margin stress-covenant(s) triggers in unfiled side-agreement
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#8 Elevated Cipher Mining CIFR 18 collateral/margin stress-covenant(s) triggers in unfiled side-agreement
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#9 Elevated ProCap Financial (Pompliano) BRR 2 high, 1 medium stress-covenant(s) 1 public-trigger
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#10 Moderate LM Funding America LMFA 16 collateral/margin stress-covenant(s) triggers in unfiled side-agreement
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#11 Elevated Bit Digital BTBT 2 high stress-covenant(s) triggers in unfiled side-agreement
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#12 Elevated Gemini Space Station GEMI 1 high, 1 medium stress-covenant(s) 1 public-trigger
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#13 Elevated Robinhood Markets HOOD 2 medium stress-covenant(s) triggers in unfiled side-agreement
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#14 Moderate BitGo Holdings BTGO 9 collateral/margin stress-covenant(s) triggers in unfiled side-agreement
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#15 Elevated BTCS Inc. BTCS 1 high stress-covenant(s) 1 public-trigger
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#16 Elevated Fold Holdings FLD 1 high stress-covenant(s) 1 public-trigger
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#17 Moderate Hyperscale Data GPUS 8 collateral/margin stress-covenant(s) triggers in unfiled side-agreement
What would cause it A prolonged low-price stretch strains cash and lets cumulative preferred dividends pile up.
#18 Moderate DeFi Technologies DEFI 3 collateral/margin stress-covenant(s) triggers in unfiled side-agreement
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#19 Moderate Strategy Inc. (fka MicroStrategy) MSTR 3 collateral/margin stress-covenant(s) triggers in unfiled side-agreement
What would cause it A prolonged low-price stretch strains cash and lets cumulative preferred dividends pile up.
#20 Elevated SharpLink Gaming SBET 2 collateral/margin stress-covenant(s) triggers in unfiled side-agreement
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#21 Moderate Twenty One Capital XXI 2 collateral/margin stress-covenant(s) triggers in unfiled side-agreement
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#22 Moderate CleanSpark CLSK 2 collateral/margin stress-covenant(s) triggers in unfiled side-agreement
What would cause it A prolonged low-price stretch strains cash and lets cumulative preferred dividends pile up.
#23 Moderate Bitcoin Standard Treasury CEPO 2 collateral/margin stress-covenant(s) triggers in unfiled side-agreement
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#24 Moderate Exodus Movement EXOD 1 collateral/margin stress-covenant(s) triggers in unfiled side-agreement
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#25 Moderate Block Inc. (fka Square) XYZ 1 collateral/margin stress-covenant(s) triggers in unfiled side-agreement
What would cause it A sustained revenue/margin slump (low crypto prices or post-halving mining economics) pushes leverage and coverage ratios through their limits at the next quarterly test.
#26 Moderate Strive Asset Management ASST 1 collateral/margin stress-covenant(s) triggers in unfiled side-agreement
What would cause it A prolonged low-price stretch strains cash and lets cumulative preferred dividends pile up.
#27 Moderate IREN Limited (fka Iris Energy) IREN 1 collateral/margin stress-covenant(s) triggers in unfiled side-agreement
What would cause it A sharp crypto-price drawdown — a fast 25–40% drop — pulls the pledged crypto below the collateral trigger, setting off margin calls and, if collateral can't be topped up in time, forced liquidation.
#28 Moderate Figure Technology Solutions FIGR 1 collateral/margin stress-covenant(s) triggers in unfiled side-agreement
What would cause it A cash squeeze — operating burn plus a shut equity/debt window — pulls cash below the minimum the lender requires.
#29 Lower Hive Digital Technologies HIVE covenant-light stress-covenant(s)
What would cause it A prolonged low-price stretch strains cash and lets cumulative preferred dividends pile up.
#30 Lower TeraWulf WULF covenant-light stress-covenant(s)
What would cause it A cash squeeze — operating burn plus a shut equity/debt window — pulls cash below the minimum the lender requires.
#31 Lower GD Culture Group GDC covenant-light stress-covenant(s)
What would cause it A cash squeeze — operating burn plus a shut equity/debt window — pulls cash below the minimum the lender requires.
#32 Lower Circle Internet Group CRCL covenant-light stress-covenant(s)
What would cause it A defined trigger event (cross-default, change of control, or a missed deadline) switches on the lender's remedies.
#33 Lower KULR Technology Group KULR covenant-light stress-covenant(s)
What would cause it A defined trigger event (cross-default, change of control, or a missed deadline) switches on the lender's remedies.
#34 Lower MARA Holdings (Marathon Digital) MARA covenant-light stress-covenant(s)
What would cause it A cash squeeze — operating burn plus a shut equity/debt window — pulls cash below the minimum the lender requires.
#35 Lower Solana Company (fka Helius) SOLC covenant-light stress-covenant(s)
What would cause it A defined trigger event (cross-default, change of control, or a missed deadline) switches on the lender's remedies.
#36 Lower Riot Platforms RIOT covenant-light stress-covenant(s)
What would cause it A cash squeeze — operating burn plus a shut equity/debt window — pulls cash below the minimum the lender requires.
#37 Lower Coinbase Global COIN covenant-light stress-covenant(s)
What would cause it A cash squeeze — operating burn plus a shut equity/debt window — pulls cash below the minimum the lender requires.
#38 Lower Sol Strategies Inc. HODL covenant-light stress-covenant(s)
What would cause it A defined trigger event (cross-default, change of control, or a missed deadline) switches on the lender's remedies.
#39 Lower Core Scientific CORZ covenant-light stress-covenant(s)
What would cause it A sustained revenue/margin slump (low crypto prices or post-halving mining economics) pushes leverage and coverage ratios through their limits at the next quarterly test.
#40 Lower BitMine Immersion Technologies BMNR covenant-light stress-covenant(s)
What would cause it A prolonged low-price stretch strains cash and lets cumulative preferred dividends pile up.
#41 Lower Acurx Pharmaceuticals ACXP covenant-light stress-covenant(s)
What would cause it A cash squeeze — operating burn plus a shut equity/debt window — pulls cash below the minimum the lender requires.

⚠️ The watchlist — covenants most likely to come under stress

Ranked by how likely each is to trip in a sharp crypto drawdown and how severe the fallout. 50 are rated “high.” ● 36 have a trigger you can see in public filings ● 16 have a trigger hidden in an unfiled side-agreement. This is a screening watch-list, not an accusation — each card shows you exactly how to check it yourself.

#1 ProCap Financial (Pompliano) Asset coverage minimum — Convertible Notes collateralization (loan-to-collateral) covenant high stress-risk trigger is public
The trigger 1.0:1.0 (collateral value >= 100% of notes), with Bitcoin haircut to 50% and cash/cash-equivalents at 100% of value
If it trips the entire loan can be declared due immediately.
📉 How a stress event could unfold
  1. Crypto prices fall sharply — the kind of double-digit drop crypto can see in a single bad week (or a weekend).
  2. The crypto this company pledged as collateral is now worth less, so its coverage slides toward the danger line (1.0:1.0 (collateral value >= 100% of notes), with Bitcoin haircut to 5…).
  3. Once it crosses that line, the lender issues a margin call — a demand to post more crypto or cash to top the collateral back up.
  4. The company must top up the collateral quickly — typically on a short, contractually-fixed deadline.
  5. If it can't post in time, the entire loan can be declared due immediately.
  6. Forced selling into an already-falling market can push the price down further, and can trip the company's other loans too (a domino effect).
✅ Verify it yourself
  1. Open the source filing on SEC EDGAR. 10-Q Risk Factors on EDGAR → (accession 0001493152-26-023070). This is the company's own filed document — the primary source.
  2. Find the exact clause. Use your browser's Find (Ctrl-F / Cmd-F) and search for: Under the indenture associated with the Convertible Notes, the
  3. Read the trigger in the company's own words. Confirm the quoted language and the threshold below match what you see in the filing. If they don't match exactly, stop — treat our entry as unverified.
  4. Pull the live numbers. You need: Outstanding principal balance of Convertible Notes (disclosed; ~$135.4M repurchased, post-Repurchase balance in filing); Number of Bitcoin posted as collateral (3,300 on deposit; 2,929 required as collateral per filing); Bitcoin spot price as of measurement date; Cash and cash equivalents pledged as collateral (if any). The loan balance and pledged crypto are usually in the company's most recent 8-K or 10-Q; the crypto price is on any market data site.
  5. Do the arithmetic and compare. Compute the ratio the clause defines and compare it to the trigger. If the live number is on the wrong side of the trigger, that is the screening signal to dig in (it is still not, by itself, proof of a covenant failure — definitions and cure rights matter).
Show the exact filed wording
Under the indenture associated with the Convertible Notes, the Company must maintain at all times a 1.0:1.0 (loan-to-collateral ratio compliance level) times collateralization of the Convertible Notes using a mix of Bitcoin (with Bitcoin being valued at 50% for collateral calculation purposes), and cash and cash equivalents (with cash and cash equivalents being valued at 100% for collateral calculation purposes).
#2 BTCS Inc. Asset coverage minimum — Aave protocol health factor / liquidation threshold high stress-risk trigger is public
The trigger health factor minimum 1.0x; Aave ETH liquidation threshold ~80%
If it trips the lender can sell the company's pledged crypto to repay itself.
📉 How a stress event could unfold
  1. Crypto prices fall sharply — the kind of double-digit drop crypto can see in a single bad week (or a weekend).
  2. The crypto this company pledged as collateral is now worth less, so its coverage slides toward the danger line (health factor minimum 1.0x; Aave ETH liquidation threshold ~80%).
  3. Once it crosses that line, the lender issues a margin call — a demand to post more crypto or cash to top the collateral back up.
  4. The company must top up the collateral quickly — typically on a short, contractually-fixed deadline.
  5. If it can't post in time, the lender can sell the company's pledged crypto to repay itself.
  6. Forced selling into an already-falling market can push the price down further, and can trip the company's other loans too (a domino effect).
✅ Verify it yourself
  1. Open the source filing on SEC EDGAR. 10-Q Risk Factors on EDGAR → (accession 0001493152-26-023129). This is the company's own filed document — the primary source.
  2. Find the exact clause. Use your browser's Find (Ctrl-F / Cmd-F) and search for: Loans are subject to full or partial liquidation if
  3. Read the trigger in the company's own words. Confirm the quoted language and the threshold below match what you see in the filing. If they don't match exactly, stop — treat our entry as unverified.
  4. Pull the live numbers. You need: outstanding DeFi borrowing balance (USDT/GHO; $43.78M at 3/31/2026); ETH/aEthWETH collateral fair value ($105.135M; 49,970 aEthWETH at 3/31/2026); Aave ETH liquidation threshold (~80%, disclosed); live ETH spot price for mark-to-market. The loan balance and pledged crypto are usually in the company's most recent 8-K or 10-Q; the crypto price is on any market data site.
  5. Do the arithmetic and compare. Compute the ratio the clause defines and compare it to the trigger. If the live number is on the wrong side of the trigger, that is the screening signal to dig in (it is still not, by itself, proof of a covenant failure — definitions and cure rights matter).
Show the exact filed wording
Loans are subject to full or partial liquidation if the loan’s health factor falls below a protocol-defined minimum threshold, generally 1.0x. Such liquidation events could result in material losses and the Company has no recourse against the protocol or any counterparty in the event of liquidation, technical failure, smart contract vulnerabilities, or oracle manipulation. The health factor is calculated based on the value of the collateral relative to the loan balance and Aave’s liquidation threshold, which is generally 80 % for ETH collateral.
#3 Hut 8 Corp. Asset coverage minimum — FalconX Bitcoin-collateralized term loan collateral ratio / margin call / liquidation thresholds high stress-risk trigger is public
The trigger initial collateral ratio 143%; margin call at 130%; liquidation at 105%
If it trips the lender can sell the company's pledged crypto to repay itself.
📉 How a stress event could unfold
  1. Crypto prices fall sharply — the kind of double-digit drop crypto can see in a single bad week (or a weekend).
  2. The crypto this company pledged as collateral is now worth less, so its coverage slides toward the danger line (initial collateral ratio 143%; margin call at 130%; liquidation at 105…).
  3. Once it crosses that line, the lender issues a margin call — a demand to post more crypto or cash to top the collateral back up.
  4. The company must top up the collateral quickly — typically on a short, contractually-fixed deadline.
  5. If it can't post in time, the lender can sell the company's pledged crypto to repay itself.
  6. Forced selling into an already-falling market can push the price down further, and can trip the company's other loans too (a domino effect).
✅ Verify it yourself
  1. Open the source filing on SEC EDGAR. 10-Q Risk Factors on EDGAR → (accession 0001104659-26-055891). This is the company's own filed document — the primary source.
  2. Find the exact clause. Use your browser's Find (Ctrl-F / Cmd-F) and search for: The facility is structured with an initial collateral ratio
  3. Read the trigger in the company's own words. Confirm the quoted language and the threshold below match what you see in the filing. If they don't match exactly, stop — treat our entry as unverified.
  4. Pull the live numbers. You need: principal outstanding on FalconX term loan ($200.0M at inception, May 2026); quantity of Bitcoin pledged as collateral to FalconX; current BTC spot price (collateral fair value); collateral ratio = collateral fair value / principal outstanding. The loan balance and pledged crypto are usually in the company's most recent 8-K or 10-Q; the crypto price is on any market data site.
  5. Do the arithmetic and compare. Compute the ratio the clause defines and compare it to the trigger. If the live number is on the wrong side of the trigger, that is the screening signal to dig in (it is still not, by itself, proof of a covenant failure — definitions and cure rights matter).
Show the exact filed wording
The facility is structured with an initial collateral ratio of 143 %, with margin call and liquidation thresholds at 130 % and 105 %, respectively.
#4 Empery Digital Asset coverage minimum — Liquidation Event / automatic Event of Default high stress-risk trigger is public
The trigger 143%
If it trips the lender can sell the company's pledged crypto to repay itself.
📉 How a stress event could unfold
  1. Crypto prices fall sharply — the kind of double-digit drop crypto can see in a single bad week (or a weekend).
  2. The crypto this company pledged as collateral is now worth less, so its coverage slides toward the danger line (143%).
  3. Once it crosses that line, the lender issues a margin call — a demand to post more crypto or cash to top the collateral back up.
  4. The company must top up the collateral quickly — typically on a short, contractually-fixed deadline.
  5. If it can't post in time, the lender can sell the company's pledged crypto to repay itself.
  6. Forced selling into an already-falling market can push the price down further, and can trip the company's other loans too (a domino effect).
✅ Verify it yourself
  1. Open the source filing on SEC EDGAR. 8-K EX-10.1 on EDGAR → (accession 0001683168-26-000898). This is the company's own filed document — the primary source.
  2. Find the exact clause. Use your browser's Find (Ctrl-F / Cmd-F) and search for: If during the term of a Loan, the Collateral
  3. Read the trigger in the company's own words. Confirm the quoted language and the threshold below match what you see in the filing. If they don't match exactly, stop — treat our entry as unverified.
  4. Pull the live numbers. You need: BTC quantity held as collateral per Loan Term Sheet; aggregate outstanding loan principal (up to $100M, $5M-$10M tranches disclosed); live BTC/USD price. The loan balance and pledged crypto are usually in the company's most recent 8-K or 10-Q; the crypto price is on any market data site.
  5. Do the arithmetic and compare. Compute the ratio the clause defines and compare it to the trigger. If the live number is on the wrong side of the trigger, that is the screening signal to dig in (it is still not, by itself, proof of a covenant failure — definitions and cure rights matter).
Show the exact filed wording
“If during the term of a Loan, the Collateral Level falls below the Liquidation Level (a “Liquidation Event …
#5 Empery Digital Loan-to-value limit — Liquidation Level high stress-risk trigger is public ⏱ 24 hours (reduced to 12 hour
The trigger 150% of aggregate borrowings (reduced to 143% by Feb 10, 2026 amendment)
If it trips the lender can sell the company's pledged crypto to repay itself.
📉 How a stress event could unfold
  1. Crypto prices fall sharply — the kind of double-digit drop crypto can see in a single bad week (or a weekend).
  2. The crypto this company pledged as collateral is now worth less, so its coverage slides toward the danger line (150% of aggregate borrowings (reduced to 143% by Feb 10, 2026 amendmen…).
  3. Once it crosses that line, the lender issues a margin call — a demand to post more crypto or cash to top the collateral back up.
  4. The company has only 24 hours (reduced to 12 hours by Feb 10, 2026 amendment) to deliver. Crypto trades 24/7, but raising cash, getting approvals and moving collateral often can't — a Friday-night or holiday drop is the worst case.
  5. If it can't post in time, the lender can sell the company's pledged crypto to repay itself.
  6. Forced selling into an already-falling market can push the price down further, and can trip the company's other loans too (a domino effect).
✅ Verify it yourself
  1. Open the source filing on SEC EDGAR. 10-Q Risk Factors on EDGAR → (accession 0001683168-26-003608). This is the company's own filed document — the primary source.
  2. Find the exact clause. Use your browser's Find (Ctrl-F / Cmd-F) and search for: If the value of BTC decreased below 150% of
  3. Read the trigger in the company's own words. Confirm the quoted language and the threshold below match what you see in the filing. If they don't match exactly, stop — treat our entry as unverified.
  4. Pull the live numbers. You need: BTC collateral quantity pledged under the MLA; aggregate outstanding borrowings under the MLA; BTC spot price. The loan balance and pledged crypto are usually in the company's most recent 8-K or 10-Q; the crypto price is on any market data site.
  5. Do the arithmetic and compare. Compute the ratio the clause defines and compare it to the trigger. If the live number is on the wrong side of the trigger, that is the screening signal to dig in (it is still not, by itself, proof of a covenant failure — definitions and cure rights matter).
  6. Mind the clock. If triggered, the company has only 24 hours (reduced to 12 hours by Feb 10, 2026 amendment) to fix it. Check whether it realistically can act that fast (crypto trades 24/7; collateral moves and approvals may not).
Show the exact filed wording
If the value of BTC decreased below 150% of the aggregate borrowings outstanding (the “Liquidation Level”) the Company was required to provide additional BTC to increase the value back to 250% within 24 hours or the lender may liquidate collateral equal to the amount to repay the aggregate outstanding borrowings and return any remaining collateral to the Company.
#6 GameSquare Loan-to-value limit — ETH collateral coverage / loan-to-value (LTV) thresholds high stress-risk trigger is public ⏱ 24 hours to cure deficiency
The trigger margin_call=130% coverage; liquidation=120% coverage; initial=150%; capital_return=170%
If it trips the lender can sell the company's pledged crypto to repay itself.
📉 How a stress event could unfold
  1. Crypto prices fall sharply — the kind of double-digit drop crypto can see in a single bad week (or a weekend).
  2. The crypto this company pledged as collateral is now worth less, so its coverage slides toward the danger line (margin_call=130% coverage; liquidation=120% coverage; initial=150%; ca…).
  3. Once it crosses that line, the lender issues a margin call — a demand to post more crypto or cash to top the collateral back up.
  4. The company has only 24 hours to cure deficiency below 120% liquidation ratio to deliver. Crypto trades 24/7, but raising cash, getting approvals and moving collateral often can't — a Friday-night or holiday drop is the worst case.
  5. If it can't post in time, the lender can sell the company's pledged crypto to repay itself.
  6. Forced selling into an already-falling market can push the price down further, and can trip the company's other loans too (a domino effect).
✅ Verify it yourself
  1. Open the source filing on SEC EDGAR. 10-Q Risk Factors on EDGAR → (accession 0001493152-26-023145). This is the company's own filed document — the primary source.
  2. Find the exact clause. Use your browser's Find (Ctrl-F / Cmd-F) and search for: The arrangements require the Company to maintain specified loan-to-value
  3. Read the trigger in the company's own words. Confirm the quoted language and the threshold below match what you see in the filing. If they don't match exactly, stop — treat our entry as unverified.
  4. Pull the live numbers. You need: outstanding principal balance of ETH-backed notes ($9.5M at 3/31/26, $11.1M April 2026); quantity of pledged ETH (6,958.15 ETH at 3/31/26); current ETH market price; resulting collateral coverage ratio (154% disclosed at 3/31/26). The loan balance and pledged crypto are usually in the company's most recent 8-K or 10-Q; the crypto price is on any market data site.
  5. Do the arithmetic and compare. Compute the ratio the clause defines and compare it to the trigger. If the live number is on the wrong side of the trigger, that is the screening signal to dig in (it is still not, by itself, proof of a covenant failure — definitions and cure rights matter).
  6. Mind the clock. If triggered, the company has only 24 hours to cure deficiency below 120% liquidation ratio to fix it. Check whether it realistically can act that fast (crypto trades 24/7; collateral moves and approvals may not).
Show the exact filed wording
The arrangements require the Company to maintain specified loan-to-value (“LTV”) ratios based on the market value of ETH relative to the outstanding principal balance of the borrowings. The applicable collateralization thresholds are as follows: a) Initial borrowing ratio of 150% - At inception, the Company must pledge ETH with a market value equal to at least 150% of the principal amount borrowed; b) Margin call ratio of 130% - if the collateral value declines such that the collateral coverage falls below 130% of the outstanding loan balance, the lender will issue a margin call requiring the Company to pledge additional ETH or repay a portion of the borrowing; c) Liquidation ratio of 120% - if the collateral coverage falls below 120% and the Company does not cure the deficiency within 24 hours, the lender may liquidate pledged ETH to satisfy the outstanding obligation; and d) capital return ratio of 170% - if the collateral coverage exceeds 170%, the Company may request the return of excess pledged ETH, subject to lender approval and continued compliance with minimum collateralization requirements.
#7 Upexi Inc. Asset coverage minimum — BitGo Credit Facility collateral / margin-call level high stress-risk trigger is public
The trigger 260% initial collateral level; 175% margin call level
If it trips the lender can demand more collateral on a tight clock — if the company can't post it in time, the next step is forced sale.
📉 How a stress event could unfold
  1. Crypto prices fall sharply — the kind of double-digit drop crypto can see in a single bad week (or a weekend).
  2. The crypto this company pledged as collateral is now worth less, so its coverage slides toward the danger line (260% initial collateral level; 175% margin call level).
  3. Once it crosses that line, the lender issues a margin call — a demand to post more crypto or cash to top the collateral back up.
  4. The company must top up the collateral quickly — typically on a short, contractually-fixed deadline.
  5. If it can't post in time, the lender can demand more collateral on a tight clock — if the company can't post it in time, the next step is forced sale.
  6. Forced selling into an already-falling market can push the price down further, and can trip the company's other loans too (a domino effect).
✅ Verify it yourself
  1. Open the source filing on SEC EDGAR. 10-Q Risk Factors on EDGAR → (accession 0001477932-26-003001). This is the company's own filed document — the primary source.
  2. Find the exact clause. Use your browser's Find (Ctrl-F / Cmd-F) and search for: The initial availability is based on a 260% collateral
  3. Read the trigger in the company's own words. Confirm the quoted language and the threshold below match what you see in the filing. If they don't match exactly, stop — treat our entry as unverified.
  4. Pull the live numbers. You need: Outstanding loan balance under BitGo facility (disclosed: $57,295,723 at 3/31/2026); Current market value of pledged SOL treasury assets held at BitGo (collateral); Collateral coverage = collateral MV / loan balance, compared to 175% margin-call trigger. The loan balance and pledged crypto are usually in the company's most recent 8-K or 10-Q; the crypto price is on any market data site.
  5. Do the arithmetic and compare. Compute the ratio the clause defines and compare it to the trigger. If the live number is on the wrong side of the trigger, that is the screening signal to dig in (it is still not, by itself, proof of a covenant failure — definitions and cure rights matter).
Show the exact filed wording
The initial availability is based on a 260% collateral level and a margin call level of 175%
#8 Gemini Space Station Asset coverage minimum — NYDIG repurchase agreement collateral coverage band high stress-risk trigger is public
The trigger 143% buyer's margin call floor; 200% seller's margin call ceiling, measured as collateral value / $75.0M Purchase Price
If it trips the lender can demand more collateral on a tight clock — if the company can't post it in time, the next step is forced sale.
📉 How a stress event could unfold
  1. Crypto prices fall sharply — the kind of double-digit drop crypto can see in a single bad week (or a weekend).
  2. The crypto this company pledged as collateral is now worth less, so its coverage slides toward the danger line (143% buyer's margin call floor; 200% seller's margin call ceiling, mea…).
  3. Once it crosses that line, the lender issues a margin call — a demand to post more crypto or cash to top the collateral back up.
  4. The company must top up the collateral quickly — typically on a short, contractually-fixed deadline.
  5. If it can't post in time, the lender can demand more collateral on a tight clock — if the company can't post it in time, the next step is forced sale.
  6. Forced selling into an already-falling market can push the price down further, and can trip the company's other loans too (a domino effect).
✅ Verify it yourself
  1. Open the source filing on SEC EDGAR. 10-Q Risk Factors on EDGAR → (accession 0002055592-26-000050). This is the company's own filed document — the primary source.
  2. Find the exact clause. Use your browser's Find (Ctrl-F / Cmd-F) and search for: The agreement requires the Company to maintain additional collateral
  3. Read the trigger in the company's own words. Confirm the quoted language and the threshold below match what you see in the filing. If they don't match exactly, stop — treat our entry as unverified.
  4. Pull the live numbers. You need: BTC quantity posted as collateral (1,078 BTC at inception plus any additional margin BTC; filing discloses period-end collateral balances); live BTC/USD price; cash and cash equivalents posted as margin (disclosed at period-end); $75.0M Purchase Price (fixed). The loan balance and pledged crypto are usually in the company's most recent 8-K or 10-Q; the crypto price is on any market data site.
  5. Do the arithmetic and compare. Compute the ratio the clause defines and compare it to the trigger. If the live number is on the wrong side of the trigger, that is the screening signal to dig in (it is still not, by itself, proof of a covenant failure — definitions and cure rights matter).
Show the exact filed wording
The agreement requires the Company to maintain additional collateral coverage within specified thresholds and permits the Company to satisfy margin requirements through the transfer of additional BTC or cash and cash equivalents, such that the value of the
#9 Empery Digital Asset coverage minimum — Initial Collateral Level high stress-risk trigger is public
The trigger 174%
If it trips the lender can demand more collateral on a tight clock — if the company can't post it in time, the next step is forced sale.
📉 How a stress event could unfold
  1. Crypto prices fall sharply — the kind of double-digit drop crypto can see in a single bad week (or a weekend).
  2. The crypto this company pledged as collateral is now worth less, so its coverage slides toward the danger line (174%).
  3. Once it crosses that line, the lender issues a margin call — a demand to post more crypto or cash to top the collateral back up.
  4. The company must top up the collateral quickly — typically on a short, contractually-fixed deadline.
  5. If it can't post in time, the lender can demand more collateral on a tight clock — if the company can't post it in time, the next step is forced sale.
  6. Forced selling into an already-falling market can push the price down further, and can trip the company's other loans too (a domino effect).
✅ Verify it yourself
  1. Open the source filing on SEC EDGAR. 8-K EX-10.1 on EDGAR → (accession 0001683168-26-000898). This is the company's own filed document — the primary source.
  2. Find the exact clause. Use your browser's Find (Ctrl-F / Cmd-F) and search for: The eighth term of each such Loan Term Sheet
  3. Read the trigger in the company's own words. Confirm the quoted language and the threshold below match what you see in the filing. If they don't match exactly, stop — treat our entry as unverified.
  4. Pull the live numbers. You need: aggregate USD loan principal outstanding under the MLA (up to $100M; tranches of $5-10M disclosed); number of BTC posted as Collateral; current BTC/USD price. The loan balance and pledged crypto are usually in the company's most recent 8-K or 10-Q; the crypto price is on any market data site.
  5. Do the arithmetic and compare. Compute the ratio the clause defines and compare it to the trigger. If the live number is on the wrong side of the trigger, that is the screening signal to dig in (it is still not, by itself, proof of a covenant failure — definitions and cure rights matter).
Show the exact filed wording
The eighth term of each such Loan Term Sheet is amended and restated to say “Initial Collateral Level: 174%”.
#10 Empery Digital Margin-call response clock — Collateral Call Level high stress-risk trigger is public
The trigger 153%
If it trips the lender can demand more collateral on a tight clock — if the company can't post it in time, the next step is forced sale.
📉 How a stress event could unfold
  1. Crypto prices fall sharply — the kind of double-digit drop crypto can see in a single bad week (or a weekend).
  2. The crypto this company pledged as collateral is now worth less, so its coverage slides toward the danger line (153%).
  3. Once it crosses that line, the lender issues a margin call — a demand to post more crypto or cash to top the collateral back up.
  4. The company must top up the collateral quickly — typically on a short, contractually-fixed deadline.
  5. If it can't post in time, the lender can demand more collateral on a tight clock — if the company can't post it in time, the next step is forced sale.
  6. Forced selling into an already-falling market can push the price down further, and can trip the company's other loans too (a domino effect).
✅ Verify it yourself
  1. Open the source filing on SEC EDGAR. 8-K EX-10.1 on EDGAR → (accession 0001683168-26-000898). This is the company's own filed document — the primary source.
  2. Find the exact clause. Use your browser's Find (Ctrl-F / Cmd-F) and search for: The tenth term of each such Loan Term Sheet
  3. Read the trigger in the company's own words. Confirm the quoted language and the threshold below match what you see in the filing. If they don't match exactly, stop — treat our entry as unverified.
  4. Pull the live numbers. You need: BTC collateral quantity per loan (filing states collateral = number of BTC based on 174% Initial Collateral Level as of First Amendment Loan Date; ~350 BTC released, aggregate loans up to $100M); outstanding USD loan principal (up to $100M aggregate; tranches of $5-10M enumerated); live BTC spot price. The loan balance and pledged crypto are usually in the company's most recent 8-K or 10-Q; the crypto price is on any market data site.
  5. Do the arithmetic and compare. Compute the ratio the clause defines and compare it to the trigger. If the live number is on the wrong side of the trigger, that is the screening signal to dig in (it is still not, by itself, proof of a covenant failure — definitions and cure rights matter).
Show the exact filed wording
The tenth term of each such Loan Term Sheet is amended and restated to say “Collateral Call Level: 153%”.
#11 Empery Digital Asset coverage minimum — Initial Collateral Rate high stress-risk trigger is public
The trigger Initial Collateral Rate 250% (target); Collateral Call Level <175% triggers top-up; Liquidation Level <150% triggers cure-or-liquidate. Amended 2026-02-10: Initial 174%, Call 153%, Refund 217%, Liquidation 143%.
If it trips the lender can demand more collateral on a tight clock — if the company can't post it in time, the next step is forced sale.
📉 How a stress event could unfold
  1. Crypto prices fall sharply — the kind of double-digit drop crypto can see in a single bad week (or a weekend).
  2. The crypto this company pledged as collateral is now worth less, so its coverage slides toward the danger line (Initial Collateral Rate 250% (target); Collateral Call Level <175% tri…).
  3. Once it crosses that line, the lender issues a margin call — a demand to post more crypto or cash to top the collateral back up.
  4. The company must top up the collateral quickly — typically on a short, contractually-fixed deadline.
  5. If it can't post in time, the lender can demand more collateral on a tight clock — if the company can't post it in time, the next step is forced sale.
  6. Forced selling into an already-falling market can push the price down further, and can trip the company's other loans too (a domino effect).
✅ Verify it yourself
  1. Open the source filing on SEC EDGAR. 10-Q Risk Factors on EDGAR → (accession 0001683168-26-003608). This is the company's own filed document — the primary source.
  2. Find the exact clause. Use your browser's Find (Ctrl-F / Cmd-F) and search for: The MLA initially required the Company to provide the
  3. Read the trigger in the company's own words. Confirm the quoted language and the threshold below match what you see in the filing. If they don't match exactly, stop — treat our entry as unverified.
  4. Pull the live numbers. You need: aggregate borrowings outstanding under MLA (filed: $45.0M as of 3/31/2026, +$10M borrowed Apr 1 - May 7 2026); BTC collateral quantity posted (filed: 1,096 BTC as of 3/31/2026); live BTC spot price to mark collateral fair value (FV was $74,794,125 / ~166% coverage at 3/31/2026); applicable post-amendment thresholds: Call 153%, Liquidation 143%. The loan balance and pledged crypto are usually in the company's most recent 8-K or 10-Q; the crypto price is on any market data site.
  5. Do the arithmetic and compare. Compute the ratio the clause defines and compare it to the trigger. If the live number is on the wrong side of the trigger, that is the screening signal to dig in (it is still not, by itself, proof of a covenant failure — definitions and cure rights matter).
Show the exact filed wording
The MLA initially required the Company to provide the Lender collateral of BTC equal to 250% of any amount borrowed (the “Initial Collateral Rate”).
#12 Empery Digital Asset coverage minimum — Collateral Call Level high stress-risk trigger is public
The trigger 175% of aggregate borrowings (reduced to 153% by Feb 10, 2026 amendment); restore-to target 250%
If it trips the lender can demand more collateral on a tight clock — if the company can't post it in time, the next step is forced sale.
📉 How a stress event could unfold
  1. Crypto prices fall sharply — the kind of double-digit drop crypto can see in a single bad week (or a weekend).
  2. The crypto this company pledged as collateral is now worth less, so its coverage slides toward the danger line (175% of aggregate borrowings (reduced to 153% by Feb 10, 2026 amendmen…).
  3. Once it crosses that line, the lender issues a margin call — a demand to post more crypto or cash to top the collateral back up.
  4. The company must top up the collateral quickly — typically on a short, contractually-fixed deadline.
  5. If it can't post in time, the lender can demand more collateral on a tight clock — if the company can't post it in time, the next step is forced sale.
  6. Forced selling into an already-falling market can push the price down further, and can trip the company's other loans too (a domino effect).
✅ Verify it yourself
  1. Open the source filing on SEC EDGAR. 10-Q Risk Factors on EDGAR → (accession 0001683168-26-003608). This is the company's own filed document — the primary source.
  2. Find the exact clause. Use your browser's Find (Ctrl-F / Cmd-F) and search for: If the value of BTC held by the lender
  3. Read the trigger in the company's own words. Confirm the quoted language and the threshold below match what you see in the filing. If they don't match exactly, stop — treat our entry as unverified.
  4. Pull the live numbers. You need: BTC posted as collateral (units and/or fair value); aggregate MLA borrowings outstanding; BTC spot price. The loan balance and pledged crypto are usually in the company's most recent 8-K or 10-Q; the crypto price is on any market data site.
  5. Do the arithmetic and compare. Compute the ratio the clause defines and compare it to the trigger. If the live number is on the wrong side of the trigger, that is the screening signal to dig in (it is still not, by itself, proof of a covenant failure — definitions and cure rights matter).
Show the exact filed wording
If the value of BTC held by the lender as collateral decreased below 175% of the aggregate borrowings outstanding (“Collateral Call Level”), the Company is required to provide additional BTC to increase the value back to 250% of the aggregate borrowings outstanding.
#13 Empery Digital Margin-call response clock — Failure to respond to First Notification - Event of Default high stress-risk trigger is public ⏱ 24 hours (First Notification
The trigger 24 hours (First Notification Period); related Collateral Call Level 175%, Liquidation Level 150%, Initial 250%, Refund 345%
If it trips the entire loan can be declared due immediately.
📉 How a stress event could unfold
  1. Crypto prices fall sharply — the kind of double-digit drop crypto can see in a single bad week (or a weekend).
  2. The crypto this company pledged as collateral is now worth less, so its coverage slides toward the danger line (24 hours (First Notification Period); related Collateral Call Level 17…).
  3. Once it crosses that line, the lender issues a margin call — a demand to post more crypto or cash to top the collateral back up.
  4. The company has only 24 hours (First Notification Period) to deliver. Crypto trades 24/7, but raising cash, getting approvals and moving collateral often can't — a Friday-night or holiday drop is the worst case.
  5. If it can't post in time, the entire loan can be declared due immediately.
  6. Forced selling into an already-falling market can push the price down further, and can trip the company's other loans too (a domino effect).
✅ Verify it yourself
  1. Open the source filing on SEC EDGAR. 8-K EX-10.1 on EDGAR → (accession 0001683168-25-007518). This is the company's own filed document — the primary source.
  2. Find the exact clause. Use your browser's Find (Ctrl-F / Cmd-F) and search for: The Borrower’s failure to respond to the First Notification
  3. Read the trigger in the company's own words. Confirm the quoted language and the threshold below match what you see in the filing. If they don't match exactly, stop — treat our entry as unverified.
  4. Pull the live numbers. You need: whether Lender has issued a First Notification (margin call) - private/operational; Borrower's response timestamp - private/operational; live Collateral Level (BTC collateral value vs loan) to know if a call would be triggered (175% Collateral Call Level); outstanding loan balance and posted BTC collateral - not in public filings. The loan balance and pledged crypto are usually in the company's most recent 8-K or 10-Q; the crypto price is on any market data site.
  5. Do the arithmetic and compare. Compute the metric and compare it to the limit. If the live number is on the wrong side of the trigger, that is the screening signal to dig in (it is still not, by itself, proof of a covenant failure — definitions and cure rights matter).
  6. Mind the clock. If triggered, the company has only 24 hours (First Notification Period) to fix it. Check whether it realistically can act that fast (crypto trades 24/7; collateral moves and approvals may not).
Show the exact filed wording
The Borrower’s failure to respond to the First Notification within the First Notification Period will trigger an Event of Default and the Lender shall be entitled to exercise its rights under clause 12
#14 Empery Digital Margin-call response clock — Additional Collateral not received by end of Second Notification Period - Event of Default high stress-risk trigger is public ⏱ 12 hours (Second Notificatio
The trigger 175% Collateral Call Level (triggers the call cascade); 150% Liquidation Level; 250% Initial Collateral Level
If it trips the entire loan can be declared due immediately.
📉 How a stress event could unfold
  1. Crypto prices fall sharply — the kind of double-digit drop crypto can see in a single bad week (or a weekend).
  2. The crypto this company pledged as collateral is now worth less, so its coverage slides toward the danger line (175% Collateral Call Level (triggers the call cascade); 150% Liquidati…).
  3. Once it crosses that line, the lender issues a margin call — a demand to post more crypto or cash to top the collateral back up.
  4. The company has only 12 hours (Second Notification Period) to deliver. Crypto trades 24/7, but raising cash, getting approvals and moving collateral often can't — a Friday-night or holiday drop is the worst case.
  5. If it can't post in time, the entire loan can be declared due immediately.
  6. Forced selling into an already-falling market can push the price down further, and can trip the company's other loans too (a domino effect).
✅ Verify it yourself
  1. Open the source filing on SEC EDGAR. 8-K EX-10.1 on EDGAR → (accession 0001683168-25-007518). This is the company's own filed document — the primary source.
  2. Find the exact clause. Use your browser's Find (Ctrl-F / Cmd-F) and search for: If the Additional Collateral is not received in the
  3. Read the trigger in the company's own words. Confirm the quoted language and the threshold below match what you see in the filing. If they don't match exactly, stop — treat our entry as unverified.
  4. Pull the live numbers. You need: Outstanding loan principal (USD); Live BTC collateral units posted; BTC spot price (Blended Spot Price); Current Collateral Level = collateral value / loan value vs 175% call / 150% liquidation. The loan balance and pledged crypto are usually in the company's most recent 8-K or 10-Q; the crypto price is on any market data site.
  5. Do the arithmetic and compare. Compute the ratio the clause defines and compare it to the trigger. If the live number is on the wrong side of the trigger, that is the screening signal to dig in (it is still not, by itself, proof of a covenant failure — definitions and cure rights matter).
  6. Mind the clock. If triggered, the company has only 12 hours (Second Notification Period) to fix it. Check whether it realistically can act that fast (crypto trades 24/7; collateral moves and approvals may not).
Show the exact filed wording
If the Additional Collateral is not received in the applicable Digital Asset Address designated by the Lender by the end of the Second Notification Period, this shall automatically trigger an Event of Default and the Lender shall be entitled to exercise its rights under clause 12.
#15 Nakamoto Inc. Asset coverage minimum — Liquidation Level high stress-risk trigger is public
The trigger 125%
If it trips the lender can sell the company's pledged crypto to repay itself.
📉 How a stress event could unfold
  1. Crypto prices fall sharply — the kind of double-digit drop crypto can see in a single bad week (or a weekend).
  2. The crypto this company pledged as collateral is now worth less, so its coverage slides toward the danger line (125%).
  3. Once it crosses that line, the lender issues a margin call — a demand to post more crypto or cash to top the collateral back up.
  4. The company must top up the collateral quickly — typically on a short, contractually-fixed deadline.
  5. If it can't post in time, the lender can sell the company's pledged crypto to repay itself.
  6. Forced selling into an already-falling market can push the price down further, and can trip the company's other loans too (a domino effect).
✅ Verify it yourself
  1. Open the source filing on SEC EDGAR. 8-K EX-10.1 on EDGAR → (accession 0001213900-25-096183). This is the company's own filed document — the primary source.
  2. Find the exact clause. Use your browser's Find (Ctrl-F / Cmd-F) and search for: If during the term of a Loan, the Collateral
  3. Read the trigger in the company's own words. Confirm the quoted language and the threshold below match what you see in the filing. If they don't match exactly, stop — treat our entry as unverified.
  4. Pull the live numbers. You need: BTC (or other Digital Asset) collateral quantity pledged into the Anchorage blocked account; Blended Spot Price of the collateral asset (CME BRRNY for BTC); Outstanding Loan Balance (initial principal $203,017,500 USD plus accrued fees). The loan balance and pledged crypto are usually in the company's most recent 8-K or 10-Q; the crypto price is on any market data site.
  5. Do the arithmetic and compare. Compute the ratio the clause defines and compare it to the trigger. If the live number is on the wrong side of the trigger, that is the screening signal to dig in (it is still not, by itself, proof of a covenant failure — definitions and cure rights matter).
Show the exact filed wording
If during the term of a Loan, the Collateral Level falls below the Liquidation Level as set forth on the Loan Term Sheet, this shall automatically trigger an Event of Default and the Lender shall have the right to sell the Collateral in any manner and through any market or dealer, (without prior notice to the Borrower) and shall be entitled to exercise its rights under clause 11.
#16 DeFi Development Corp. Asset coverage minimum — Digital asset term loan collateral coverage high stress-risk trigger is public
The trigger min coverage 200.0%; initial collateral 300.0%; liquidation trigger at 150.0% or lower
If it trips the lender can sell the company's pledged crypto to repay itself.
📉 How a stress event could unfold
  1. Crypto prices fall sharply — the kind of double-digit drop crypto can see in a single bad week (or a weekend).
  2. The crypto this company pledged as collateral is now worth less, so its coverage slides toward the danger line (min coverage 200.0%; initial collateral 300.0%; liquidation trigger at…).
  3. Once it crosses that line, the lender issues a margin call — a demand to post more crypto or cash to top the collateral back up.
  4. The company has only if not remediated in a timely manner to deliver. Crypto trades 24/7, but raising cash, getting approvals and moving collateral often can't — a Friday-night or holiday drop is the worst case.
  5. If it can't post in time, the lender can sell the company's pledged crypto to repay itself.
  6. Forced selling into an already-falling market can push the price down further, and can trip the company's other loans too (a domino effect).
✅ Verify it yourself
  1. Open the source filing on SEC EDGAR. 10-Q Risk Factors on EDGAR → (accession 0001805526-26-000040). This is the company's own filed document — the primary source.
  2. Find the exact clause. Use your browser's Find (Ctrl-F / Cmd-F) and search for: Under the terms of the loan request, we are
  3. Read the trigger in the company's own words. Confirm the quoted language and the threshold below match what you see in the filing. If they don't match exactly, stop — treat our entry as unverified.
  4. Pull the live numbers. You need: outstanding principal of the SOL term loan request (per-loan, not just aggregate $17.7M); fair value / units of SOL posted as collateral for this specific loan; live SOL price. The loan balance and pledged crypto are usually in the company's most recent 8-K or 10-Q; the crypto price is on any market data site.
  5. Do the arithmetic and compare. Compute the ratio the clause defines and compare it to the trigger. If the live number is on the wrong side of the trigger, that is the screening signal to dig in (it is still not, by itself, proof of a covenant failure — definitions and cure rights matter).
  6. Mind the clock. If triggered, the company has only if not remediated in a timely manner to fix it. Check whether it realistically can act that fast (crypto trades 24/7; collateral moves and approvals may not).
Show the exact filed wording
Under the terms of the loan request, we are required to post collateral in the form of the digital asset borrowed or cash, which is calculated as a percentage of the total loan value, at 300.0 % and maintain a minimum collateral coverage 21 Table of Contents DEFI DEVELOPMENT CORP. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS-Continued (Unaudited) of 200.0 %. If the collateral coverage declines to 150.0 % or lower and is not remediated in a timely manner, the lender has the right to liquidate some or all of the posted collateral.

More flagged covenants

CompanyCovenantIf triggeredTriggerSource
DeFi Development Corp.Open-term loan (USDC) collateral coverageliquidationpublicfiling →
DeFi Development Corp.Digital asset financing arrangements - collateral coverageliquidationpublicfiling →
Empery DigitalLiquidation Levelliquidationpublicfiling →
Empery DigitalSecond Notification Period (additional Additional-Collateral cure window)liquidationpublicfiling →
Empery DigitalLiquidation Level - Liquidation Event and Cure Periodliquidationpublicfiling →
Empery DigitalLiquidation Level (Schedule 2 Term Sheet value)liquidationpublicfiling →
Nakamoto Inc.Initial Collateral Level (over-collateralization requirement)margin_callpublicfiling →
Nakamoto Inc.Collateral Call Level (margin maintenance)margin_callpublicfiling →
Nakamoto Inc.Collateral value decline trigger (intraday)margin_callpublicfiling →
Fold HoldingsTwo Prime Credit Facility collateral maintenancemargin_callpublicfiling →
Hut 8 Corp.Coinbase credit facility loan-to-value (LTV) ratiomargin_callpublicfiling →
Empery DigitalInitial Collateral Level (Collateral Requirement)margin_callpublicfiling →
Empery DigitalInitial Collateral Level (Schedule 2 Term Sheet value)margin_callpublicfiling →
Empery DigitalCollateral Call Level - Additional Collateral triggermargin_callpublicfiling →
Empery DigitalCollateral Call Level (Schedule 2 Term Sheet value)margin_callpublicfiling →
Empery DigitalCollateral top-up / prepayment on adverse collateral movement (25% drop)margin_callpublicfiling →
Empery DigitalMargin Call response window (24 hours)margin_callpublicfiling →
ProCap Financial (Pompliano)Grant of control over Digital Assets / Collateral Accounts within 30 days of Issue Date (perfection timing)acceleration—filing →
Nakamoto Inc.Liquidation Level / Liquidation Eventliquidationhiddenfiling →
DeFi Development Corp.Liquidation of Collateralliquidationhiddenfiling →
Upexi Inc.Liquidation of Collateral / Liquidation Levelliquidationhiddenfiling →
Upexi Inc.Margin Notification delivery timing and dispute windowliquidationhiddenfiling →
Upexi Inc.Liquidation Level - automatic liquidation of Collateralliquidationhiddenfiling →
Nakamoto Inc.Additional Collateral Level / Margin Callmargin_callhiddenfiling →
Bit DigitalMargin Call / Collateral Maintenancemargin_callhiddenfiling →
Bit DigitalUrgent Margin Callmargin_callhiddenfiling →
DeFi Development Corp.Margin Callsmargin_callhiddenfiling →
DeFi Development Corp.Required Collateral Amount / Initial Collateralmargin_callhiddenfiling →
Upexi Inc.Collateral Requirement / Required Collateral Amountmargin_callhiddenfiling →
Upexi Inc.Margin Callmargin_callhiddenfiling →
Upexi Inc.Initial Collateral requirementmargin_callhiddenfiling →
Upexi Inc.Margin Call - Additional Collateral delivery (12-hour window)margin_callhiddenfiling →
Empery DigitalMargin Call - Additional Collateral top-up (24 hour cure)margin_callhiddenfiling →
Empery DigitalUrgent Margin Call (12 hour cure)margin_callhiddenfiling →
Robinhood MarketsTranche A Loan Value Collateral Maintenance (Deficiency)margin_callpublicfiling →
Robinhood MarketsTranche A Loan-to-Value (Loan Value of Pledged Eligible Assets)margin_callpublicfiling →
Gemini Space StationRipple warehouse credit agreement RLUSD collateral pledgeotherpublicfiling →
ProCap Financial (Pompliano)Collateral Coverage Requirement – initial collateral delivery within 30 days of Closing Dateacceleration—filing →

“Public” vs “hidden” triggers — why it matters

For some loans the company filed the actual trigger number (e.g. “liquidation at 125% coverage”), so the market can watch it. For others, the company filed only a blank form — the real number lives in a “Loan Confirmation” they did not make public. Those are the ones the market cannot price, because the exact danger line is hidden. We flag which is which on every card.

How this was built (plain version)

  1. Pulled every relevant filing for each company straight from SEC EDGAR (the official source).
  2. Read each loan, bond and preferred-stock document and copied out every covenant word-for-word.
  3. Double-checked every quote actually appears in the filing — anything we couldn't verify was thrown out.
  4. Had a second pass act as a skeptic to confirm each trigger, what it does, and how likely it is to bite.
  5. Ranked them, and wrote the “verify it yourself” steps so you never have to take our word for it.

Plain-English glossary

Covenant
A promise in a loan/bond contract.
Collateral
Assets (here, crypto) the company pledges so the lender can grab them if things go wrong.
Coverage ratio / LTV
How much collateral backs the loan. “125% coverage” = $125 of crypto per $100 borrowed. “80% LTV” = borrowed 80% of the crypto's value. Falling crypto prices worsen both.
Margin call
Lender demand for more collateral, usually on a short clock (sometimes hours).
Liquidation
The lender sells the pledged crypto to repay itself.
Acceleration
The whole loan becomes due immediately.
Event of Default
A defined contract condition that switches on the lender's remedies.