Transparency
Methodology and disclosures
Plain-language rules for how this dashboard treats the securities portfolio, Bitcoin Reserve, and income model.
What the portfolio is
A real securities portfolio documented for the Work Save Bitcoin Fiat Freedom Portfolio series. It may hold Bitcoin treasury equities and preferred securities for growth, experimentation, education, and eventual fiat-income generation.
What it is not
It is not a recommendation, not a managed product for viewers, and not combined with the WSB Strategic Bitcoin Reserve. Viewer support does not create ownership of either ledger.
Contribution categories
External cash flows include initial funding, personal deposits, channel-income contributions, and viewer-support contributions into the securities account. Only transactions marked externalCashFlow: true affect contribution-adjusted performance. Dividends, options premiums, interest, and trading P&L are investment results, not contributions.
Investment performance
Total investment profit or loss = current portfolio value + investment-related withdrawals − total external contributions. A deposit raises account value without creating investment profit.
Contributions are matched to the valuation they belong to. An official close counts only contributions recorded at or before that close, so a deposit made after the latest close is listed as recorded after it and enters official value and P&L together at the next close. Live marks include every recorded contribution because they already include the holdings those contributions bought. Earlier valuation-history points are never restated by later deposits.
The contribution totals on the Portfolio page list every recorded external deposit and withdrawal, dated by the latest one. “Starting value + added capital” is the inception value plus net external capital added after inception, on the same basis as the P&L beside it: through the official close when the official close is shown, and through now when a live mark is shown. Current value minus this figure equals investment P&L, so added capital is never shown as a gain.
Day-over-day and normalized portfolio returns exclude new money: each close-to-close return is (ending value − net external cash flow in the window) ÷ starting value − 1, and the normalized line chain-links those returns. Cash-flow-matched benchmarks only buy units with contributions made on or before each valuation point.
Time frames and what is carrying the portfolio
The Portfolio page measures four windows that all end at the latest official close, or at the live mark during regular hours. “Last session” (or “Today” when live) starts at the prior official close. “1 week” starts at the latest close at least seven days earlier. “Month to date” starts at the last close of the previous month. These three chain-link close-to-close returns that exclude new money, and the benchmarks use their price change over the same start and end.
“Since inception” matches the headline: investment P&L ÷ net deposits. Its benchmarks are cash-flow-matched, buying the same dollar amounts on the same dates, so both sides are measured the same way.
Each holding’s contribution is the dollar gain or loss it added over the window: shares at the start × the change in close price, plus, for shares bought inside the window, the change from the recorded purchase price. Episode 1 purchase prices are pending confirmation, so since-inception holding gains start at the first official close (September 16, 4:00 p.m.). The move from the 8:00 a.m. opening mark to that close, plus any cash or rounding, is shown separately as “Other” so the holdings always add up to the portfolio total.
Benchmarks
Bitcoin (BTC/USD), SPY, and GLD are compared at confirmed regular-session open and close marks stored in valuation history (9:30 a.m. / 4:00 p.m. Eastern). Percentage view uses contribution-adjusted portfolio performance; benchmark legs appear only when prices are confirmed. Cash-flow-matched view mirrors external cash flows into each benchmark. After-hours marks are informational only.
Live quotes
During regular U.S. equity hours, overview ending values, portfolio marks, and the trailing tip on open/close charts use live quotes. Those live marks are informational only: they never replace official 4:00 p.m. Eastern closes in valuation history, and never update episode snapshots without confirmation. Historical chart points stay as published.
Bitcoin-per-share exposure
Look-through sats = shares owned × diluted sats per share. Diluted sats per share is the primary metric. Preferreds, ETFs, cash, and issuers without usable disclosures are excluded or marked unavailable. Only actual portfolio holdings enter look-through totals; research examples discussed in Learn notes do not.
SPCX (SpaceX), held since October 2, 2026, is an operating-company allocation and is excluded from look-through totals. Its reported Bitcoin was about 0.05% of its June 30, 2026 market value, so the position is not treated as a Bitcoin-amplification holding.
Bitcoin Reserve separation
Reserve sats = sats received − sats sent − network fees. Reserve dollar changes never appear as securities-portfolio performance.
Modeled income
Deployable value equals securities portfolio value minus excluded cash. Each modeled security receives target allocation capital; modeled shares = capital ÷ price; annual income = shares × distribution per share. Monthly income = annual ÷ 12.
Data update frequency
Version 1 is manually maintained JSON updated around episode publications. Figures show explicit as-of timestamps. Stale data is never labeled live.
Known limitations
Episode 1 seed omits confirmed security prices, cost basis, benchmark prices, and issuer Bitcoin-per-share metrics.
The hypothetical income model prices STRF and STRC from live quotes during regular hours and otherwise from their latest official close, which the nightly job stores alongside the portfolio close as income-model reference prices. They are not portfolio holdings and never enter portfolio value or performance. A symbol without a same-session close is left unpriced rather than carried forward.
The automated official closes from September 25 through October 1, 2026 stored the previous session’s closes for MSTR, ASST, SPY, and GLD, because the job ran before the day’s daily bar was published. Those stored values are shown unchanged pending a correction. From October 2, the job uses the session’s regular-market close when the daily bar is not yet available and carries a prior close forward only when the session has no print. Until they are corrected, “1 week” and “Month to date” windows that start on one of those closes inherit the affected start values.
Research notes
Research notes are stored as validated data in data/learn/research-notes.json. Every claim carries one of six labels: established fact, company target, speculative, interpretation, disputed, or open question. An established fact must cite at least one primary, academic, official-data, or market-data source. A company target must cite the company’s own primary source, and a speculative scenario must cite who proposed it. The build fails otherwise. Podcasts, social posts, and creator commentary may be listed as commentary but are never used as primary evidence.
Some notes use research-only issuer snapshots stored in data/learn/research-snapshots.json. Derived figures are calculated in a shared utility: basic sats per share = Bitcoin held × 100,000,000 ÷ reported common shares; diluted sats per share adds potentially dilutive awards; conditional performance awards are disclosed separately. Bitcoin value per share = reported Bitcoin fair value ÷ reported common shares. Approximate market value applies one closing price to all reported common shares. These snapshots never value a Fiat Freedom Portfolio holding or enter valuation history, market observations, or look-through totals, and any allocation illustration is hypothetical. A company discussed in a note that is later bought is valued only from official closes, like every other holding.
A note may also include a shareholder-value overview that summarizes each business line in one card and links it to the evidence section below. Each card’s evidence line is labeled and sourced under the same rules as any other claim, restates only figures that appear in the note’s cited claims, and shows its as-of date. Any accompanying shareholder-return equation is an interpretive framework, not a calculation.
Each note shows its status (question, researching, published, or needs editorial review), publication and update dates, and a working thesis that is labeled as a working conclusion rather than a settled fact. Notes are revised by appending dated entries to the revision history; earlier revisions are not silently rewritten.
Disclosures
Position ownership: the series documents a portfolio associated with the Work Save Bitcoin channel operator. Affiliate links, when present, are listed on Resources and may generate channel revenue that can later be contributed—and labeled—as channel-income contributions. Educational content only; not investment, tax, or legal advice.