{
 "asof": "2026-09-07",
 "generated_at": "2026-09-08T13:52:18+00:00",
 "source": "sizing-figures.json",
 "canonical": "https://nat-armory.pages.dev/security-budget/",
 "target_pct": 1.0,
 "alden_band_pct": [
  0.5,
  1.5
 ],
 "security_spend_pct_mcap": 0.8227,
 "gap_usd_yr": 2770374190,
 "fee_share_30d_pct": 0.64,
 "fee_share_needed_pct": 18.0,
 "longest_run_above_20pct_days": 40,
 "peak_day": {
  "date": "2024-04-20",
  "fee_share_pct": 75.2
 },
 "after_halving_pct": {
  "2028": 0.41,
  "2032": 0.21,
  "2036": 0.11
 },
 "bases": [
  {
   "label": "Trailing-year revenue over spot market cap",
   "bsi_pct": "0.92%",
   "gap": "$1.27B",
   "cap_to_cover": "$24.40B"
  },
  {
   "label": "Trailing-year revenue over average market cap",
   "bsi_pct": "0.86%",
   "gap": "$2.13B",
   "cap_to_cover": "$40.93B"
  },
  {
   "label": "Spot run-rate revenue over spot market cap (published)",
   "bsi_pct": "0.82%",
   "gap": "$2.77B",
   "cap_to_cover": "$53.28B"
  }
 ],
 "nat": {
  "emission_rate": "5.2%",
  "cap_to_cover_gap": "$53.3B",
  "anchor_cap": "$1B",
  "anchor_coverage_pct": "1.9%"
 },
 "note": "All figures derived from the same data file that feeds nat-faq. Conversions between market capitalisations, not forecasts."
}