Factual summary
The account value a lender would stand behind.
Stablecoins are carried at par. Collateral-eligible assets are carried at oracle price multiplied by the venue’s own loan-to-value ratio. Every other asset is carried at zero: every illiquid token, every unpriced bag. Collateral eligibility, oracle prices and loan-to-value ratios come from the venue’s own lending and margin parameters, so the valuation inherits the venue’s judgments rather than OpenStrategy’s.
Contrast
Mark-to-market answers a different question.
Mark-to-market multiplies units held by the last traded price. It is what leaderboards, dashboards and portfolio screenshots display. For accounts holding majors and stablecoins the two figures are close; for accounts holding size in an illiquid token they can differ by orders of magnitude.
Returns computed on marked equity a margin engine would not honour can be fiction, and leverage read off the wrong equity base can misstate a book in either direction.
Stated failure modes
A lower bound beats a phantom.
Where the engine cannot price something, it says so rather than guessing. An account holding unpriced positive assets is reported as a lower bound. An account with unpriced debts is reported as indeterminate. An account whose mark-valued wealth exceeds ten times its collateral-basis equity is flagged as implausible.
Limits
Deliberately conservative.
A genuinely valuable but non-collateral asset is carried at zero, which understates some accounts. OpenStrategy considers a stated lower bound the correct failure mode for an evaluation engine. Collateral-basis valuation is used in candidate screening and scoring metrics; published OSIQ 30 observations are computed from account-value windows and were not affected by its introduction.
Sources and related pages