Common Equity Bitcoin Exposure

What shareholders actually own,
measured in Bitcoin.

CEBE strips out debt, preferred stock, and cash to show the real Bitcoin exposure behind every share. No amplification. Just ownership.

Companies Tracked

Total BTC Held

Avg Sector Drag

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The Gap Nobody Measures

Every Bitcoin Treasury Company reports Bitcoin Per Share. Most analytics subtract debt. Almost none subtract preferred stock. Strategy holds — sats per share on paper. After debt, preferred stock, and net cash, common shareholders own —. That's a — gap, almost entirely from preferred stock that ranks above common equity. BPS doesn't measure it. CEBE does.

Explore the Toolkit

Drag Curves

See how fast drag compresses as BTC price rises.

All 9 companies, one chart

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Endgame

Watch value flow from debt to equity in real time.

Live BTC price integration

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Credit & Equity

Every preferred and debt instrument, stress-tested.

24 instruments tracked