About Bobby Tierney
vCIO with over 20 years in cybersecurity. Creator of the CEBE framework for Bitcoin treasury company analysis.
Bobby Tierney is a vCIO in the IT industry with over 20 years in cybersecurity. He brings deep security and risk analysis expertise to every engagement.
In 2024, Bobby created the CEBE framework -- Common Equity Bitcoin Exposure -- a new analytical lens for Bitcoin treasury companies. CEBE accounts for drag from senior claims (convertible notes, preferred equity, warrants) on shareholder Bitcoin exposure, revealing what traditional metrics like BPS (Bitcoin Per Share) and simple per-share calculations miss.
He built cebetracker.io to give investors the tools needed to understand true Bitcoin exposure: live dashboards, credit structure analysis, CEBE calculations, and a drag model. No hand-waving. Real math grounded in SEC and LSE filings.
@chcbearsfanThe CEBE Framework
CEBE stands for Common Equity Bitcoin Exposure. It measures the Bitcoin exposure available to common shareholders after accounting for senior claims.
Most Bitcoin treasury analysis stops at Bitcoin Per Share (BPS) -- how much Bitcoin a company holds divided by shares outstanding. But BPS doesn't reveal what common shareholders actually own. If a company has 20 BTC per share but senior claims on 5 BTC, common shareholders only get 15 BTC worth of exposure.
CEBE fills that gap. It accounts for:
- Convertible notes -- senior claims that convert at predetermined rates
- Preferred equity -- liquidation preferences ahead of common
- Warrants -- future claims on Bitcoin allocation
- Drag -- the percentage of total BTC spoken for by these senior claims
- Drag compression -- how fixed-dollar obligations shrink as a fraction of total BTC when Bitcoin appreciates
Tools & Resources
CEBE Tracker provides institutional-grade tools for Bitcoin treasury analysis:
The Tracker
Live CEBE, drag, and credit analysis for every Bitcoin treasury company.
Insights
Research pieces on framework methodology, capital structure, and market dynamics.
Modeler
Interactive scenarios: model drag, CAGR assumptions, and shareholder outcomes.
Guides
How-to articles: navigate dashboards, understand columns, analyze credit.
Data Integrity
Every number in CEBE Tracker traces to SEC filings (10-K, 10-Q, 8-K) or LSE filings. No estimates. No hand-waving. All calculations are transparent, audit-ready, and fully documented.
Industry Recognition
The CEBE framework has been adopted by independent analysts and content creators as a core tool for Bitcoin treasury company valuation.
Adam Livingston -- The Bitcoin Wizard
Adam Livingston, host of The Bitcoin Wizard on YouTube, uses the CEBE framework as his primary analytical model for valuing Bitcoin treasury companies. His coverage of Metaplanet and Strategy (MSTR) price projections relies on CEBE math -- drag, drag compression, and common equity exposure -- to build forward models that go beyond headline BTC holdings.
In his videos, Livingston has referenced "the CEBE framework" by name and told his audience: "if you run the CEBE math that I've talked about on this channel" -- pointing viewers to cebetracker.io as the source for the analytical tools and data.
His adoption of CEBE validates the framework's core thesis: that BPS Yield alone is insufficient for understanding what Bitcoin treasury shareholders actually own, and that senior claims must be modeled explicitly. Livingston's independent use of CEBE in his Metaplanet coverage, Strategy analysis, and broader sector commentary demonstrates that the framework fills a real gap in Bitcoin treasury analytics.