About Bobby Tierney
vCIO with over 20 years in cybersecurity. Creator of the CEBE framework for Bitcoin treasury company analysis.
Independent by design, accountable to the owner, not the issuer.
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 January 2026, Bobby created and published the CEBE framework (Common Equity Bitcoin Exposure), a new analytical lens for Bitcoin treasury companies. CEBE accounts for the 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 claims 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
- Senior Claims %: the percentage of total BTC spoken for by these senior claims
- Claims 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, Senior Claims %, and credit analysis for every Bitcoin treasury company.
Insights
Research pieces on framework methodology, capital structure, and market dynamics.
Modeler
Interactive scenarios: model Senior Claims %, CAGR assumptions, and shareholder outcomes.
Guides
How-to articles: navigate dashboards, understand columns, analyze credit.
Data Integrity
Every figure traces to a primary source, an SEC or exchange filing, a regulatory notification, or a company document, and carries a VERIFIED or EST flag. Estimated figures are labeled until a filing confirms them. The rules are on the methodology page.
Holdings
Bobby holds long-horizon positions in some of the companies this site tracks. He does not trade around coverage: nothing on this site is timed to a position, and no position changes because of what a page says. Positions are not disclosed by name or size, and nothing here is investment advice.
Industry Recognition
The CEBE framework has been adopted by independent analysts and content creators as a working tool for Bitcoin treasury company valuation.
Adam Livingston: The Bitcoin Wizard
Adam Livingston, host of The Bitcoin Wizard on YouTube, uses the CEBE framework in his coverage of Metaplanet and Strategy (MSTR), referencing it by name and pointing viewers to cebetracker.io.
Source: "THIS MSTR BULL FUEL WILL BLOW YOUR MIND! HOW I'M GETTING RICH!", Adam Livingston, YouTube.