Built on CEBE

Runs his own CEBE calculations on Strategy and publishes them, reporting CEBE in satoshis per basic share and holding share-count growth apart from exposure growth rather than netting the two into a single figure. He also carries a CEBE mNAV assumption inside long-horizon models, which puts the measurement in the numerator of a valuation step rather than treating the measurement as the valuation.

He also maps the construction onto a corollary that predates Bitcoin treasuries by a century, reading it as the treasury equivalent of a bank's book value per share, with the market applying a multiple to the residual the way it applies one to book.

A commercial product that computes the framework and credits it by name. It publishes two measures built on the construction, CEBE / Share and Price of Ruin.

CEBE / Share divides by a fully diluted share count rather than by basic shares outstanding, so its figure sits below the one served here against the same balance sheet.

Its break-even measure is published as Price of Ruin. The name differs; the construction is the same one, the Bitcoin price at which senior claims consume the treasury and common equity exposure reaches zero.

Carries CEBE and CEBE mNAV on its Strategy page, adopted as published rather than adapted, and credits the framework by name in its own words as Bobby Tierney's, linking to the framework page here. It states that its senior-claim inputs run live from the Strategy Investor API, so the figure moves with the stack rather than sitting on a stale read.

A difference line waits on the conformance run. Adopting a construction and returning the same figure from it are two claims, and only the second is something a run can settle.

BPS or CEBE? The Debate Dividing Bitcoin Treasury Leaders, by Miller Cole, June 15, 2026. The piece names the framework's developer, prints the CEBE formula and the Net Senior Claims definition behind it, and works the Capital B convertible staircase as its example of a claim denominated in Bitcoin rather than in dollars. It carries responses from Michael Saylor and from Matt Cole, so two of the sector's most prominent issuer voices engaged the construction by name in the same article.

One note for anyone reading it beside this site. Its vocabulary predates the current canon. It writes the senior-claims term as "drag" and divides by "shares outstanding", where the ratified labels here are Senior Claims % and basic shares. The arithmetic it prints is the same arithmetic. Only the words moved.

Its treasuries comparison carries a net-of-claims section that cites the framework, defining CEBE as the Bitcoin backing each common share after the debt and preferred that are paid before common holders. Where an issuer's senior-claims figures are not reliably sourced, the section shows the row as pending rather than printing an estimate, which is the same refusal this site makes.

A difference line waits on the conformance run.

Widens the asset side from Bitcoin to digital assets generally, so the residual is measured in whatever the treasury holds rather than in satoshis alone.

Divides by a fully diluted share count instead of basic shares outstanding, which lowers per-share exposure and raises the multiple against the same balance sheet.

Variants are the reason a conformance set exists. It is a published file of input vectors with the figures the construction should return for each one, so any party computing Common Equity Bitcoin Exposure can run it and see where their answer parts from this site's, without either side arguing from a screenshot. Version zero covers the measurement layer only, which is Senior Claims %, CEBE per share and the terms feeding them; the grading and valuation layers sit outside it deliberately, so nobody can conform on a figure the set never defined. It is drafted and not yet published. The set will be linked here on publication.