Every Bitcoin treasury company reports a gross stack. Not every sat belongs to common shareholders. Senior claims come first: debt principal, convertible notes, preferred dividends, operating cash needs. What is left is CEBE. Claims-Equity-Backed Exposure. The real bitcoin per share after the capital stack has been served.
These profiles show CEBE sats per share, senior-claims drag as a share of the BTC reserve, the full credit structure, quarterly dashboard, and historical trend for every active name in the CEBE universe. Every number traces to a filing. Sources are linked on each page.