Each dot is a Bitcoin treasury company. Right means the company grew its BTC per share. Up means its leverage shrank. Top-right companies did both.  How it’s calculated →

The CEBE Compass

Did your Bitcoin company grow BTC per share this quarter, or shrink it?

Quarter-over-quarter changes only, what management did this quarter, not a current balance sheet snapshot. Each dot shows movement, not absolute position.

Quarter
?Both quarter-start and quarter-end snapshots are
recomputed at the same BTC price, so BTC price swings
cancel out. Only management actions (buying BTC, issuing
debt, reducing Senior Claims %) move the dot.
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▲ Click or tap any dot to explore company details

Leaders  top-right
growing BTC/share, costs compressing
BTC per share grew
Leverage shrank
Leveraged  bottom-right
growing, with leverage rising
BTC per share grew
But took on more debt to do it
Deleveraging  top-left
paying down, but fading
BTC per share shrank
But cleaned up the balance sheet
Deteriorating  bottom-left
losing ground on both fronts
BTC per share shrank
And leverage grew
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Included: Bitcoin treasury companies with verified quarterly snapshots in the CEBE dataset. Excluded: Companies with insufficient filing data or paused coverage.  ·  Methodology