Every instrument is a product for its holder. A cost for common equity.
This page measures the cost from the other side. Both are real. Both should be measured.
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Total Senior Claims (USD equiv.)
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Total Annual Cost (USD equiv.)
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Active Instruments Tracked
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Aggregate coverage ratio
See how coverage ratios change at different BTC prices
Stress: LiveStress Test
Custom
SAME CAPITAL STRUCTURE. TWO TOOLKITS.
Credit asks: "Is my coverage safe?" Equity asks: "What do I actually own?"
Saylor built the credit framework at Strategy World 2026. This page measures both sides. BTC Rating = BTC Reserve Value / Gross Senior Claims. Senior Claims % = Net Claims (BTC) / Total BTC. Related but not inverses: BTC Rating uses gross claims, Claims % subtracts cash. Use the stress test to see what survives.
This page measures the claims that are still outstanding. The Capital Events Ledger records the ones that came off, and what each removal did to Bitcoin per common share.
S1The Instrument Table
Every preferred and debt instrument across tracked companies. The table nobody else built. Because everyone else is selling these products.
Click any instrument to view full terms, coverage scenarios, and impact on common equity
Column Guide
New to CEBE? Start here.
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BTC Rating
How many times the BTC reserve covers all senior claims. Higher = more coverage for creditors.
= BTC Reserve Value / Senior Claims
Cash Cov.
Years of cash-only dividend payments covered by current cash reserves.
= Cash / Annual Cash Dividends
Rank
Seniority in the capital structure. Lower rank = gets paid first in liquidation. Rank 1 is most senior. Common equity is always last.
Type
CUM = cumulative (unpaid divs accrue). NON-CUM = non-cumulative (missed payments are gone).
Payment
Cash only = must pay in cash. Either = can pay in shares (dilutive).
Rate
The dividend or coupon rate the company pays on this instrument. For preferred stock, this is the annual dividend rate. For convertible bonds, this is the interest rate (0% for zero-coupon converts).
Face Value
The total notional amount outstanding. This is how much the company owes or has issued to holders of this instrument. V = verified from filing. L = from latest press release. EST = estimated.
Annual Div
The total annual dividend or interest cost for this instrument. This is what the company pays to holders every year, reducing cash available for common shareholders.
= Face Value x Rate
Ccy
The currency this instrument is denominated in. Matters because non-USD claims create FX risk: a JPY claim shrinks faster in BTC terms when the yen weakens.
BTC Rating and Claims Grade: two seats, one ratio
BTC Rating and the Claims Grade chip read the same structure from opposite seats. BTC Rating is the credit seat, asset coverage, where higher is safer. The Claims Grade letter is the equity seat, the burden on common, where lower is lighter. Same math, inverse perspective.
Where is the Claims % coming from? Each segment shows one instrument's contribution to total Claims % at current BTC price.
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Segment widths update live with BTC price. Use the stress test buttons above to see how contributions shift at different prices.
S3Convert vs Perpetual: Why It Matters
Convertible debt is temporary Claims % with a kill switch. Perpetual preferred is permanent Claims %. Claims % compresses for both as BTC rises, but only converts heal completely.
BTC Price$84K
STRK (Strategy)CONVERTIBLE
Contribution to Claims %
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SATA (Strive)PERPETUAL
Contribution to Claims %
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S4The Annual Cost to Common
Total annual obligations per company, expressed three ways. This is the wrapper. The number that determines whether leverage earns its keep.
Company
Annual Obligations
% of BTC Reserve
Sats/Share/Yr
Cash Runway
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Wrapper = annual cost / BTC reserve value. Minimum BTC CAGR just to break even. The Spread = BTC growth rate minus this number. Positive = leverage working for equity.
S5Same Math. Different Name.
Saylor's Digital Credit Amplification from Strategy World 2026 maps 1:1 to CEBE claim compression. He built the credit toolkit for one company. This page measures it across all of them.
Independent Convergence
Same Math. Different Name.
Saylor's "Digital Credit Amplification" from Strategy World maps 1:1 to CEBE claim compression. He built the credit investor's toolkit for one company. CEBE Tracker measures it across 10 companies, 6 currencies, every capital structure variant.
Effective July 24, 2026
Announced 23 July 2026 and effective 24 July 2026, Strategy's mNAV and Amplification refer to new constructions. Strategy's own definitions state that references to either metric calculated before that date are not comparable to references after it. The mapping below reflects the current definitions. The prior definitions are preserved in a dated block underneath.
Credit Side
Saylor, Strategy World 2026
BTC Rating
Asset coverage. BTC backing per dollar of claims.
BTC Risk
Probability coverage drops below 1.0x.
BTC Credit
Spread needed to offset that risk.
Equity Side
CEBE Tracker
Claims %
% of BTC committed to senior claims.
Break-Even
BTC price where Claims % hits 100%.
The Spread
BTC growth minus cost of capital.
The BridgeSame math. Inverse perspective.
BTC Rating
= Reserve / Gross Claims
Claims %
= Senior Claims / Reserve
BTC Rating reads the credit seat, Claims % the equity seat, of one ratio. BTC Risk and BTC Credit, its probability and spread companions, are defined in the methodology.
Strategy Net Metrics ↔ CEBECurrent definitions, effective July 24, 2026.
mNAV (Strategy, current)
Share price divided by Net BPS in USD. Fixed 1.0x accretion threshold. Nets claims at notional against a Fully Diluted Shares Outstanding count that switches per instrument on moneyness.
Closest CEBE object: CEBE mNAV, which nets claims at accrued liquidation preference against basic shares.
Amplification (Strategy, current)
BTC Reserve divided by Net Reserve. The same gross-ratio construction the tracker publishes. Rises when Bitcoin falls and falls when Bitcoin rises, per Strategy's own definition.
Closest CEBE object: CEBE Amplification.
Net BTC / Net Reserve / Net BPS (Strategy, new)
Holdings less out-of-the-money convertible notional, less perpetual preferred notional excluding in-the-money STRK, less or plus USD Reserve as applicable.
Closest CEBE object: the CEBE numerator, with two stated differences: claims at notional rather than accrued liquidation preference, and a moneyness-switching denominator rather than basic shares.
Claims valuation
Strategy values preferred claims at notional. Their credit tab states the distinction directly:
“Our Preferred Stocks may have liquidation preferences greater than their Notional values; BTC Rating does not take this into account and is based solely on a Preferred Stock's Notional value.”Strategy, credit tab disclaimer, strategy.com, captured July 23, 2026.
CEBE values the same claims at accrued liquidation preference.
Net Leverage (Strategy, current)
Strategy defines the ratio as:
“The difference of Debt less the dollar amount held in the USD Reserve, divided by the BTC Reserve.”Strategy, published definitions, strategy.com, captured July 23, 2026.
Preferred stock is not included in this construction. Preferred notional per their dashboard is $15,464M against debt of $6,754M, both as printed on July 23, 2026.
Closest CEBE object: Senior Claims %, which includes all senior claims net of cash.
BTC Floor ARR (Strategy, new)
Strategy defines the rate as:
“Represents the lowest constant BTC ARR over the weighted average duration of our credit structure that maintains 1.0x coverage of our Net Debt and Pref through our BTC Reserve, after funding interest expense and preferred dividends over the period. Below the BTC Floor ARR, Strategy may need to consider restructuring its obligations.”Strategy, published definitions, strategy.com, captured July 23, 2026. Duration printed at 33.0 years on the same capture.
The duration methodology for perpetual preferred instruments is not stated in the published definitions.
No CEBE equivalent. Nearest object is Break-Even BTC Price, which involves no duration assumption.
Prior to July 24, 2026Preserved with citation. Not comparable to the current definitions above.
Saylor's Equation ↔ CEBEStrategy World 2026. One framework, two names.
Amp%=Claims %
Amp% / (1 − Amp%)=Amplification − 1
RBTC − RUSD=The Spread
Digital Credit=Senior Claims
RUSD=Pref Cost (Wt Avg)
Saylor shows this for one company. CEBE Tracker measures it across 10 companies, 6 currencies, every capital structure variant.
Credit asks: "Is my coverage safe?" Equity should ask: "What do I actually own?"
One side now has a framework. The other has had one.
S6What They Won't Show You
The Other Side
Every product has a cost. Most analysis only measures one.
Most credit comparisons evaluate instruments from the holder's perspective: yield, coverage, seniority. That's the right framework for a creditor. This page evaluates them from the other side.
Every instrument in the table above is someone's income product. It's also common equity's cost. Both are real. Both matter. Most analysts build one toolkit because their clients only need one.
This page has no instruments to sell. No yield to earn. That's why it can measure both sides.
When these instruments trade below par, the cost can run in reverse. The Retirement Trade models what common equity gains when the issuer retires preferred at a discount, series by series.