Credit & Equity: Bitcoin-Backed Preferred Instruments

The Cost of Credit to Common Equity
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: Live Stress 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.
S1 The 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.
Full credit column guide ↗

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S2 Claims % Contribution Breakdown

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.

S3 Convert 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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S4 The 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 8 companies, 6 currencies, every capital structure variant.
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 Bridge Same math. Inverse perspective.
BTC Rating
= Reserve / Gross Claims
BTC Risk
= P(Claims % = 100%)
BTC Credit
= Wrapper Floor
Saylor's Equation ↔ CEBE Strategy 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 8 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.
S6 What 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.

The data is the argument.