Ledger

Capital Events Ledger

Claims retired, shares repurchased, converts settled, across the tracked fleet

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Takeaways

Every row is a capital event that removed a senior claim or reduced the common share count, with what it did to the Bitcoin each common share owns.
The ledger is the record of what companies did; The Retirement Trade is the model of what a dollar would do at today's prices.
A reported date is not an execution date, so the ledger never strikes a price from a date and converts Bitcoin at the price recorded on the row.
A refinancing is presented as one event with its net claim change, and it carries no per-share test because it has no execution price.
A row that cannot be measured names what it is missing in its own column, never a dash, a blank or a zero.

For anyone checking what a treasury company did with its capital, event by event, against the filings.

The Record

Every row here is a capital event that removed a senior claim or reduced the common share count. The ledger states what happened, when, at what price, and what it did to the Bitcoin each common share owns.

This is the record. The Retirement Trade is the model. The model says what a dollar would do at today's prices. The ledger says what companies did with theirs.

Treasury-held stock counts as a repurchase. A treasury share carries no dividend, no liquidation participation and no vote, and it is already outside the basic share count that CEBE divides by, which is the same reasoning the dual-class rule follows.

The Four Types

Type	What moved	Per-share test
Cash retirement	Claim extinguished for cash	Face retired minus cash deployed
Share conversion	Claim extinguished by issuing shares	Conversion price against CEBE per share at execution
Common repurchase	Shares bought back or taken to treasury	Execution price against CEBE per share at execution
Refinancing	Claim replaced by another claim	None. Reported by its net claim change, which can be positive, and the cash across its legs

Type is a filter, not a colour. The sign of the sats effect is the story, so no legend stands between the reader and what happened.

What The Disclosure Supports

Loading the event count...

A row that cannot be measured names what it is missing, in its own column. Not a dash, not a blank, not a zero. That column is the backlog made visible, and it says exactly what would unlock each row.

The Ledger

Select any row for the detail: the governing snapshot, the inputs used, the coupon the event ended, the filing behind it, and the alternate closes where the anchor recorded them.

How Each Row Is Measured

The date basis

A reported date is not an execution date. A row keyed to a press release days after settlement carries a date the market never traded on, so the ledger never strikes a price from a date. Bitcoin converts at the price recorded on the row itself, and the balance sheet comes from the latest snapshot dated on or before the event. The date column states which basis it is showing, and a row whose basis cannot be established shows a named gap in place of a figure.

Where an event covers several days, the mark is struck at the window close, the last date on which the claim could still have been outstanding. The other closes appear in the row detail when the source recorded them, so the sensitivity is visible rather than buried.

The construction

Senior claims come from the shared claims reader in config/compute-drag.js, the same one the tracker, the modeler and the public feed call. It is not reimplemented here. Each event is applied to the claim stack, the share count and the treasury, and the sats effect is the difference between the residual per share before and after.

Paying from the bank and paying by selling Bitcoin have the same effect on the residual, because cash held is a claim offset. Where a disposal in the same funding group paid for an event whose own row shows no outflow, that disposal is carried as the cash deployed.

Refinancings

A funding group whose rows both remove and add a senior claim is presented as one refinancing with the net change. Measuring its legs separately would book the retirement leg as relief the company never delivered, because the claim returned in another form. A group that also repurchases stock is not treated as a refinancing. A refinancing carries no execution price, so no per-share test is run on it and no sats effect is printed; its row states the net claim change and the cash across its legs.

What is out of scope

Capital raises and Bitcoin purchases are counted above and are not listed. Neither removes a senior claim nor reduces the share count, so neither belongs in this ledger. Companies whose status is not live are held back by the same gate every page uses.

Every figure on this page traces to a row in the deals tab or to the snapshot that governs its date. No computed figure is stored anywhere, so the ledger recomputes on load and a correction in the sheet reaches the page on the next read. Senior claims derive from config/compute-drag.js at the price recorded on each row. Instrument rates come from the instruments ledger. Company visibility follows the status column, config first and the sheet overriding it.
An input that fails to load renders as unavailable, and an event whose disclosure is incomplete renders its named gap. Neither ever falls back to a stale figure or to a zero.

This page is measurement, not investment advice. Nothing here is a recommendation to buy or sell any security.

CEBE Framework by @chcbearsfan. cebetracker.io.