Common Objections

That depends on which NAV. Gross mNAV (total BTC vs market cap) ignores $21B+ in senior claims. CEBE mNAV (common equity BTC vs market cap) tells a different story. The accretion benchmark for common shareholders is CEBE, not gross BPS.

FD BPS divides total BTC by diluted shares. It doesn't subtract debt, preferred, or any claim senior to common. It tells you what the company holds, not what common shareholders own. When premiums compress, the stock lands near CEBE, not BPS. That gap is the claims stack, and it's growing.

It can be. Preferred raises capital without selling BTC. But it adds claims above common equity. Whether it's net positive depends on the spread: BTC growth rate minus the cost of the preferred. If the spread is positive, leverage works for common. If negative, it works against them. CEBE measures the net result.

Fiat-denominated drag does compress as BTC rises. That's real. But BTC-denominated claims (like Capital B's convertibles) create static drag that doesn't compress at all. And compression doesn't mean drag is zero. At $107K BTC, Strategy still carries 41% claims %. Compression helps. It doesn't eliminate.

Standard mNAV subtracts net senior claims from the BTC reserve. CEBE does the same subtraction but in the numerator of the per-share calculation, not as a market cap adjustment. The numbers agree. The difference is that CEBE gives you sats per share, not a ratio. It also separates fiat claims, BTC claims, and collateral-backed claims, which standard mNAV doesn't.

The framework applies to any company that holds BTC with senior claims above common equity. Size doesn't change the math. Smaller companies often have higher drag, more concentrated risk, and less liquid structures. CEBE makes those differences visible.

The path does matter. Every company in this trade is on the same path, accumulating Bitcoin and issuing capital to fund it. The disagreement is the instrument. BTC per share counts every coin on the balance sheet as the common shareholder's, even the coins bought with preferred stock that the senior claim owns. So a company can show a rising BTC-per-share path while the Bitcoin belonging to common stays flat or falls. CEBE measures the same path with the senior claims removed. Read at one moment it is a snapshot. Tracked over time, on the History view of any company page, it is the path of what reached common, and if the snapshot is computed on the wrong unit, every point on the path inherits the error.