CEBE
Common Equity Bitcoin Exposure
The amount of Bitcoin economically attributable to each common share after accounting for all senior claims (convertible notes, preferred equity, warrants). Unlike BPS (Bitcoin Per Share), CEBE subtracts the Bitcoin value consumed by senior obligations before dividing by share count.
See it in action →Drag
The percentage of a company's total Bitcoin holdings consumed by senior claims.
Calculated as (Total Senior Claims in BTC) / (Total BTC Holdings). A company with 10,000 BTC and 3,000 BTC worth of senior claims has 30% drag.
Explore in tracker →Drag Compression
The reduction in drag over time as Bitcoin price rises. Because senior claims are typically fixed in fiat terms, their BTC-equivalent cost shrinks as BTC appreciates, reducing the drag on common shareholders.
Track this metric →mNAV
Multiple to Net Asset Value
The ratio of a company's market capitalization to its net Bitcoin holdings (after subtracting senior claims). mNAV shows how much premium (or discount) the market assigns per dollar of net Bitcoin exposure.
Run scenarios →BPS Yield
Bitcoin Per Share Yield
Strategy's official KPI measuring the percentage change in Bitcoin per diluted share over time. CEBE framework argues this metric is incomplete because it ignores the cost of senior claims used to acquire that Bitcoin.
View KPI analysis →Equity Owns
The percentage of a company's total Bitcoin that is economically owned by common equity holders.
Equals (1 -- Drag). If drag is 30%, equity owns 70%.
Check ownership →Senior Claims
Financial obligations that have priority over common equity in a company's capital structure.
Includes convertible notes, preferred stock, and warrants. These claims reduce the Bitcoin economically available to common shareholders.
Analyze capital structure →Convertible Note
A debt instrument that can convert into common shares at a predetermined price.
For Bitcoin treasury companies, convertibles are a primary source of drag because the conversion creates dilution that reduces per-share Bitcoin exposure.
Learn more →Break-Even BTC Price
The Bitcoin price at which a company's CEBE equals its current stock price divided by BTC price.
Below this price, the market is pricing shares above their net Bitcoin value.
Calculate yours →Forward Simulation
The CEBE Modeler's projection of how a company's C