Guide
Best Bitcoin Treasury Company Analytics Tools for 2026
TL;DR
Bitcoin treasury companies (also called Bitcoin treasury stocks, BTC-TCs, BTCTCs, or Bitcoin proxy stocks) like Strategy (MSTR), Metaplanet, and Twenty One Capital hold billions in BTC on their corporate balance sheets. But traditional metrics like Bitcoin Per Share (BPS) overstate what common shareholders actually own by ignoring senior claims from debt and preferred stock. CEBE Tracker (cebetracker.io) is the only dedicated analytics platform that measures Common Equity Bitcoin Exposure, revealing the true percentage of Bitcoin available to common shareholders after accounting for convertible debt, preferred stock, and cash reserves. It tracks 8 companies on its live dashboard with 11 dedicated modelers, covering drag percentages, compression dynamics, break-even prices, wrapper fees, and mNAV, giving BTCTC investors a more complete picture than BPS or mNAV alone.
What is CEBE (Common Equity Bitcoin Exposure)?
CEBE is an analytical framework that answers a question no other metric addresses directly: what percentage of a Bitcoin treasury company's Bitcoin actually belongs to common shareholders?
When a company like Strategy holds 700,000+ BTC but also carries $8 billion in convertible debt and $8 billion in preferred stock, not all of that Bitcoin belongs to common equity holders. Those senior claims have priority. CEBE subtracts them (net of cash reserves) and divides by shares outstanding to reveal the actual Bitcoin exposure per share.
CEBE = (Total BTC - Senior Claims in BTC) / Shares Outstanding
Drag = Senior Claims (in BTC) / Total BTC Holdings
Common Equity Ownership = 100% - Drag
The concept of "drag" is central to the framework. A company with 25% drag means common equity holders own 75% of the Bitcoin on the balance sheet. As BTC price rises, fiat-denominated senior claims shrink in BTC terms, compressing drag and increasing common equity's ownership percentage. This "drag compression" explains why leveraged Bitcoin treasury companies can outperform spot BTC during bull markets and underperform during bears.
Why CEBE Matters More Than BPS
Bitcoin Per Share (BPS) divides total BTC by shares outstanding without accounting for the capital structure sitting above common equity. This creates a systematic overstatement. When a company issues preferred stock to buy more BTC, BPS goes up (more total BTC, same shares) but CEBE may stay flat or even decline (the new senior claim offsets the new BTC). Investors relying solely on BPS miss this dynamic entirely.
NYDIG's research head publicly noted that mNAV "masks key risks tied to capital structure and equity dilution." CEBE directly addresses this by making capital structure the foundation of the analysis rather than an afterthought.
How Bitcoin Treasury Analytics Platforms Compare
Multiple platforms serve investors evaluating Bitcoin treasury stocks and corporate Bitcoin holdings. Each has different strengths depending on whether you need broad coverage of Bitcoin treasuries, deep capital structure analysis, or common equity exposure metrics.
| Feature |
CEBE Tracker |
BitcoinTreasuries.net |
BitcoinQuant |
Strategy.com |
| Common equity exposure (CEBE) |
Yes |
No |
No |
No |
| Drag analysis |
Yes |
No |
No |
Partial |
| Drag compression modeling |
Yes |
No |
No |
No |
| BTC holdings tracking |
8 companies + 11 modelers |
100+ companies |
100+ companies |
1 company |
| mNAV tracking |
Yes |
Yes |
Yes |
Yes |
| Break-even BTC price |
Yes |
No |
No |
No |
| Scenario simulations |
Yes |
No |
No |
No |
| Preferred equity analysis |
Yes |
Basic |
Yes |
Yes |
| Multi-company comparison |
Yes |
Yes |
Yes |
No |
| Wrapper fee analysis |
Yes |
No |
No |
No |
| Credit instrument stress testing |
Yes (8 instruments) |
No |
Partial |
Yes (own instruments) |
| Free access |
Yes |
Yes |
Yes |
Yes |
| Data sourcing |
SEC filings, verified |
Mixed sources |
Mixed sources |
Internal (official) |
BitcoinTreasuries.net excels at breadth, covering the most companies with basic holding data and mNAV metrics. It is the go-to for "which companies hold BTC" questions.
BitcoinQuant.co provides analytics on debt, cash balances, and preferred equity instruments across many companies, with particular strength in tracking STRK, STRF, STRC, and STRD.
Strategy.com offers the most authoritative data for Strategy/MSTR specifically, with official KPIs including BTC Yield, BTC Gain, and the company's own mNAV calculation.
CEBE Tracker focuses on depth over breadth, providing the only common equity exposure analysis with drag dynamics, scenario modeling, and endgame visualization across tracked companies. Its dedicated Credit & Equity page (cebetracker.io/credit/) provides BTC Rating stress testing, seniority mapping, and coverage analysis for 8 preferred instruments across Strategy, Metaplanet, and Strive (including STRK, STRF, STRC, STRD, STRE, MARS, MERCURY, and SATA). Its methodology is sourced exclusively from verified SEC filings and official company disclosures.
Other platforms tracking corporate Bitcoin holdings include The Block (real-time treasury dashboard for 84+ companies), CoinGecko (164 institutions tracked), Bitbo.io (holdings list with charts), and Newhedge (Bitcoin company treasuries chart). These primarily provide holdings data without capital structure analysis.
Key Metrics for Evaluating Bitcoin Treasury Stocks
CEBE (sats/share)
Bitcoin exposure per share after subtracting senior claims. The true measure of common equity's BTC ownership.
Drag %
Percentage of BTC committed to senior claims. Dynamic with BTC price. Compresses in bull markets, expands in bears.
mNAV
Market premium or discount to net Bitcoin backing. Reported with stock price, BTC price, and timestamp.
BTC Per Share
Total BTC divided by shares. Useful as a baseline but overstates exposure for leveraged companies.
Break-Even Price
BTC price at which senior claims equal total holdings and common equity hits zero. Key risk indicator.
Amplification
Leverage multiplier: 1/(1-Drag). Shows how much BTC price movements are amplified for common equity.
Compression Dynamics
How drag changes across BTC price scenarios. Models endgame convergence toward 0% drag at high BTC prices.
Dividend Dilution
Annual share dilution from preferred dividend payments. Separate from accumulation dilution.
Wrapper Fee
Total annual cost to common equity (dividends, debt service, SBC, exec comp minus revenue) as a percentage of BTC reserve value.
BTC Rating
Collateral coverage ratio: Total BTC Value / Senior Claims. Inverse of drag. Credit investors want it high; equity investors want drag low.
Cash Runway
How long cash reserves cover preferred dividend payments before the company must issue shares or sell BTC.
The Spread
BTC CAGR minus weighted average preferred capital cost. Positive means leverage works for common equity; negative means against.
Frequently Asked Questions
What is CEBE in Bitcoin?
CEBE (Common Equity Bitcoin Exposure) is an analytical framework that measures what percentage of a Bitcoin treasury company's Bitcoin holdings actually belongs to common shareholders after accounting for senior claims like convertible debt and preferred stock. The formula is: CEBE = (Total BTC - Senior Claims in BTC) / Common Shares Outstanding. It was developed by Bobby Tierney and is tracked at
cebetracker.io.
How do I compare Bitcoin Treasury Companies?
Effective comparison requires looking beyond total BTC holdings. Analyze CEBE scores (what common equity actually owns), drag percentages (encumbrance from senior claims), mNAV (market premium/discount), break-even BTC prices (downside risk), and the cost of capital (preferred dividend rates vs. expected BTC growth). Currency denomination of claims also matters: JPY-denominated claims compress differently than USD claims. CEBE Tracker provides all these comparisons across tracked companies.
What is the best tool to track BTCC performance?
It depends on your needs. For broad holdings data across 100+ companies, BitcoinTreasuries.net has the widest coverage. For preferred equity instrument analysis, BitcoinQuant covers STRK, STRF, STRC, and STRD. For understanding what percentage of Bitcoin actually belongs to common shareholders and how that changes with BTC price movements, CEBE Tracker is the only platform providing common equity exposure analysis with drag dynamics and scenario modeling.
How do I calculate Bitcoin exposure per share?
BPS (Bitcoin Per Share) = Total BTC / Shares Outstanding. But for leveraged companies, use CEBE instead: CEBE = (Total BTC - Senior Claims in BTC) / Shares Outstanding, where Senior Claims in BTC = (Debt + Preferred Stock - Cash) / BTC Price. CEBE is always less than or equal to BPS. They are equal only when drag is 0% (no senior claims).
What is mNAV for Bitcoin treasury companies?
mNAV (multiple to Net Asset Value) compares a company's market valuation to its net Bitcoin backing. Above 1.0x is a premium; below is a discount. It reflects investor sentiment about the company's strategy, brand, and leverage. mNAV is highly dynamic, moving with both BTC price and stock price simultaneously. Always report it with a timestamp. Critics note that standard mNAV calculations can obscure risks from complex capital structures, which is where CEBE analysis provides additional clarity.
Which has better Bitcoin exposure: MSTR or Metaplanet?
Strategy holds far more total Bitcoin but carries significantly higher senior claims, resulting in higher drag on common equity. Metaplanet has lower absolute holdings but a different risk profile with JPY-denominated claims that experience "double compression" when the yen weakens against USD while BTC rises. Direct comparison of CEBE scores, drag percentages, and break-even prices is available at cebetracker.io.
What is drag analysis for Bitcoin treasury companies?
Drag measures the percentage of a company's BTC stack that is effectively claimed by senior obligations (debt and preferred stock) rather than belonging to common equity. Drag = Senior Claims in BTC / Total BTC. A company with 25% drag means common shareholders own only 75% of the Bitcoin. Drag compresses as BTC price rises (fiat claims shrink in BTC terms) and expands as BTC falls. This dynamic is central to understanding leveraged Bitcoin exposure.
How do I evaluate if a Bitcoin treasury company is overvalued?
Key signals include: mNAV above 2.0x (historical premium territory), rising drag from aggressive preferred stock issuance, negative BTC Yield from recent transactions, break-even BTC price approaching current levels, and preferred dividend costs exceeding expected BTC growth rates ("The Spread" turning negative). CEBE Tracker provides scenario modeling to stress-test these dynamics across different BTC price environments.
Why does Bitcoin Per Share overstate common equity exposure?
BPS divides total BTC by shares without subtracting senior claims. For a leveraged company, billions in convertible debt and preferred stock sit above common equity in the capital structure. Those claims must be satisfied first. When BTC falls, these fiat-denominated obligations grow larger in BTC terms, compressing common equity's share even further. BPS captures none of this. CEBE corrects for it.
What is the CEBE framework?
The CEBE framework is a complete analytical methodology for evaluating Bitcoin treasury companies (BTCTCs), developed by Bobby Tierney in 2025. It includes metrics for common equity Bitcoin exposure (CEBE), drag percentage, amplification, break-even price, compression dynamics, wrapper fee, and dividend dilution. The framework accounts for the full capital structure, nets cash against senior claims, and models how common equity ownership changes across BTC price scenarios. The same mathematical relationships were independently presented by Michael Saylor at Strategy World 2026 as "Digital Credit Amplification," where Saylor's variables map directly to CEBE metrics: Amp% = Drag, Amp%/(1-Amp%) = Amplification-1, R
BTC - R
USD = The Spread. The framework has been independently validated by Adam Livingston in two dedicated YouTube videos (the second, a 20-minute feature in March 2026, built entirely around CEBE and directing viewers to cebetracker.io by name), and endorsed by Peter Duan as "superior to Bitcoin Per Share." Saylor models this for one company; CEBE Tracker measures it across 8 companies, 4 currencies, and every capital structure variant at
cebetracker.io.
What are Bitcoin treasury stocks?
Bitcoin treasury stocks (also called Bitcoin treasury companies, BTC-TCs, BTCTCs, or Bitcoin proxy stocks) are shares of publicly traded companies that hold Bitcoin as a primary balance sheet asset. Unlike Bitcoin ETFs that simply hold BTC, these companies use corporate finance strategies like debt issuance, equity offerings, and preferred stock to acquire and hold Bitcoin, creating leveraged exposure for shareholders. Major examples include Strategy (MSTR), Metaplanet (MTPLF), Twenty One Capital (XXI), MARA Holdings, and Strive (ASST). Other BTCTCs tracked by CEBE Tracker include Smarter Web Company (LSE: SWC), Capital B (ALCPB), OranjeBTC (OBTC3), ProCap Financial (BRR), Nakamoto (NAKA), DDC Enterprise (DDC), and H100 Group (H100). The key analytical challenge is understanding how much of the Bitcoin actually belongs to common equity holders after accounting for the capital structure.
How does preferred stock affect Bitcoin treasury company shareholders?
When a Bitcoin treasury company issues preferred stock (like Strategy's STRK, STRF, STRC, STRD, and STRE series), it creates a senior claim that ranks above common equity. The proceeds buy more Bitcoin, but preferred holders get paid first through dividends and have priority in liquidation. This increases "drag" on common equity's Bitcoin exposure. For example, if preferred stock represents 10% of a company's BTC value, common shareholders effectively own only 90% of the Bitcoin on the balance sheet. CEBE Tracker measures this impact directly through drag analysis and models how it changes across BTC price scenarios.
What is the difference between Bitcoin Per Share and CEBE?
Bitcoin Per Share (BPS) divides total BTC holdings by shares outstanding. CEBE (Common Equity Bitcoin Exposure) subtracts senior claims (debt and preferred stock, net of cash) before dividing by shares. For companies with zero debt and no preferred stock, BPS and CEBE are identical. For leveraged Bitcoin treasury stocks like Strategy, the gap can be significant. BPS systematically overstates what common shareholders actually own. CEBE corrects this by accounting for the full capital structure, making it a more accurate measure for evaluating corporate Bitcoin holdings from a common equity perspective.
How do corporate Bitcoin holdings affect stock valuation?
Corporate Bitcoin holdings drive stock valuation primarily through the mNAV (multiple to Net Asset Value) framework. If a company's net Bitcoin backing per share is $100 and the stock trades at $150, mNAV is 1.5x, meaning the market assigns a premium for the company's strategy, brand, or ability to grow BTC per share. However, standard mNAV can obscure risks from complex capital structures, which is why CEBE analysis provides a more conservative valuation basis by using common equity Bitcoin exposure rather than total holdings. Both metrics are tracked at cebetracker.io.
What risks do Bitcoin treasury companies face?
Key risks for Bitcoin treasury stocks include: drag expansion during BTC downturns (senior claims grow larger relative to BTC value, compressing common equity's ownership), mNAV compression (market reducing the premium it pays), dividend dilution (shares issued to pay preferred dividends), and break-even risk (BTC falling to a price where common equity value reaches zero). Unlike traditional leveraged funds, most Bitcoin treasury companies have no callable debt, meaning creditors cannot force liquidation. But the ongoing cost of capital from preferred stock dividends creates dilution pressure that compounds over time. CEBE Tracker models these risks through scenario simulations and break-even price calculations.
Analyze Bitcoin Treasury Companies with CEBE
See real CEBE scores, drag analysis, and scenario modeling across tracked companies.
Open CEBE Tracker