Dashboard Field Guide
The CEBE Tracker dashboard shows you what most Bitcoin treasury analysis skips. Here's what each column measures, why it's there, and what it tells you that you can't get anywhere else.
Every BTCTC trades under multiple symbols across multiple exchanges. We display the primary ticker -- most liquid US-accessible share -- alongside the company name so you can act on what you see without hunting for the right symbol.
Not just a name -- a pointer to the instrument. MSTR is Nasdaq. MTPLF is OTC for Metaplanet. ALCPB is Euronext Paris. Knowing the venue tells you liquidity, spread, and FX exposure before you look at any other number.
Stock price is the input that makes mNAV meaningful. Without it you have a CEBE number but no way to assess whether the market is pricing that exposure fairly. It also drives real-time drag compression -- as BTC moves, the price context matters.
Fetched live from Finnhub (US) or our Yahoo Finance proxy for OTC/international tickers. EUR for ALCPB, BRL for OBTC3, USD for the rest. The price is the market's current answer to a question the CEBE columns are built to challenge.
This is the gross number -- total BTC before any claim is subtracted. It anchors all downstream calculations. It's also how the company tells its story publicly, so displaying it allows direct comparison between what the company reports and what actually belongs to shareholders.
BTC Holdings tells you the size of the treasury, not the quality of your claim on it. A company with 700K BTC and 30% drag gives common equity 490K BTC. A company with 5K BTC and 0% drag gives common equity all 5K. Holdings starts the story -- CEBE finishes it.
BPS tells you how much Bitcoin the company holds per share. CEBE tells you how much of that Bitcoin actually belongs to you. Senior claims -- convertible debt, preferred stock -- sit ahead of common equity in the capital structure. CEBE nets them out. This is the number that matters.
At a glance, which companies offer the cleanest Bitcoin exposure per share. Two companies can have identical BPS and completely different CEBE -- because one is capitalized with debt and preferred stock that eat into common equity first. CEBE is the number that survives a balance sheet audit.
Drag is the compression rate -- how much of each BTC of treasury value is reserved for bondholders and preferred shareholders before common equity sees a dollar. It tells you the cost of the leverage structure in the clearest possible unit: percentage of BTC ownership sacrificed.
Drag is dynamic -- it compresses as BTC rises (fiat claims shrink in BTC terms) and expands as BTC falls. A company at 30% drag today might be at 18% drag if BTC doubles. That's leverage working in your favor. But at $20K BTC, that 30% becomes 60%. Drag is the lever -- it cuts both ways.
Two companies can trade at identical mNAV multiples but have completely different costs to hold. A 1.5x mNAV with a 1.7% annual wrapper fee is a different proposition than a 1.5x mNAV with a 0.2% fee. CEBE mNAV is the number that accounts for ongoing drag cost -- not just the snapshot.
The wrapper-adjusted cost of Bitcoin exposure through this vehicle. Preferred dividends, debt interest, SBC, executive compensation -- all run against the BTC reserve. A high wrapper fee means BTC has to grow faster just to break even for common equity. CEBE mNAV is mNAV that finished the math.
The most direct translation of the CEBE framework into plain English. Of all the Bitcoin this company holds, what percentage belongs to common shareholders? It makes CEBE accessible -- you don't need to know sats/share to understand "common equity owns 70.5% of BTC held."
Whether you are primarily a Bitcoin owner or a Bitcoin creditor. At 100%, you own it all -- pure exposure, no dilution from senior claims. At 47%, nearly half the treasury is earmarked for someone else before you see a return. This percentage makes the leverage story undeniable.
mNAV at a single point in time is noisy -- it moves with both the stock price and BTC price simultaneously. Cycle mNAV anchors to a 2-year or 4-year BTC average, smoothing out daily volatility so you can ask: is this company historically cheap or expensive relative to its net Bitcoin backing?
Whether the premium you're paying is a structural feature or a cyclical condition. A company at 1.5x Cycle mNAV has historically traded at this premium. A company at 4.0x is priced for perfection. The 2Y/4Y toggle lets you choose your perspective -- short-term sentiment vs. full halving cycle.
A company can accumulate Bitcoin aggressively while common equity's per-share claim is actually declining due to dilution or new preferred issuance. CEBE Delta cuts through the accumulation headlines and answers the shareholder question directly: is my claim per share going up or down, period over period?
Whether the capital structure strategy is working for common equity or against it. Positive delta = accretive execution. Each share represents more Bitcoin exposure than last period. Negative delta = dilution is outpacing accumulation, or new preferred has eaten into your share of the treasury. This is the accountability metric.
The wrapper fee -- preferred dividends, debt interest, SBC -- erodes common equity's BTC exposure every year. Break-Even CAGR answers: how fast does BTC need to grow annually just for that erosion to be offset? Below this rate, leverage is net negative for common equity. Above it, leverage is working.
The minimum return threshold for leverage to be worth it at all. A company with a 1.7% wrapper fee needs BTC to grow at least 1.7% annually just to break even. At Strategy's current structure, BTC must grow faster than its wrapper cost to be additive to common equity. This column makes that hurdle visible.
Leverage only helps common equity if Bitcoin appreciates faster than the preferred and debt capital costs. The Spread measures exactly that gap. It's the direct answer to the question every BTCTC skeptic asks: "What if BTC doesn't grow fast enough to service the preferred stack?"
Whether the leverage machine is net positive or net negative for common equity right now. A positive spread means BTC appreciation is outpacing the cost of the capital structure -- leverage is working. A negative spread means preferred holders are capturing returns common equity was supposed to benefit from.
The wrapper fee is abstract as a percentage. Div Burn makes it concrete in Bitcoin terms -- how many BTC per year is the capital structure consuming at today's price? It reframes the cost from "1.68% annually" to "X BTC/yr leaving the effective treasury."
The BTC-denominated drag rate of the capital structure. A high Div Burn rate means the treasury has to accumulate aggressively just to stay net positive for common equity. The % alongside it shows how much of the total stack is consumed per year -- the smaller that percentage, the healthier the leverage structure.
Preferred dividends are a recurring, unconditional obligation. Cash-only series drain reserves regardless of Bitcoin price or business performance. Coverage shows you how many years current cash reserves can absorb that drain before the company is forced to pay dividends in shares -- triggering dilution that eats into CEBE.
The countdown clock hiding inside every preferred stack. When cash runs out, every preferred series becomes a dilution machine. Coverage makes that timeline visible. 3+ years is comfortable. Under 1 year is a warning sign. Zero means they're already paying in shares -- check the CEBE Delta column to see the damage.
One of the most misunderstood mechanics in BTCTC analysis. Fiat-denominated claims compress as BTC rises -- a $100M convertible at $50K BTC is 2 BTC of drag, but at $200K BTC it's only 0.5 BTC. BTC-denominated claims don't compress -- they're fixed in Bitcoin regardless of price. Same structure, completely different risk profile.
Whether the company's leverage benefits from Bitcoin appreciation compressing drag, or whether drag is permanently baked in regardless of price. A company with BTC-denominated claims offers no drag compression story. Investors who price it as if compression is coming will be surprised. Claim Type is the flag for hidden static drag.
No single column tells the full story. BTC Holdings sets the inventory. CEBE shows your claim on it. Drag quantifies the cost. CEBE mNAV prices it against the market. Cycle mNAV anchors that price to the cycle. Break-Even CAGR tests the leverage thesis. Coverage surfaces the dilution risk. That's the complete picture.
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