Latest Articles
What CEBE Changes: The Math Behind Bitcoin Treasury Ownership
CEBE, Drag, Drag Compression, CEBE mNAV. Live data. Real math. Each episode builds on the last. Start here if you're new.
New to CEBE? Start here.
STRC Cuts Dilution in Half. It Costs You a Quarter of Your Bitcoin.
The preferred stack everybody's celebrating has a price tag. BPS can't see it. CEBE can.
~10 min read
Same Companies. Different Math. Lower Prices.
Summer 2025 was euphoria. March 2026 is fear. Eight balance sheets. Five got stronger. Three didn't.
~4 min read
Strategy's Official KPI Gets It Wrong Half the Time. And It's Getting Worse.
BPS Yield -- the official scorecard -- predicts the direction of returns with 50% accuracy. CEBE hits 68%.
~8 min read
Understanding CEBE: How Drag Changes Over Time for Bitcoin Treasuries
CEBE isn't static. As Bitcoin price moves and companies add or retire senior claims, drag shifts. Here's how.
~12 min readWhat's Coming
8 Company Deep Dives
Individual treasury audits and capital structure analysis for the major Bitcoin holders.
Finish the Math Series
Additional analytical frameworks and tools for evaluating Bitcoin treasury strategy.