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Analysis, Deep Dives & Research

Applying the CEBE framework to understand Bitcoin treasury strategy, capital structures, and what different valuations actually mean for shareholder equity.

Latest Articles

6 Episodes Educational Series

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.
Capital B Finish the Math deep dive
May 12, 2026 Deep Dive

Finish the Math: Capital B

Bitcoin-denominated debt that does not compress with price. A watermill that retires claims through price-triggered conversion. A flywheel that adds Bitcoin through a self-liquidating warrant cascade. 553 days. Never below NAV.

~22 min read
H100 Group Finish the Math deep dive
May 6, 2026 Deep Dive

Finish the Math: H100 Group

Zero interest. A 2030 binary that converts above $72K BTC. A Bitminter founder contributing 2,450 old Bitcoin for 70% of the combined company. Read the SPA before you read the press release.

~25 min read
The Drag Engine — how fiat claims shrink in Bitcoin terms
Apr 26, 2026 Framework

The Drag Engine

How fiat claims shrink in Bitcoin terms as price rises. The mechanics of drag compression across every Bitcoin Treasury Company, explained and visualized with live data.

~15 min read + interactive
CEBE framework maturation — preferred era instruments
Apr 16, 2026 Framework

CEBE Under the Hood: How the Framework Matured as the Preferred Era Arrived

Fully diluted BPS structurally cannot see preferred stock, non-convertible debt, or cash offsets. 58 weeks of verified MSTR 8-K data. Preferred events are the sole source of cumulative gap expansion between FD BPS and CEBE.

~18 min read
Metaplanet Finish the Math deep dive
Apr 7, 2026 Deep Dive

Finish the Math: Metaplanet

Three phases, dual-currency double compression, a negative wrapper fee, and the quarter where BPS rose while CEBE fell. What common shareholders actually own in Japan's Bitcoin institution.

~22 min read
SWC Finish the Math deep dive
Apr 2, 2026 Deep Dive

Finish the Math: The Smarter Web Company

What did it cost to build a Bitcoin treasury in less than a year? CLN maturity, warrant dilution, and the Shard flywheel.

~20 min read
STRC preferred cost analysis
Mar 18, 2026 Analysis

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
Sector overview - same companies different math
Mar 15, 2026 Sector Report

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
CEBE vs BPS comparison
Feb 9, 2026 Framework

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
CEBE framework canyon
Jan 23, 2026 Framework

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 read

What's Coming

More Company Deep Dives

Individual treasury audits and capital structure analysis for the remaining Bitcoin holders. SWC is live -- more coming soon.

Finish the Math Series

Additional analytical frameworks and tools for evaluating Bitcoin treasury strategy.