Latest Articles
What CEBE Changes: The Math Behind Bitcoin Treasury Ownership
CEBE, Claims %, Claims Compression, CEBE mNAV. Live data. Real math. Each episode builds on the last. Start here if you're new.
New to CEBE? Start here.
The Question They Couldn't Answer
Part 3 of The Measuring Problem. The people who built mNAV concede on the record that it has no single answer. A chief executive got mocked for asking what it was, and the framework answers the question they could not.
~14 min read | Part 3 of 3
Finish the Math: Nakamoto
FD BPS fell 44% in one quarter. CEBE fell 35%. No Bitcoin added, 284 coins sold. One Kraken loan, 4,405 BTC pledged, December 4 maturity. The math FD BPS cannot see.
~22 min read | Deep Dive No. 6 of 8
Finish the Math: Strive
BPS grew 56%. CEBE declined 0.7%. Eleven snapshots. One band. Three scenarios that break it. SATA, warrants, and the wrapper that matters more at $150K than it did at $45K.
~20 min read | Deep Dive No. 5 of 8
Why We Tolerate Contradiction
Part 2 of The Measuring Problem. Bitcoin was supposed to fix this. The captured insider, the TradFi inheritance, and why both bulls and bears win when the math is complete.
~14 min read | Part 2 of 3
The Measuring Problem
Why every Bitcoin Treasury Company reports three incompatible metrics for the same balance sheet, and what it costs the people who hold them. Strategy's 7.7pp gap. Metaplanet's opposite-direction quarter. The toolkit that always has a flattering number among its outputs.
~15 min read | Part 1 of 3
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
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 as price rises. The mechanics of drag compression across every Bitcoin Treasury Company, explained and visualized with live data.
~15 min read + interactive
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
Finish the Math: Metaplanet
Three phases, dual-currency double compression, a negative wrapper, and the quarter where BPS rose while CEBE fell. What common shareholders actually own in Japan's Bitcoin institution.
~22 min read
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 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
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.