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.
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
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.