t r a c k e r
Common Equity Bitcoin Exposure
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Pick a company. Model its share price through CEBE.
Each modeler calculates share price as CEBE × BTC Price × mNAV, with capital structure, scenarios, and 10-year projections tuned to each company's actual claims stack.
🇺🇸 Strategy TIER 1
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MSTR
Full capital plan engine. 6 convertible series, 5 preferred series (STRK/STRF/STRD/STRC/STRE), dividend cascade, convert maturity modeling, 10-year projections.
CAPITAL STRUCTURE
Converts + 5 Preferred
KEY FEATURE
Capital Plan Engine
🇯🇵 Metaplanet TIER 2
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3350 MTPLF MPJPY DN3
Double compression engine. JPY/USD as first-class variable, zero-coupon bond stack, dual sensitivity matrices, BIG options income (negative wrapper fee).
CAPITAL STRUCTURE
Zero-Coupon JPY Bonds
KEY FEATURE
JPY/USD Drag Matrix
🇺🇸 Strive PREFERRED
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ASST
SATA perpetual preferred with debt retirement story. Reinsurance-grade risk framework, dividend dilution modeling, break-even analysis.
CAPITAL STRUCTURE
SATA Preferred + Residual Debt
KEY FEATURE
Debt Retirement Story
🇪🇺 Capital B CONVERT
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ALCPB CPTLF
EUR-denominated OCA convertibles. Three tranches with 130% VWAP conversion trigger. Drag is dynamic and fiat-compressing -- compresses as BTC rises vs EUR.
CAPITAL STRUCTURE
EUR OCAs (Dynamic Drag)
KEY FEATURE
Fiat Compression Model
🇬🇧 Smarter Web CLN
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SWC TSWCF 3M8
GBP convertible loan note. LSE Main Market listed, simple claims stack, low drag baseline.
CAPITAL STRUCTURE
GBP Convertible Loan Note
KEY FEATURE
GBP/USD FX Dynamics
🇧🇷 OranjeBTC CONVERT
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OBTC3
BRL/USD currency dynamics. Zero-coupon convertible debentures, CVM-verified holdings. Pending R$100M financing that could materially impact drag.
CAPITAL STRUCTURE
BRL Convertible Debentures
KEY FEATURE
BRL/USD Dynamics
🇺🇸 ProCap Financial CONVERTS
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BRR
Deleveraging story. Zero-coupon convertible notes, clean capital structure, declining drag trajectory.
CAPITAL STRUCTURE
Zero-Coupon Converts
KEY FEATURE
Deleveraging Story
🇺🇸 Nakamoto LIQUIDATION RISK
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NAKA
Collateral-backed Kraken loan with forced liquidation floor. Highest drag in the space (52.3%). BTC Inc media EBITDA offsets wrapper costs.
CAPITAL STRUCTURE
Kraken Collateral Loan
KEY FEATURE
Liquidation Floor Model
🇭🇰 DDC Enterprise PREFERRED
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DDC
Convertible preferred stock and zero-coupon note. Single counterparty Anson risk. 20-F expected mid-April 2026 resolves open capital structure items.
CAPITAL STRUCTURE
Convertible Preferred + Note
KEY FEATURE
20-F Pending (Apr 2026)
🇸🇪 H100 Group CONVERT
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H100 HOGPF GS9
Nordic SEK zero-coupon convertible bond, 2030 maturity. SEK/USD as first-class drag input with double compression mechanic.
CAPITAL STRUCTURE
SEK Zero-Coupon Convert
KEY FEATURE
SEK/USD Double Compression
Modeler Tiers
TIER 1 Full engine. Capital plan, convert maturities, dividend cascade, 10Y projections.
TIER 2 FX + bond structure. Foreign currency claims, zero-coupon dynamics, dual sensitivity.
PREFERRED Senior claims from preferred stock. Simplified stack, break-even analysis.
0% DRAG Pure equity. CEBE = BPS. Cleanest Bitcoin exposure story.
CLN Convertible Loan Note. GBP/EUR-denominated, maturity modeling.
CONVERTS Zero-coupon convertible notes. Simple debt, deleveraging trajectory.
LIQUIDATION RISK Collateral-backed debt. Forced liquidation floor, maintenance ratio monitoring.
How It Works
⚡ NOW view: What if BTC were at this price today? Point-in-time snapshots at crash, current, and bull prices.
📈 FORWARD view: 10-year projections with baked-in capital plan assumptions, event cards that tell the story automatically.
🎯 Sensitivity Matrix: BTC price × mNAV grid showing modeled share price at every intersection.
@chcbearsfan · cebetracker.io · Read the Framework
Not financial advice · Data updates after each filing
Share Price = CEBE × BTC Price × mNAV
Not investment advice. Verify all data against primary sources. Data updates after each filing.