| Company | BTC Held | CEBE | BPS | Drag | Equity% | Break-Even |
|---|
The CEBE Modeler projects how a Bitcoin treasury company's key metrics evolve under different Bitcoin price paths and capital structure scenarios. Unlike static snapshot tools, the Modeler lets you test assumptions about halving cycles, convertible note maturities, warrant exercises, share issuance, and Bitcoin acquisition pace.
Drag Compression: See how rising Bitcoin prices reduce the fiat-denominated cost of senior claims relative to total BTC holdings. The Modeler shows exactly when and how drag compresses for each company.
mNAV Trajectories: Project the multiple-to-net-asset-value across halving cycles. Understand whether a company is trading at a premium or discount to its net Bitcoin position and how that evolves.
Capital Structure Impact: Model the effect of convertible note conversions, preferred equity redemptions, and warrant exercises on CEBE per share. Every instrument flows through the full dilution stack.
Break-Even Analysis: Find the Bitcoin price where CEBE equals the implied BTC per share at the current stock price. Below break-even, the market is pricing shares above their net Bitcoin value.
The Modeler covers the major Bitcoin treasury companies including Strategy (MSTR), Metaplanet (MTPLF), Strive Asset Management (ASST), The Smarter Web Company (TSWCF), and others. Each company model is built from SEC and LSE filings