How do I allocate capital across Bitcoin Treasury Companies in the CEBE framework?

Enter dollar amounts or share counts in each company card. The Allocator computes your portfolio's CEBE-weighted return at any BTC price, weighting each position by its capital structure and common equity claim. Watch your portfolio value curve restack across the full BTC price spectrum.

What is diversification cost in the Allocator?

Diversification cost is the gap between your blended portfolio return and the return of the single best-performing name at that price. A positive gap means you paid a return penalty for spreading capital. A negative gap (negative cost) means your blend beats any single concentration, meaning diversification is paying at that price point.

What does 'drag' mean in the Allocator rank table?

Drag is the CEBE headwind each position faces at the pin price. It reflects how much the company's capital structure (debt, preferred, cash vs. BTC) discounts the return relative to naked BTC exposure. Higher drag means more of the move in BTC price is consumed by the capital stack before it reaches common shareholders.

The Allocator - Portfolio Return Curves

The Allocator

Build a portfolio. Pin a price. Read the verdict.

Tell us how you would split your money across Bitcoin treasury stocks. We show you what the portfolio is worth at any Bitcoin price you pick.

How do you want to invest?

All-in Strategy

100% MSTR

The biggest stack. You're betting on the king.

Diversify by region

Equal weight US + Japan + Europe + Brazil

Spread across geographies. See what it costs you.

Lowest drag first

Weighted by inverse drag

Favor the cleanest balance sheets. Less drag, more sats.

Build your own

Blank cards, you fill in

You pick. You learn.

Where do you think BTC is going?

$150K

Portfolio Return at Pin Price

Enter positions in any of the cards below to begin modeling.

Pin Price

$100,000

Portfolio Value

Spot Price

$68,000

Return Curves Across BTC Price

Your blended portfolio

Best single concentration

Individual positions

Hold BTC directly

Spot price

Your pin

IF BTC REACHES $150K...

Then your portfolio is worth:

Axis Mode

Sats per dollar shows how much BTC exposure you get per dollar invested. Higher = more efficient. Flat lines mean the efficiency does not change with BTC price.

Quick Actions

Your Allocation

Total Invested

Active Positions

Weighted Avg Drag (Spot)iYour portfolio's dollar-weighted average drag at today's BTC price. If BTC rises, this number compresses (fiat claims shrink in BTC terms). If BTC falls, it expands. Drag the pin price slider to see how it shifts.

% of each company's BTC committed to senior claims

Your budget

Your Positions. Enter dollar amounts or share counts.

Contribution Ranking at Pin Price

RankiRanked by return at your target price. #1 is your best-performing position at this BTC price.	Company	Worth todayiWhat this position is worth at today's BTC spot price, based on your allocation.	Worth at targetiWhat this position would be worth if BTC reaches your target pin price.	Gain / lossiPercentage gain or loss for this position if BTC moves from spot to your target price.	BTC locked upi% of this company's BTC claimed by debt and preferred holders at your target price. Lower is better: more BTC flows through to common shareholders like you.	Portfolio impactiHow much this position helped or hurt your total portfolio return. A small allocation with a high return can have outsized portfolio impact.
No positions yet

Your highest-drag position

CEBE (Common Equity Bitcoin Exposure): The Bitcoin that actually belongs to common shareholders after subtracting what the company owes to debt holders and preferred stock.
Pin price: The hypothetical future Bitcoin price you choose to model. Drag the slider or type a number. All projections update to show what happens at that price.
Drag: The percentage of a company's Bitcoin committed to debts and preferred stock before common shareholders. Higher drag means more leverage and more risk.
Diversification cost: The return difference between your blended portfolio and the single best-performing company in your mix. You pay this cost in exchange for spreading risk.
Sats per dollar: How many satoshis of real Bitcoin exposure (after drag) you receive for each dollar invested at today's stock price. Higher is more Bitcoin per dollar.
Best single concentration: What your portfolio would return if you put everything into whichever single company performed best at the pinned price. The counterfactual.

The Allocator - Portfolio Return Curves for Bitcoin Treasury Companies