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.

How does the Allocator compare my blend to the best single pick?

The Allocator shows how many percentage points the best single-stock concentration would have outperformed your blended portfolio at the pinned price. A positive number means the best pick beat your blend by that many pp. A negative number means your blend beat any single concentration (diversification is paying at that price point).

What does 'Claims %' mean in the Allocator rank table?

Claims % is the CEBE headwind each position faces at the pin price. It reflects how much of the company's capital structure (debt, preferred, cash vs. BTC) is committed to senior claimants. Higher Claims % means more of the BTC move is consumed by the capital stack before it reaches common shareholders.

The Allocator | Build Your Bitcoin Treasury Company Portfolio

The Allocator : Build your Bitcoin Treasury Company portfolio

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.

A portfolio is already loaded below. Pick a preset strategy above, then scroll down to adjust positions and set your target BTC price.

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 Claims % first

Weighted by inverse Claims %

Favor the cleanest balance sheets. Lower Claims %, more sats.

Build your own

Start blank. You choose every weight.

Enter dollar amounts in the cards below. Results update live as you type.

→ Jump to position cards

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 stock (if you went all-in)

Individual positions

Hold BTC directly

Spot price

Your pin

IF BTC REACHES $150K...

Then your portfolio is worth:

Chart View

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 Fill

Your Allocation

Total Invested

Active Positions

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.
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Your highest-Claims % 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.
Claims %: The percentage of a company's Bitcoin committed to senior claimants (debt and preferred) before common shareholders. Higher Claims % means more leverage and more risk.
Best single vs blend: The return difference (in pp) between the single best-performing company in your mix and your blended portfolio return at the pinned price. A positive number means concentrated betting would have won here. A negative number means your blend beat any single pick.
Sats per $100: How many satoshis of real Bitcoin exposure (after Claims %) you receive for each $100 invested. Higher means more Bitcoin per dollar. Shown in the verdict box after you build a portfolio.
Best single stock (if you went all-in): What your portfolio would return if you put everything into whichever single company performed best at the pinned price. The counterfactual, shown as a dashed white line on the chart.

The Allocator - Portfolio Return Curves for Bitcoin Treasury Companies