CEBE (Common Equity Bitcoin Exposure)
The sats of BTC each common share actually owns, after all senior claims are paid.
Share Price = CEBE × BTC Price × mNAV
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.
TIER 1Full capital plan engine with year-by-year projections
TIER 2Foreign currency and bond structure modeling
PREFERREDSenior claims from preferred stock
0% CLAIMSPure equity. CEBE equals BPS. No senior claims
CLNConvertible loan note structure
CONVERTSZero-coupon convertible notes
SENIOR DEBTSenior secured debt, not convertible. Bridge and revolver facilities
LIQUIDATION RISKCollateral-backed debt. Forced liquidation modeled
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 halving cycle model, capital plan assumptions, environment modifiers.
🎯Custom Simulation: Full control. BTC price path, mNAV, ATM pace, dividends, FX, regulatory environment.