MéliuzCASH3

B3: CASH3 / OTC: MLIZY (1 MLIZY ADR = 2 CASH3 shares)

The Méliuz modeler asks what a single CASH3 share owns in bitcoin once every claim ranking ahead of it is settled. No preferred stock and no convertible notes rank ahead of the common, so the senior claims are debt net of cash. Claims denominated in BRL are converted at the rate in effect, so a currency move changes what the common owns without any bitcoin changing hands. Senior Claims % and CEBE are recomputed from the capital structure at whatever bitcoin price and issuance path you set, so the figures below are the ones your own assumptions produce rather than a forecast.

Méliuz CEBE analysis · All company modelers

CEBE (Common Equity Bitcoin Exposure) The sats of BTC each common share owns, after all senior claims are paid.

Share Price = CEBE × BTC Price × mNAV

New to CEBE? Start here →

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

Loading companies from sheet…

Cross-Company Tools

Claims % Curves

All 12 companies on one chart. See who compresses fastest as BTC rises.