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.
| Company | BTC Held | CEBE | FD BPS | Claims % | Equity% | Break-Even |
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