What You Own

"How much Bitcoin do I actually own?"

Your shares own the company's Bitcoin after everything that ranks ahead of the common has been satisfied, which is total Bitcoin held minus net senior claims, divided by shares outstanding, reported in satoshis per share.

Net senior claims are debt, preferred stock, and declared but unpaid preferred dividends, less cash and any of its own preferred the company has bought back. Every one of those is a dollar figure, so each converts to a number of coins at the Bitcoin price on the day it is measured. What remains after the conversion is the part the common owns.

That figure is CEBE, short for Common Equity Bitcoin Exposure, and it is published per share for every company covered here.

"Does the debt reduce my Bitcoin exposure?"

Borrowed money does two things at once, adding a fixed number of coins to the treasury and adding a claim that is satisfied before the common, so what it does to your per-share exposure depends on where Bitcoin trades at the moment you measure it.

The claim is a dollar amount, and a dollar amount is a different number of coins at every price. Claim in coins equals claim in dollars divided by the Bitcoin price. A billion dollars of debt stands at 10,000 coins when Bitcoin is $100,000, at 5,000 coins when it is $200,000, and at 20,000 coins when it is $50,000. The coins bought with the proceeds do not change count as the price moves.

So the treasury gains a fixed quantity and the claim ahead of you gains a variable one, and the difference between them is what reaches the common. That is the whole of the arithmetic.

Where the position ends up depends on the path Bitcoin takes after the money is raised, which is a forecast rather than a measurement. This page does not make one. It shows both legs at their current standing, so the claim can be read at the price it converts at today.

"Is Bitcoin per share misleading?"

Bitcoin per share answers a different question than the one most shareholders are asking, because it divides every coin on the balance sheet by the share count without subtracting the claims those coins will satisfy first.

As a statement of what the company holds it is correct. As a statement of what the common owns it is incomplete, because it performs no subtraction. Fund a purchase with preferred stock and the coins enter the numerator while no shares enter the denominator, so Bitcoin per share rises on the day the deal closes even where the claim added stands equal to the coins bought.

Both figures are computable from the same filing. The distance between them is the claims stack, and that distance is what CEBE reports.

"What do MSTR shareholders actually hold?"

Each MSTR common share holds Strategy's Bitcoin net of its debt, its preferred stock, and any declared but unpaid preferred dividends, less cash and its own preferred holdings, divided by basic shares outstanding.

The figure moves with the Bitcoin price, because the claims are denominated in dollars and re-convert to coins at every price. It is published on two bases. The snapshot basis holds the balance sheet at the latest primary filing and prices the claims at the Bitcoin price on that date. The live basis takes the same balance sheet and re-prices the claims at the current Bitcoin price. Both are dated wherever they appear.

Strategy publishes its own per-share Bitcoin measures. Those are built on a different construction and are reported by the company itself, so they are read here as a contrast rather than as an input.

"Where does the rest of the Bitcoin go?"

Nowhere, and that is the point of the measurement, because the coins stay on the balance sheet while the right to be paid from them ranks above the common.

Claim holders do not own particular coins. They own a position in a queue. In a wind-down the debt is satisfied first, then the preferred at its liquidation preference, and the common receives what is left. On a going-concern balance sheet nothing is being wound down, so the coins sit there in full while the claim sits ahead of them in full.

CEBE reports the residual, which is the part of the treasury no other claim has a prior call on.

"What happens to what I own if Bitcoin's price falls?"

Dollar-denominated claims convert to more coins as the price falls, so the share of the treasury standing ahead of the common rises while the coin count on the balance sheet is unchanged.

The mechanism runs in both directions and it is the same one in each. Rising prices shrink a fixed dollar claim into fewer coins and the residual grows. Falling prices expand it into more coins and the residual shrinks.

Claims denominated in Bitcoin rather than dollars do not move with the price at all, and those are carried separately because they behave differently. Senior Claims % is where this shows up first, before it reaches the per-share figure.

"Does this mean these companies are doing something wrong?"

No, this is a measurement question rather than a conduct question, and the figures here are computed from primary filings without a recommendation attached.

Raising senior capital to buy Bitcoin is a disclosed and ordinary corporate action. The gap this site measures is one of reporting convention, where the widely quoted per-share figure counts coins the common has no first call on.

Every company covered here is measured the same way, on the same formula, from its own filings.

"How do I check this for the company I hold?"

Open the company page and read CEBE per share beside Senior Claims %, both dated, both computed from the latest primary filing rather than from company-reported summary figures.

Every covered company has a page carrying the current figure, the claims that produce it, and the filing each input came from. Where a figure has not been confirmed against a filing it is marked rather than left blank.

The same numbers are served as data at the public endpoint for readers who would rather compute with them.