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CEBE in 90 Seconds

The industry reports BPS: total Bitcoin divided by shares. It counts Bitcoin that belongs to debt holders and preferred stockholders. CEBE subtracts those claims first. It measures what common shareholders actually own.

90-Second Intro Interactive Course Framework
MSTR (Strategy)  |  843,706 BTC total  |  Approx. June 2026 snapshot  |  All numbers approximate
DEBT ~80K BTC PREFERRED ~185K BTC -10K cash COMMON EQUITY ~588,000 BTC (CEBE's numerator) Net Claims: ~255K BTC (30% of stack) Common Equity: ~588K BTC (70% of stack)
BPS Says
195,000 sats/share
Pretends all BTC belongs to you
CEBE Says
148,000 sats/share
After subtracting what doesn't
That gap is 41% of the stack. The industry calls it nothing. We call it Claims.
What does this mean for me?
If you hold MSTR, 41% of the BTC on the balance sheet is pledged to senior claims before you see a sat. BPS doesn't tell you that. CEBE does. See why it matters →
Does the market care?
Yes. When premiums compress, the stock lands near CEBE, not BPS. We track this weekly. See the Receipts →
How do I check other companies?
CEBE Tracker covers 10+ BTCTCs. Each one has a different claims structure. See the Tracker →
Want the full framework? Learn → · Want the math? CEBE → · Want the evidence? Evidence → · Want the receipts? Receipts →