The Receipts

Bitcoin per share counts what the company holds.
CEBE counts what's left for common shareholders.

Here are the receipts.

Four lines per company, at every filing. FD BPS is the Bitcoin per share the company reports. Stock Implied is the Bitcoin the share price buys. Basic BPS is Bitcoin per share before any dilution or claim.

Reading the served snapshot rows. The series is built from them on every visit, through the rules file.
The Lead Chart

BPS before senior claims, CEBE after

One company at a time. Both lines start at 100 on the same filing. Where they part, what is owed ahead of common shareholders took a larger or smaller share of the Bitcoin.

Loading the filed series.

The Proof

POSITION RATIO

Where the share price sat between CEBE and FD BPS at each filing. Zero is CEBE. One is FD BPS.

Reading the served rows
A week with no filed row: a gap, never filled in
Current Position ?
--
Senior Claims %
--
Preferred Outstanding
--
CEBE mNAV
--
Latest Row
--

Low Senior Claims % company. FD BPS and CEBE are nearly identical. Position Ratio is less meaningful here.

Every week since 8 May 2026, with the rows it reads
    How It Works

    FOUR LINES, EXPLAINED

    Each line answers a different question about what you own.

    Basic BPS
    The Ceiling
    Total Bitcoin divided by basic shares, with no dilution and no claims counted. While anything is owed ahead of common shareholders, a common share owns less than this.
    FD BPS
    The Staircase
    Total Bitcoin divided by fully diluted shares, as the company files it. It changes only when a filing changes the coin count or the share count, so between filings it is flat. It does not subtract debt or preferred stock.
    CEBE
    After What's Owed First
    Total Bitcoin, less everything owed first, divided by basic shares. What's owed is fixed in dollars, so in Bitcoin terms it shrinks when Bitcoin rises and grows when Bitcoin falls. That is why CEBE moves with the Bitcoin price between filings.
    Stock Implied
    What the Price Buys
    The share price, in sats per share. The Position Ratio places it between the other two lines: zero means the stock trades at CEBE, one means it trades at FD BPS. It can sit above one or below zero.
    Latest Rows

    THE DATA

    The latest filed row for each company, computed live through the rules file at that row's own bitcoin price. Sorted by Senior Claims %, highest first.

    ← Swipe to see all columns →

    Reading the served rows
    Reliance

    ON THE RECORD

    Issuer executives who reference the framework (Class A) and third parties who attribute it (Class B). Each line is a capture held with a SHA-256 hash, cited by its record path and hash.

    • 2026-01-26Class B
      Adam Livingston, "The Bitcoin Wizard", in a YouTube video, credits CEBE to Bobby Tierney by name, handle and origin link. The first third-party credit on record, three days after the framework was first published.
      Record: verification/ip/first-use/adam-livingston-first-credit-2026-01-26.zip, sha256 fe3acf487cd31316fded6e6585db00fbe340dae0b8fd4a804da5417c1e9e9312
    • 2026-06-14Class A and B
      Michael Saylor (@saylor), in a four-post thread, uses CEBE and "CEBE BPS" without naming a source. The same record holds the same-day replies that attribute the metric to Bobby Tierney, and the Miller Cole article on bitcointreasuries.net of 2026-06-15 naming him as the framework's developer.
      Record: verification/ip/reliance/2026-06_saylor-cebe-bps/2026-06_saylor-cebe-bps.zip, sha256 3959e404cb94147f587f0db2c6ed082a17708df7e6ab4787a153cd9c3d9728a3
    • 2026-06-14Class A
      Matt Cole (@ColeMacro), chairman and chief executive of Strive, quotes the Saylor post and uses "CEBE BPS", with no source named.
      Record: verification/ip/reliance/CLASS-A_issuer-executive/CLASS-A_issuer-executive.zip, sha256 09a0b46032d882f0c96760bf3ebd91505d4669b38fbfae2d627d94bdb561d2a2
    • 2026-06-14 to 2026-09-01Class B
      Grain of Salt (@GrainofSaltSF) and GraveyardGamma. Grain of Salt credits CEBE to @chcbearsfan by name; GraveyardGamma states the formula and quotes Bobby Tierney; the 2026-07-23 amplification chart thread tags @chcbearsfan.
      Record: verification/ip/reliance/CLASS-B_third-party-attribution/CLASS-B_third-party-attribution.zip, sha256 c44cf590aa16a1c20e93e1c8609dc713d5dd544b7437305b62ca7ee0e29774d5
    • 2026-07-21Class B
      BitMEX exchange blog, in an mNAV trading guide, carries a section on the CEBE framework that names Bobby Tierney as its developer and builds its analysis on it.
      Record: verification/studies/provenance/BITMEX_2026-07-21_mstr-mnav-guide.html, sha256 8caf2d8bce4121f9ecce64cb0bee99f24d7b2985712031f058e35f3acd1ba6b8
    • 2026-09-22Class A
      Matt Cole (@ColeMacro), chairman and chief executive of Strive, replying to Bobby Tierney, states that his work contributed to the net-of-preferred treasury figure Strive publishes.
      Record: verification/ip/reliance/2026-09-22_strive-ceo-reliance/2026-09-22_strive-ceo-reliance.zip, sha256 a36a394b29e9bf3d6acb9377810f0d75a39baca01c5dfd734a630bd6e2656692
    • 2026-09-23Class B
      Mocha (@monster_models), in the Monster Model net-basis feature, adopts the net basis with preferred at liquidation preference and credits Bobby Tierney with popularizing the net bitcoin lens.
      Record: verification/ip/reliance/2026-09-23_monster-model-net-basis/2026-09-23_monster-net-basis.zip, sha256 8bd2791eb74ba8a9be9086900a20eb689bf0206032617aafc9062aa5d4f05a55

    Only captures held with a hash are listed. Issuer statements that do not reference the framework, and discovery sweeps not yet captured from a permalink, are not listed here. The records are held in the site's evidence store and are not published as files.