Bitcoin Treasuries
When you buy stock in a Bitcoin treasury company, you are not buying all the Bitcoin. You are buying what is left after debt, preferred stock, and other obligations. CEBE (Common Equity Bitcoin Exposure) measures the Bitcoin that is actually yours after the company pays what it owes.
Sats per $100
Lower sats = market premium · Higher sats = value or thin liquidity · Starting point, not a verdict
| Company | SATS/$100 | 3M TREND (sats/$100) | DRAG | CEBE mNAV ▼ |
|---|---|---|---|---|
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Four things to know
Companies hold Bitcoin. But they also have debts and preferred stock that get paid before regular shareholders. CEBE tells you how much Bitcoin is actually left for you after those obligations. Think of it as the honest answer to "how much Bitcoin do I really own per share?"
See the full formula →Drag is the percentage of a company's Bitcoin that is already spoken for by debts and preferred stock. If drag is 30%, then 30% of the Bitcoin belongs to creditors and preferred holders, not to you. Lower drag means more Bitcoin is yours. Drag shrinks when Bitcoin's price rises because fixed debts become smaller relative to the growing Bitcoin reserve.
Watch drag compress →You can, and that is the safest option. These companies borrow money to buy more Bitcoin than shareholders could afford alone. The tradeoff: borrowing adds costs (interest, dividends to preferred holders) and risk (if Bitcoin drops, the debts do not shrink). CEBE measures whether that tradeoff is actually working in your favor.
Compare all companies →When Bitcoin's price falls, drag increases because the company's debts stay the same size while the Bitcoin reserve shrinks in dollar terms. That means a larger share of the Bitcoin is committed to paying off obligations, and less belongs to regular shareholders. This is the risk of borrowing: it amplifies gains on the way up and amplifies losses on the way down. CEBE shows you both sides.
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