Common Equity Bitcoin Exposure
What shareholders own,
measured in Bitcoin.
measured in Bitcoin.
CEBE strips out debt, preferred stock, and cash to show the real Bitcoin exposure behind every share.
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Companies Tracked
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Total BTC Held
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Avg Sector Claims %
The Gap Nobody Measures
Every Bitcoin Treasury Company reports Bitcoin Per Share. Most analytics subtract debt. Almost none subtract preferred stock.
Strategy's basic BPS is -- sats per share. After debt, preferred stock, and net cash, common shareholders own --.
That's a -- gap, almost entirely from preferred stock that ranks above common equity. Bitcoin per share doesn't measure it. CEBE does.
Every company carries a different Senior Claims %. See all of them below.
Column Guide
What each column means
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CEBE (sats/share)
BPS after senior claims. What BPS misses.
= (Total BTC - Claims BTC) / Shares x 100M
Claims %
% of BTC stack committed to senior claims. Compresses as BTC rises.
= Net Senior Claims / (Total BTC x BTC Price)
CEBE mNAV
Stock price vs net BTC backing per share. Below 1x = discount to NAV.
= Stock Price / (CEBE in BTC x BTC Price)
Common Equity %
Your actual ownership slice of the BTC treasury. The other side of Claims %.
= 100% - Claims %
Cycle mNAV
mNAV anchored to a 2Y or 4Y cycle window. Filters out short-term noise.
Break-Even CAGR
Minimum BTC CAGR for the wrapper cost not to erode equity. Leverage test.
= Annual Wrapper Cost / BTC Reserve Value
Coverage (years)
Years cash covers wrapper obligations before dilution or BTC sales begin.
= Cash Reserves / Annual Wrapper Cost
Valuation view: not yet shown, construction under ruling. No Adjusted figure is shown. The measurement columns are unchanged; hide the view to read them.
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