CEBE (sats/share)
BPS after senior claims. What BPS misses.
= (Total BTC - Claims BTC) / Shares x 100M
Drag
% 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 Drag.
= 100% - Drag
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