Every instrument is a product for its holder. A cost for common equity.
This page measures the cost from the other side. Both are real. Both should be measured.
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Total Senior Claims (USD equiv.)
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Total Annual Cost (USD equiv.)
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Active Instruments Tracked
See how coverage ratios change at different BTC prices
Stress Test
SAME CAPITAL STRUCTURE. TWO TOOLKITS.
Credit asks: "Is my coverage safe?" Equity asks: "What do I actually own?"
Saylor built the credit framework at Strategy World 2026. This page measures both sides. BTC Rating = 1 / Drag. Same math. Inverse perspective. Use the stress test to see what survives.
S1The Instrument Table
Every preferred and debt instrument across tracked companies. The table nobody else built. Because everyone else is selling these products.
Click any instrument to view full terms, coverage scenarios, and impact on common equity
Column Guide
New to CEBE? Start here.
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BTC Rating
How many times the BTC reserve covers all senior claims. Higher = more coverage for creditors.
= BTC Reserve Value / Senior Claims
Cash Cov.
Years of cash-only dividend payments covered by current cash reserves.
= Cash / Annual Cash Dividends
Rank
Seniority in the capital structure. Rank 1 is paid first in any liquidation. Highest seniority = lowest risk.
Type
CUM = cumulative (unpaid divs accrue). NON-CUM = non-cumulative (missed payments are gone).
Payment
Cash only = must pay in cash. Either = can pay in shares (dilutive).
Where is the drag coming from? Each segment shows one instrument's contribution to total drag at current BTC price.
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Segment widths update live with BTC price. Use the stress test buttons above to see how contributions shift at different prices.
S3Convert vs Perpetual: Why It Matters
Convertible debt is temporary drag with a kill switch. Perpetual preferred is permanent drag. Drag compresses for both as BTC rises, but only converts heal completely.
BTC Price$84K
STRK (Strategy)CONVERTIBLE
Contribution to drag
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SATA (Strive)PERPETUAL
Contribution to drag
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S4The Annual Cost to Common
Total annual obligations per company, expressed three ways. This is the wrapper fee. The number that determines whether leverage earns its keep.
Company
Annual Obligations
% of BTC Reserve
Sats/Share/Yr
Cash Runway
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Wrapper fee = annual cost / BTC reserve value. Minimum BTC CAGR just to break even. The Spread = BTC growth rate minus this number. Positive = leverage working for equity.
S5Same Math. Different Name.
Saylor's Digital Credit Amplification from Strategy World 2026 maps 1:1 to CEBE drag compression. He built the credit toolkit for one company. This page measures it across all of them.
Independent Convergence
Same Math. Different Name.
Saylor's "Digital Credit Amplification" from Strategy World maps 1:1 to CEBE drag compression. He built the credit investor's toolkit for one company. CEBE Tracker measures it across 8 companies, 4 currencies, every capital structure variant.
Credit Side
Saylor, Strategy World 2026
BTC Rating
Asset coverage. BTC backing per dollar of claims.
BTC Risk
Probability coverage drops below 1.0x.
BTC Credit
Spread needed to offset that risk.
Equity Side
CEBE Tracker
Drag
% of BTC committed to senior claims.
Break-Even
BTC price where drag hits 100%.
The Spread
BTC growth minus cost of capital.
The BridgeSame math. Inverse perspective.
BTC Rating
= 1 / Drag
BTC Risk
= P(Drag = 100%)
BTC Credit
= Wrapper Fee Floor
Credit asks: "Is my coverage safe?" Equity should ask: "What do I actually own?"
One side now has a framework. The other has had one.
S6What They Won't Show You
The Other Side
Every product has a cost. Most analysis only measures one.
Most credit comparisons evaluate instruments from the holder's perspective: yield, coverage, seniority. That's the right framework for a creditor. This page evaluates them from the other side.
Every instrument in the table above is someone's income product. It's also common equity's cost. Both are real. Both matter. Most analysts build one toolkit because their clients only need one.
This page has no instruments to sell. No yield to earn. That's why it can measure both sides.