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.
Click any instrument to view full terms, coverage scenarios, and impact on common equity
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.