CEBE Modelers | Bitcoin Treasury Company Analysis

Strategy TIER 1

Full capital plan engine. 10-year projections, convertible bond maturities, preferred dividend cascade, 6 scenarios from Wipeout to Singularity.

CAPITAL STRUCTURE

Converts + 5 Preferred Series

Capital Plan Engine

🇯🇵 Metaplanet TIER 2

3350 MTPLF MPJPY DN3

Double compression engine. JPY/USD as first-class variable, zero-coupon bond stack, dual sensitivity matrices showing FX-amplified drag dynamics.

CAPITAL STRUCTURE

Zero-Coupon JPY Bonds

JPY/USD Drag Matrix

🇺🇸 Strive PREFERRED

Bitcoin-first asset manager. SATA perpetual preferred structure after aggressive $110M debt retirement. No converts, no complex maturity schedule.

CAPITAL STRUCTURE

SATA Preferred + Cash

Debt Retirement Story

🇪🇺 Capital B 0% DRAG

Europe's first Bitcoin Treasury Company. Zero senior claims, zero drag, EUR-denominated. The purest CEBE story — common equity owns 100%.

CAPITAL STRUCTURE

Pure Equity — No Debt

€ EUR (Euronext)

🇬🇧 Smarter Web Co CLN

UK's largest Bitcoin holder. ~7% drag from Smarter Convert CLN (matures Aug 2026). GBP-denominated, LSE Main Market listed. Three-pillar growth engine.

CAPITAL STRUCTURE

Convertible Loan Note (~7% drag)

£ GBP (LSE Main Market)

🇺🇸 ProCap Financial CONVERTS

Pompliano-backed BTC treasury. Zero-coupon convertible notes, put option income strategy, SPAC origin. Recently deleveraged $110M in Feb 2026.

CAPITAL STRUCTURE

Zero-Coupon Converts

Deleveraging Story

🇺🇸 Nakamoto LIQUIDATION RISK

David Bailey's BTC treasury + media conglomerate. $210M Kraken collateral-backed loan with forced liquidation exposure. The only tracked company where the lender can seize the BTC.

CAPITAL STRUCTURE

$210M Secured Loan (Kraken)

Forced Liquidation Floor

OranjeBTC CONVERT

LATAM's largest Bitcoin treasury. $23M zero-coupon convertible note (~6% drag). BRL/USD currency dynamics. Matures Sep 2030.

More Companies

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DDC SQNS H100

Capital structure verification in progress. Modelers added as SEC filing data is confirmed.

Modeler Tiers

TIER 1Full engine. Capital plan, convert maturities, dividend cascade, year-by-year projections.

TIER 2FX + bond structure. Foreign currency claims, zero-coupon dynamics, dual sensitivity matrices.

PREFERREDPreferred equity drag. Senior claims from preferred stock, simplified claims stack, break-even analysis.

0% DRAGPure equity. No senior claims. CEBE = BPS. The cleanest Bitcoin exposure story.

LIQUIDATION RISKCollateral-backed debt. Lender can seize BTC below maintenance ratio. Forced liquidation floor modeled.

Every modeler uses the same core equation: Share Price = CEBE × BTC Price × mNAV