CEBE — What You Actually Own

Bitcoin per share counts what the company owns. CEBE counts what is left for you after everyone who gets paid first gets paid. Two numbers. Two very different stories.

The Board

Bitcoin at $77,821 · verified against the CEBE Tracker feed, 31 Aug 2026

The Full Board

Every company the tracker verifies · each row priced at the date its own filing was anchored

Bitcoin holdings, debt, preferred, cash and everything derived from them are filing-anchored and dated. A row verified eight weeks ago is not a stale number — it is the last state anyone checked against a primary document, and anything filed since is yours to read. Claims are recomputed here from each company’s own reported debt, preferred, cash and issuer-held senior securities at the bitcoin price its filing was anchored at. No bitcoin price on this page is a live one.

mNAV is the exception. Its numerator is market capitalisation, so it carries each company’s last available share quote — 28 Aug 2026 to 31 Aug 2026 here — against a filing-anchored denominator. It is the only column on this board that moves when a filing does not. Read it as a ratio of two different dates, and do not cite it as a filing figure.

Data: CEBE Tracker, free to use with attribution. Methodology. Snapshot pulled 31 Aug 2026 and committed at /cebe/data/2026-08-31.json.

Sources. Strategy: bitcoin count and cost from the 8-K filed 31 Aug 2026; debt, preferred and cash from the 10-Q for the quarter ended 30 Jun 2026; share counts as of 23 Aug 2026 from the company's own shares page. Strive: everything from the 8-K filed 31 Aug 2026, with the preferred stated at $100 a share as reported in its second-quarter results. Strategy has sold more preferred stock since 30 June, so its real number today is a little lower than the one shown. On the 10-Q date alone, with nothing rolled forward, Strategy's CEBE was 157,250 sats.

The Part Nobody Says Out Loud

Strive tells you it has no debt. That is true. It paid everything off and it borrows nothing. Then it sold 9,073,914 shares of preferred stock at $100 each. That is $907 million standing in front of common shareholders on a pile of bitcoin worth about $1.8 billion.

Strategy carries $6.8 billion of convertible notes and $14.8 billion of preferred on top of that. Twenty-one and a half billion dollars of claims. And Strategy still leaves its common shareholders a bigger slice of the pile, because the pile is thirty-six times larger.

No debt is not the same thing as no claims. Preferred stock does not show up on the debt line, does not carry a maturity date, and does not trigger a margin call. It still gets paid before you do. The bitcoin behind it is not yours.

The Formula

Take everything that gets paid ahead of common shareholders — debt, convertible notes, preferred stock. Subtract the cash the company is holding against it. Convert what is left into bitcoin at the going price. Take that off the top of the pile. Divide what remains by the shares people actually hold, not by a diluted count that assumes every note converts and every option vests.

One formula. Every bitcoin treasury company. Every quarter. Same math on both.

Where This Came From

CEBE is not our math. It was built by Bobby Tierney and is run daily by Adam Livingston at cebetracker.io. We use it because it is the only measure that treats a bull and a bear the same way. From Tierney's Why We Tolerate Contradiction:

"The bear gets proof. The bull gets proof. The only position that loses is the one that depended on the math remaining incomplete."

Bears who always suspected the leverage was hiding somewhere now have it on the page. Bulls who argue that dollar claims shrink in bitcoin terms as the price climbs now have that on the page too, quarter by quarter. The formula picks no side. It just refuses to leave the subtraction out.

Livingston's version, from the Beginner's Guide to CEBE:

"Bitcoin per share counts the mansion. CEBE checks the mortgage, the liens, the preferreds, the cash, the debt, the weird side room where someone in Patagonia is whispering about convertible notes, and then calculates what remains for common equity."

Why It Matters

Strategy publishes bitcoin per share as its headline number. So does almost every company that copied the playbook. It is a real number and it is not a lie. It is just the number before the subtraction.

The market is already pricing the number after the subtraction, whether or not anyone prints it. That is the whole argument. If you hold one of these stocks, the gap between the two numbers is the part of your position that belongs to somebody else.

Check it every quarter. Then ask why the company doesn't report it.

Required Reading

The cap is still twenty-one million. CEBE is how you find out how much of it is yours.