CEBE BPS · Common Equity Bitcoin Exposure per Share
Glossary · The treasury-company numbers Capitalist
Bitcoin per common share after senior claims. The unencumbered bitcoin backing each share carries if the company had to pay off every preferred and convertible holder first. For a company with no debt and no preferreds, BPS and CEBE BPS are the same number; as claims grow, the two diverge, and CEBE BPS is the floor.
CEBE (Common Equity Bitcoin Exposure) is Bobby Tierney’s framework. Live numbers at cebetracker.io.
Coverage
- Aug 31STRIVE SAYS IT HAS ZERO DEBT AND IT IS TELLING THE TRUTH — 40% OF ITS BITCOIN IS STILL SPOKEN FOR — STRATEGY CARRIES $22 BILLION IN CLAIMS AND LEAVES ITS OWNERS MORE
- Jul 20$38.5 MILLION UNACCOUNTED — LIVINGSTON WALKS THE ATM MATH AND FINDS THE GAP IN STRATEGY'S RESERVE DISCLOSURE.
- Jul 20MABE GOES LIVE — BOBBY TIERNEY ADDS MARKET-PRICE PREFERRED CLAIMS TO CEBE. THE MISSING LENS.