CEBE — Common Equity Bitcoin Exposure

How this board is made, and what it is not

Claims = Debt + Preferred stock liquidation preference − Cash on hand (cash can pay those claims down before the BTC is ever touched, so it nets against them — matches cebetracker.io's own published formula). CEBE (BTC) = (BTC held × BTC price − Claims) ÷ BTC price — what's actually left for a COMMON shareholder once debt and preferred stock are paid. Sats/$100 is the number to actually compare across tickers: sats of real common-equity BTC exposure per $100 spent on the STOCK, after every senior claim is netted out.

This is a liquidation-waterfall stress test, not a going-concern figure — it assumes every claim is paid TODAY. In practice a company services its preferred dividends and debt coupons as a going concern and the BTC just compounds; low CEBE coverage is a solvency-stress signal, not evidence the stock is mispriced right now. Debt, preferred, and cash figures are curated approximations refreshed periodically from filings. 1 company from the same curated list were checked and left off this run because yfinance could not price it, or the most recent quote was too old to trust — a company disappearing from here is a data gap, not a claim it stopped holding Bitcoin. Nothing here is investment advice.

Pref coverage — a going-concern check, not a liquidation one

Everything above this point is a liquidation snapshot — what would be left if every claim were paid off TODAY. That's the wrong lens for a question that actually matters day to day: can the company keep paying its preferred dividend out of its own business, or is it funding that dividend some other way? Annual dividend obligation = preferred liquidation preference × blended dividend rate. Coverage = operating cash flow (core business, trailing twelve months) ÷ that obligation. Above 1× means operations cover the bill; below 1× — and especially negative, like MSTR today — means the dividend is being funded some other way entirely: a capital raise, asset sales, a dedicated cash reserve, not the business itself.

A blank here means one of two different things, kept separate on purpose: a dash (—) means the company has no preferred stock at all, so there's nothing to cover. "n/a" means real preferred stock exists but the company's own disclosures don't isolate core-business cash flow cleanly enough to compute this honestly (Metaplanet today, whose consolidated cash flow is swamped by its Bitcoin Income Business) — that's a data gap, not a zero, and we'd rather show the gap than force a number into it.

BTC stress — a sensitivity test, not a forecast

Shows what Sats/$100 would read if BTC fell 20% or 50% from today, holding the stock price and every claim (debt, preferred, cash) exactly where they are. It deliberately does NOT also drop the stock price in proportion — if it did, a company whose whole balance sheet is BTC would show an artificially stable ratio (both sides of the fraction shrinking together), which would hide the exact risk this exists to expose: fixed-dollar claims eating a growing share of a shrinking BTC pile. This is why a heavily preferred- or debt-funded name's stress numbers fall off faster than a debt-free one's — the claims don't shrink when BTC does, so they consume a bigger bite of a smaller pie. A negative −50% reading is a real signal: common's claimed BTC backing would be gone at that price, even though the company still legally owns every coin. Not a prediction of what BTC will do, and not a claim the stock price would actually hold still — a pure "how much of the cushion is claims-related" isolation test.