The market shows one number; the issuer shows another. We compute both, and what is left for you after the company pays what it owes.
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The same treasury looks different depending on who is counting. Published mNAV counts everything. Basic strips it to the common. CEBE is what is left for you.
Published mNAV next to basic mNAV next to the residual Bitcoin behind $100 of common. Every figure links to a primary filing; the date badge tells you how fresh it is.
Each bar is a preferred tranche, par 100. The gold fills to its market price; the gap to the right edge is the discount. Brighter and fuller means more senior.
The market spelling out seniority.
Discounts widen with juniority, from STRF down to STRD.
CEBE (Common Equity Bitcoin Exposure) is the Bitcoin left for the common shareholder after every senior claim is paid. The methodology is Adam Livingston's, and we cover it in Chapter 11. Others track it too, like cebetracker.io. We show it next to the issuer's own mNAV so you see the difference, not in place of it.
Every metric on this page is taught, step by step, in the free book. Start where the numbers come from.
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