Most BTCTC analysis focuses on Bitcoin Per Share (BPS). But BPS doesn't tell you what percentage of Bitcoin common equity holders actually own after accounting for senior claims like debt and preferred stock. CEBE does.
CEBE (Common Equity Bitcoin Exposure) is a framework for analyzing Bitcoin Treasury Companies that reveals what percentage of Bitcoin on the balance sheet is actually owned by common equity holders after accounting for senior claims.
Why it matters: A company with 10,000 BTC and 22% drag means common equity holders own 78% of that Bitcoin. As BTC price rises, senior claims (denominated in fiat) compress in BTC terms, increasing common equity's ownership percentage over time.
This dynamic explains why Bitcoin Treasury Companies can outperform direct Bitcoin ownership—the compression of senior claims creates amplification beyond simple leverage.
Understand the complete CEBE methodology and how it applies to Bitcoin Treasury Company analysis
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