Calculators / CEBE
What backs each common share?
Gross BTC/share measures holdings. CEBE—Common Equity Bitcoin Exposure—subtracts debt and preferred claims, offsets cash, and expresses the remainder in Bitcoin units.
Both views use the same basic/effective share count within each company. Snapshot dates differ. MSTR currently uses a dated capital estimate; ASST uses disclosed holdings with a dated zero-debt assumption. These are analytical backing measures, not redeemable Bitcoin or stock-price targets.
GROSS & NET BITCOIN EXPOSURE
MSTR · CEBE
Net Bitcoin-equivalent backing after debt and preferred claims, offset by cash.
Basic common shares · Snapshot 2026-08-30
Historical capital estimate, not current CEBE. Later capital changes are excluded.
- Net claims / BTC value
- —
- Net sats / $100 of stock
- —
- Net mNAV
- —
- Direct BTC sats / $100
- —
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Calculation, dates & sources
- BTC held
- 845,050
- Common shares
- 420,483,000
- Debt principal
- $6,714,000,000
- Preferred claims
- $14,803,000,000
- Cash offset
- $6,714,000,000
- Net claims
- $14,803,000,000
Net sats/share = [BTC − (debt + preferred − cash) ÷ BTC price] ÷ common shares × 100,000,000.
Net sats/$100 = net sats/share × 100 ÷ stock price. Net mNAV = stock price ÷ net backing per share in dollars. Direct BTC assumes no fees.
Dated estimate using the site's capital-structure ledger. Debt, preferred and cash amounts require a refreshed primary-source reconciliation before this can be treated as current CEBE.
The latest disclosure is 2026-09-20; this calculation retains the complete 2026-08-30 snapshot, including its share count. Subsequent capital changes are not included.
Cash offset includes USD Reserve plus treasury USD Cash, which Strategy defines separately. This is not total balance-sheet cash.
- BTC holdings disclosure ↗ · 2026-08-30
BTC holdings; capital amounts are the existing ledger estimate, not all independently established by this filing. - Strategy share counts ↗ · 2026-08-30
Basic common shares, rounded as reported; no assumed conversion. - Strategy cash definitions ↗ · 2026-08-30
USD Cash excludes USD Reserve; the two ledger amounts are added once.
Uses unconverted claims and basic/effective common shares. Options and potential conversion shares are excluded. Debt and preferred amounts are modeled notionals, not a comprehensive liquidation waterfall. Other liabilities, accrued or future dividends, operating costs and taxes are excluded.
CEBE means Common Equity Bitcoin Exposure. Framework credited to Bobby Tierney / CEBE Tracker. BTCperShare calculates independently; cash definitions and reporting dates may differ.
GROSS & NET BITCOIN EXPOSURE
ASST · CEBE
Net Bitcoin-equivalent backing after debt and preferred claims, offset by cash.
Effective common shares (Class A + B) · Snapshot 2026-09-18
- Net claims / BTC value
- —
- Net sats / $100 of stock
- —
- Net mNAV
- —
- Direct BTC sats / $100
- —
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Calculation, dates & sources
- BTC held
- 26,355
- Common shares
- 97,002,649
- Debt principal
- —
- Preferred claims
- $1,118,416,000
- Cash offset
- $229,600,000
- Net claims
- —
Net sats/share = [BTC − (debt + preferred − cash) ÷ BTC price] ÷ common shares × 100,000,000.
Net sats/$100 = net sats/share × 100 ÷ stock price. Net mNAV = stock price ÷ net backing per share in dollars. Direct BTC assumes no fees.
Cash includes cash and cash equivalents. STRC investment holdings are excluded; this differs from Strive's NTAV, which includes them.
Debt needs a dated source for this reporting period; net metrics are unavailable until it is supplied.
- Strive holdings and shares ↗ · 2026-09-18
BTC, Class A + B shares, cash and SATA shares. SATA claim = shares × $100 stated preference; excludes future dividends.
Uses unconverted claims and basic/effective common shares. Options and potential conversion shares are excluded. Debt and preferred amounts are modeled notionals, not a comprehensive liquidation waterfall. Other liabilities, accrued or future dividends, operating costs and taxes are excluded.
CEBE means Common Equity Bitcoin Exposure. Framework credited to Bobby Tierney / CEBE Tracker. BTCperShare calculates independently; cash definitions and reporting dates may differ.
WHAT IF BITCOIN MOVES?
Test a Bitcoin price
Hold each dated capital snapshot fixed and change only Bitcoin’s price. This isolates the price effect; it does not forecast financing, dilution or stock returns.
Choose a price to calculate net exposure. Company share prices are not projected.
| Company / snapshot | Gross sats/share | Net sats/share | Net claims % |
|---|---|---|---|
| MSTR2026-08-30 · estimate | 200,971 | — | — |
| ASST2026-09-18 | 27,169 | — | — |
Negative net backing represents a deficit in this limited model. It does not establish insolvency or a forced-sale price.
How to read CEBE
Net claims % is (debt + preferred claims − cash) ÷ the dollar value of BTC held. Net sats/$100 combines backing with the stock price, so differently priced shares can be compared using the same investment amount. Fees are excluded.
A rising Bitcoin price reduces fixed dollar claims in BTC terms, so CEBE can increase without a new Bitcoin purchase. A higher number alone is not evidence of better treasury execution or a cheaper, safer investment.
This version retains debt and preferred claims as unconverted obligations and excludes potential conversion shares. It differs from the ADSO/FDSO/AFDS measures elsewhere on BTCperShare. Other assets, ordinary liabilities, taxes, accrued or future dividends and operating expenses are outside this simplified model; ASST’s STRC investments are also excluded.
Framework: Bobby Tierney / CEBE Tracker ↗. Independent BTCperShare calculations; no affiliation. Read about gross and net mNAV →