Calculators / CEBE
CEBE calculator: Strategy & Strive
Compare gross and net Bitcoin backing per common share for MSTR and ASST. This CEBE calculator subtracts debt and modeled preferred claims, offsets cash, and lets you test Bitcoin prices and Strive’s disclosed STRC investments.
Gross and net use the same share count: Strategy basic common shares and Strive effective Class A + B shares. Preferred claims are stated/notional estimates, not a fully reconciled liquidation waterfall. These are analytical backing measures, not redeemable Bitcoin or stock-price targets.
Reviewed . Strive’s October 30 snapshot includes 43,124 BTC, $490.4M in cash and both preferred series. You can also include the filed $50.061M STRC position. Strategy’s November 1 snapshot includes 849,327 BTC, $132.7M of USD Cash and a $4.79B USD Reserve.
GROSS & NET BITCOIN EXPOSURE
MSTR · CEBE
Net Bitcoin-equivalent backing after debt and preferred claims, offset by cash.
Basic common shares · Snapshot 2026-11-01
Mixed-date estimate reviewed 2026-11-02: BTC, shares and cash dated 2026-11-01; preferred values rechecked November 2; convertible debt rechecked November 2 and other secured debt from 2026-06-30.
Preferred claims use stated/notional amounts. Actual liquidation preferences may be higher.
- Net claims / BTC value
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- Net sats / $100 of stock
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- Net mNAV
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- Direct BTC sats / $100
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Calculation, dates & sources
- BTC held
- 849,327
- Common shares
- 423,533,000
- Debt principal
- $6,754,044,000
- Preferred claims
- $13,135,900,000
- Cash offset
- $4,922,700,000
- Net claims
- $14,967,244,000
Net sats/share = [BTC − net claims ÷ BTC price] ÷ common shares × 100,000,000. Net claims = debt + preferred − cash.
Net sats/$100 = net sats/share × 100 ÷ stock price. Net mNAV = stock price ÷ net backing per share in dollars. Direct BTC assumes no fees.
Mixed-date capital estimate reviewed 2026-11-02. The capital date 2026-11-01 identifies the BTC, basic shares and cash snapshot, not a common observation date for every balance. This is not a fully reconciled same-date balance sheet.
Convertible debt uses $6.714B of rounded principal from the Strategy debt table checked November 2. The table does not provide a separate principal-balance observation date. Market value is not deducted. All convertibles remain claims; conversion shares are not added.
Other secured debt adds $40.044M of principal from the 2026-06-30 10-Q, carried forward unchanged. Subsequent amortization, repayment or refinancing is not established by this review. The approximately $6.754B combined debt input is an estimate, not a fresh total-debt disclosure.
Preferred modeled claims total approximately $13.1359B across STRF, STRC, STRE, STRK and STRD. These are rounded issuer-page USD notionals rechecked November 2; the pages did not expose observation timestamps. They are not certified November 1 balances. STRE uses the displayed USD equivalent with an unspecified FX observation time, fixed in this snapshot, not a live FX conversion. Adjusted liquidation preferences and accrued dividends are not independently reconciled.
Cash offset is $132.7M treasury USD Cash plus $4.79B USD Reserve, each added once, from the November 2 SEC filing. This is not total balance-sheet cash. Basic common shares are published in thousands. Q3 accounting gains and deferred tax balances are outside this debt-and-preferred model; they are not added to cash or gross BTC. Clean/issuer Net BPS and this basic-share CEBE estimate are different measures.
- BTC and cash disclosure ↗ · 2026-11-01
849,327 BTC; $132.7M USD Cash and $4.79B USD Reserve. Verified against the November 2 SEC 8-K. Does not restate total debt or all preferred balances. - Strategy basic shares ↗ · 2026-11-01
423,533,000 basic shares from the November 1 issuer table, published in thousands. Not ADSO or FDSO. - Convertible principal (reviewed issuer table) ↗ · 2026-11-02
November 2 issuer debt table rechecked. Rounded notionals: $1,010M + $1,500M + $800M + $2,000M + $604M + $800M. The issuer table explicitly excludes other indebtedness. - Other secured debt (carried forward) ↗ · 2026-06-30
Debt maturities table: $40,044 thousand principal. Net carrying value and market value are not used. Later payments are unverified. - STRF issuer notional ↗ · 2026-11-02
Review date, not an issuer observation date. Displayed USD notional $1,284.0M; rounded and fixed in this estimate. - STRC issuer notional ↗ · 2026-11-02
Review date, not an issuer observation date. Displayed USD notional $8,182.2M; rounded and fixed in this estimate. - STRE issuer notional ↗ · 2026-11-02
Review date, not an issuer observation date. Displayed USD notional $865.2M; rounded and fixed in this estimate. - STRK issuer notional ↗ · 2026-11-02
Review date, not an issuer observation date. Displayed USD notional $1,402.1M; rounded and fixed in this estimate. - STRD issuer notional ↗ · 2026-11-02
Review date, not an issuer observation date. Displayed USD notional $1,402.4M; rounded and fixed in this estimate. - Strategy metric and cash definitions ↗ · 2026-11-02
USD Assets = USD Reserve + USD Cash. Issuer Net BPS uses its separate diluted-share and conversion methodology.
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; asset offsets, preferred claim bases and reporting dates may differ. This notional model retains signed net claims; CEBE Tracker floors net senior claims at zero.
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 2026-10-30
Debt dated 2026-09-30; holdings, shares, preferred stock and cash dated 2026-10-30.
Preferred claims use stated/notional amounts. Actual liquidation preferences may be higher.
- Net claims / BTC value
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- Net sats / $100 of stock
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- Net mNAV
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- Direct BTC sats / $100
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Calculation, dates & sources
- BTC held
- 43,124
- Common shares
- 127,331,109
- Debt principal
- $0
- Preferred claims
- $2,103,359,400
- Cash offset
- $490,400,000
- Net claims
- $1,612,959,400
Net sats/share = [BTC − net claims ÷ BTC price] ÷ common shares × 100,000,000. Net claims = debt + preferred − cash.
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 input: $0 from the preliminary 2026-09-30 balance sheet, carried to 2026-10-30. SATA and issued SATS use $100 stated notional per share; adjusted liquidation preference and accrued dividends are excluded.
- Strive holdings and shares ↗ · 2026-10-30
BTC, Class A + B shares, cash and preferred shares. Total preferred claim = (SATA + issued SATS shares) × $100 stated amount; excludes future dividends. - Strive preliminary debt balance ↗ · 2026-09-30
Zero debt principal at September 30; preliminary unaudited estimate, not reviewed or audited. The October 5 filing states an intention to remain debt-free; later weekly holdings tables do not restate debt.
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; asset offsets, preferred claim bases and reporting dates may differ. This notional model retains signed net claims; CEBE Tracker floors net senior claims at zero.
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 % |
|---|---|---|---|
| MSTR2026-11-01 · estimate | 200,534 | — | — |
| ASST2026-10-30 · estimate | 33,868 | — | — |
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 + modeled preferred claims − selected asset offsets) ÷ 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 excluded in cash-only mode and included at disclosed fair value when selected. The $500M SATA buyback authorization is not a completed repurchase and does not reduce claims.
Why can CEBE Tracker show a different number?
CEBE Tracker offsets held STRC investments, uses accrued liquidation preferences and floors net senior claims at zero. Our default uses cash only, stated/notional preferred amounts and signed net claims. Selecting STRC narrows one difference; it does not make the methods identical. Compare the same BTC price, share basis, holdings date and asset offsets before comparing results.
CEBE stands for Common Equity Bitcoin Exposure. Framework: Bobby Tierney / CEBE Tracker ↗. Independent BTCperShare calculations; no affiliation. Read about gross and net mNAV →