BTCperShare
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YOUR WHOLE PORTFOLIO

Every position.
One Bitcoin picture.

How much Bitcoin backing does your whole portfolio represent? Add the BTC you hold and the backing behind your treasury stocks.

EXAMPLE PORTFOLIO · EDIT TO MAKE IT YOURS

Your holdings

₿
Direct BitcoinBTC you hold directly
BTC

Treasury stocks

3 / 3
shares
shares
shares

Coverage: MSTR, ASST and MPJPY. Enter common shares or MPJPY ADRs; preferred stocks are excluded. Combine lots of the same stock into one position.

USD

Illustrative price, not a live quote. Converts dollar claims and cash into BTC equivalents. Gross backing stays the same when this price changes.

PORTFOLIO BTC EXPOSURE

Gross backing

0.51665283BTC equivalent · before senior claims

Net backing CEBE

0.4629458BTC equivalent · after claims, offset by cash
Net senior-claim adjustment0.05370704 BTC

Your share of debt + preferred claims − cash, converted at the BTC price assumption.

Where your gross backing comes from

BTC 48.4%MSTR 38.8%ASST 6.6%MPJPY 6.2%

Stock backing is an economic equivalent, not Bitcoin you own or can redeem. These totals are not your portfolio’s market value or a forecast of price sensitivity.

Company inputs use different reporting dates. MSTR retains a historical capital estimate; MPJPY uses preliminary issuer net claims with fixed September 30 FX; ASST carries a dated debt disclosure. Review dates and source assumptions ↓

POSITION BY POSITION

The backing behind your total.

All values in BTC equivalents

Swipe across the table to compare gross, net and source dates →

HoldingQuantityGross BTCNet BTCSnapshot & share basis
BTCDirect Bitcoin0.25BTC0.250.25Your input
MSTRStrategy100shares0.200533840.165194822026-11-01 ↗Basic common shares
ASSTStrive100shares0.033867610.021200172026-10-30 ↗Effective common shares (Class A + B)
MPJPYMetaplanet ADR1,000shares0.032251380.026550812026-09-30 ↗Basic common shares
Portfolio total0.516652830.4629458Mixed snapshot dates

HOW IT ADDS UP

One total for holdings.
Another after claims.

Gross BTC backing

Direct BTC + sum of (your shares × company BTC ÷ company common shares).

Net BTC backing · CEBE

Direct BTC + sum of (your shares × [company BTC − (debt + preferred claims − cash) ÷ BTC price] ÷ company common shares).

Direct BTC contributes equally to both. Stock calculations use the same share count and snapshot for gross and net. A price change revalues dollar claims in BTC terms; it does not change the company’s BTC holdings.

Dates, source inputs & methodology

Companies report on different dates, so this is a combined view of dated snapshots, not a synchronized current portfolio valuation. Missing data remains unavailable. Zero-share positions contribute zero. Fractional common shares are supported; short positions are excluded.

Uses basic/effective common shares and unconverted senior claims, consistent with the site’s CEBE model. Options and potential conversion shares, operating assets, other liabilities, accrued or future dividends, taxes and expenses are excluded. Cash offsets can make net backing exceed gross backing. Signed negative backing is retained; this is not a liquidation waterfall.

Strategy · MSTR

Dated estimate · 2026-11-01 · Basic common shares

Company BTC
849,327
Common shares
423,533,000
Debt (USD)
6,754,044,000
Preferred claims (USD)
13,135,900,000
Cash offset (USD)
4,922,700,000

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.

Strive · ASST

Dated estimate · 2026-10-30 · Effective common shares (Class A + B)

Company BTC
43,124
Common shares
127,331,109
Debt (USD)
0
Preferred claims (USD)
2,103,359,400
Cash offset (USD)
490,400,000

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.

Metaplanet ADR · MPJPY

Dated estimate · 2026-09-30 · Basic common shares

Company BTC
44,000
Common shares
1,364,282,624
Debt (USD)
—
Preferred claims (USD)
—
Cash offset (USD)
—
777,718,462.0273

Preliminary, unaudited September 30 capital estimate disclosed October 5, 2026. Net claims are ¥122.374 billion: bonds, borrowings and preferred shares less cash, cash equivalents and USD-denominated stablecoins. The disclosure does not separately restate those components.

Converted at the September 30 MUFG USD/JPY mid-rate of ¥157.35 per US dollar disclosed in section 5 note (5). This fixed conversion is not live FX. Stablecoins are included in the issuer's offset even though they are not accounting cash equivalents.

Basic ordinary shares only. Preferred claims are already included in net claims, so MERCURY is not deducted again or also counted as converted common shares. One MPJPY ADR represents one ordinary share.

The approximately $97 million potential deferred tax asset is unconfirmed and excluded. The Bitcoin sale and repurchase did not retire the outstanding bonds and borrowings.

  • Metaplanet October 5 disclosure ↗ · 2026-09-30
    Section 4: preliminary net claims; section 5: BTC holdings, basic shares and the dated MUFG FX reference. Published October 5, 2026.

CEBE framework credited to Bobby Tierney / CEBE Tracker. Independent BTCperShare calculations. Explore CEBE →