Data account for cebetracker.io | CEBE, Sr Claims %, CEBE mNAV for Bitcoin Treasury Analysis | Built by @chcbearsfan
Joined January 2026
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May 19
Q1 2026 Management Scorecard
Same BTC price applied to both snapshots. Only management actions move the number: BTC bought, shares issued, claims added or retired
This isn't who had the best quarter. It's who created the most value for common equity, stripped of BTC price performance
10 companies. One standard
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1
13
2,734
Twenty One Capital ($XXI ) is now live on CEBE Tracker
Common equity is Class A only. Class B carries no economic rights, so it's excluded from the denominator.
The real common base is ~346.8M shares, not the blended count.
CEBE, Senior Claims %, and sats/$100:
cebetracker.io/company/XXI/
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3
82
$ASST : Weekly Purchase
73 BTC at $63,646
SATA: Zero, 2nd consecutive week
Common ATM: 483K shares
Cash: $141.4M
Machine idling. 19,105 BTC.
Daily dividends go live tomorrow.
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2
8
1,567
$MSTR : Weekly Purchase
1,587 BTC at $63,024
Funded: MSTR ATM $209M (1.73M shares)
Preferred: Zero, 3rd consecutive week
CEBE: 233 sats. Accretive.
Cash retained: $109M. Cash is in the equation.
846,842 BTC. 356,320,000 shares.
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2
11
3,821
Jun 12
$MTPLF: Metaplanet acquires Siiibo Securities
¥2.1B (~$13M) cash. July 13 close.
Type I Financial Instruments Business Operator license.
250,000 shareholder distribution base.
CEBE impact: none. Zero new senior claims.
2
2
18
19,072
Jun 12
$MTPLF: 27th Series MSW floor revised.
Before: ¥298
After: ¥187
Effective: June 12, 2026
BTC declined 16.6% since issuance. Stock at ¥285 was below the ¥298 floor, blocking exercises entirely.
mNAV gate unchanged. ≥1.01× still required. Pre-authorized in original terms.
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3
5,828
Jun 12
$NAKA : Kraken Loan Restructured
Senior Claims %: 47.9% to 41.7% (−6.2pp)
Debt: $210M to $165M
Dec 4 maturity: $210M to $60M
BTC: 5,061 to ~4,467 (~600 sold at ~$80K)
CEBE moved 130 sats. The debt reduction and BTC sale nearly cancel. What changed is the calendar.
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2
249
Jun 11
Smarter Web added Net Sats Per Fully Diluted Share to its analytics dashboard today, formula displayed, inputs shown.
I reconciled it against verified filing data. Every input checks, 2,878 BTC matches the RNS chain trace, the CLN sits at face, cash nets against obligations, and the math lands on 685 sats exactly.
Construction notes
- The numerator is the common equity residual, claims at face, cash netted. Identical construction to CEBE.
- The denominator differs. NBS uses fully diluted shares. CEBE uses basic so the claims and the share count describe the same state of the world: claims standing, conversion not assumed.
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2
9
677
Jun 11
CEBE Weekly: Smarter Web Co ($SWC / $TSWCF )
621 sats/share. 19.7% Sr Claims %
Common equity exposure is 80.3% of the BTC reserve.
CEBE mNAV: 0.92x (DISCOUNT).
Break-even: $9,065.
1
1
5
325
Jun 11
CEBE Weekly: Metaplanet ($MTPLF / $MPJPY)
2,601 sats/share. 17.1% Sr Claims %
Common equity exposure is 82.9% of the BTC reserve.
CEBE mNAV: 0.85x (DISCOUNT)
Break-even: $10,714
1
1
9
367
Jun 10
CEBE Weekly: ProCap Financial ($BRR )
4,619 sats/share. 23.4% Sr Claims%
Common equity exposure is 76.6% of the BTC reserve.
CEBE mNAV: 0.59x (DISCOUNT). Break-even: $14,410.
1
1
154
Jun 10
CEBE Weekly: Strategy ($MSTR )
141,946 sats/share
40.6% Sr Claims %
Common equity exposure is 59.4% of the BTC reserve
CEBE mNAV: 1.32x (PREMIUM)
Break-even: $25,098
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2
130