● Live treasury monitor · CEBE analytics
Gross token holdings overstate exposure when a company carries debt. The Common Equity BNB Equivalent (CEBE) nets out senior claims, then reprices every treasury against the live BNB spot price.
BNB / USD spot
Coinbase BNB/USDCEBE matrix
Every step of the math is shown, from BNB held to wipe-out price, so you can check each result against the rows above it. Status follows EV mNAV, which prices the whole balance sheet. Select a company for its sources.
Scenario sandbox
All figures in USD.
Analysis
Debt-carrying issuers look cheap on gross holdings. Pricing the whole balance sheet shows what they really cost, and leverage shows how fast that changes.
Share of each treasury that is unencumbered vs. matched by debt and preferred stock.
Gross ignores debt; CEBE magnifies the EV premium by leverage.
Unencumbered BNB acquired per $1,000 of equity. Green bars beat buying BNB directly.
Strategic takeaways
Figures at $766.30 BNB, the Oct 2, 2026 close. All amounts in US dollars.
The illusion of gross holdings
At 0.90x gross mNAV Nano Labs looks like it trades below its BNB. But $31.8M of bank and USDT loans, net of $10.1M of cash, match 40% of its 70,000 BNB reserve. Priced on the whole balance sheet it trades at 1.30x EV, and 1.68x leverage lifts that to 1.50x CEBE mNAV. Equity NAV reaches zero near $309 BNB. The reserve is also shrinking: the company held 103,357 BNB at June 30.
A discount on a clean balance sheet
The former CEA Industries holds the largest corporate treasury, 515,544 BNB. Its $16.8M of debt is more than half covered by cash and stablecoins, so net claims match just 2% of the treasury. At 0.80x EV and 0.79x CEBE mNAV, $1,000 of stock carries 1.65 BNB of equity, against 1.30 BNB if you bought BNB outright. The cost that isn't on the balance sheet is its asset manager's 1.4% annual fee, about $5.5M or 7,200 BNB a year, which the company is fighting in court.
A treasury in retreat
The former Applied DNA Sciences holds about 18,600 BNB, counting BNB lent out under call options and inside Osprey trust units. Nasdaq delisted it in July, and on October 2 it said it will move away from a pure treasury model. Its whole equity, common plus convertible preferred, trades at about 0.13x gross mNAV, but the preferred can be redeemed for cash on events that include a delisting, so it stays out of the matrix.
Announced, never funded
Both announced BNB treasuries in July 2025, Liminatus of up to $500M. Liminatus's June 30, 2026 10-Q reports no digital assets, and it has since done a 1-for-50 reverse split to keep its Nasdaq listing. Windtree was delisted from Nasdaq on Aug 21, 2025 and hasn't filed its 2025 annual report. Headline commitments are not holdings.
BNB Plus (BNBX) trades over the counter and is leaving the treasury model; its preferred stock's cash redemption terms can't be separated from common equity. Liminatus (LIMN) reports no BNB. Both appear under "Show excluded". Windtree (WINT) has no current financial statements. The Brooker Group trades in Thailand in baht and holds BNB alongside BTC, ETH and SOL; its last holdings disclosure (43,022 BNB per CoinGecko) is from June 30, 2025.
Methodology
Adapted from institutional Bitcoin treasury models. Net senior claims = debt + preferred stock − cash; net cash counts in shareholders' favor. All figures in US dollars.
01 · Senior claims %
Net senior claims / (Total BNB × BNB price)
The share of the BNB treasury matched by claims that rank ahead of common shareholders.
02 · Common equity BNB
Total BNB − Net senior claims / BNB price
The BNB-equivalent value left for common shareholders once senior claims are paid.
03 · EV mNAV · sets the status
(Market cap + Debt + Preferred − Cash) / (Total BNB × BNB price)
What the whole capital structure pays per $1 of BNB. Leverage doesn't distort it, so it drives the discount and premium labels.
04 · CEBE mNAV
Market cap / (Common equity BNB × BNB price) = 1 + (EV mNAV − 1) × Leverage
What shareholders pay per $1 of their own net asset value. Leverage magnifies the EV premium or discount.
05 · BNB per $1,000
(Common equity BNB × 1,000) / Market cap = 1,000 / (CEBE mNAV × BNB price)
Like sats per $100: the BNB-equivalent value behind every $1,000 of stock. Above 1,000 ÷ BNB price, the stock beats buying BNB outright.
06 · Leverage & wipe-out price
Leverage = BNB value / (BNB value − Net senior claims)
Wipe-out = Net senior claims / Total BNB
How much harder equity value moves than BNB, and the BNB price at which it reaches zero.