● Live treasury monitor · CEBTC analytics
Gross token holdings overstate exposure when a company carries debt. The Common Equity BTC Equivalent (CEBTC) nets out senior claims, then reprices every treasury against the live BTC spot price.
BTC / USD spot
Coinbase BTC/USDCEBTC matrix
Every step of the math is shown, from BTC held to wipe-out price, so you can check each result against the rows above it. Status follows treasury-only EV mNAV. It excludes operating assets and business earnings. Select a company for its sources.
Scenario sandbox
All figures in USD.
Analysis
Senior claims change the BTC backing of common shares. Compare gross, enterprise-value and common-equity multiples on the same dated inputs.
Modeled BTC value unmatched vs. matched by net senior claims, rather than a pledged/unpledged custody split.
Gross ignores senior claims; leverage scales the EV premium or discount for common equity.
Modeled BTC-equivalent backing per $1,000 of equity. Green bars indicate more backing than spot; business risks and fees remain.
Read the inputs
Holdings and financial inputs are a June 30, 2026 report snapshot. Stock closes refresh on weekdays and BTC spot streams live. Open a company in the ledger for its filing links and share-count assumptions.
Treasury companies
Strategy, Strive and Twenty One use different capital structures. The ledger deducts debt principal and preferred liquidation claims, net of cash, before calculating common-equity BTC backing. Announced financing capacity is not treated as cash or holdings.
Mining businesses
Riot and CleanSpark also own mining infrastructure and earn operating revenue. This treasury-only model excludes that business value, equipment, working capital and other non-cash assets. Its discount and premium labels describe BTC backing, not a valuation of the entire business.
Date discipline
New BTC purchases, share issuance, dividends, conversions and repayments after the reported dates can materially change these results. Each company shows the dates of its holdings, financial inputs and shares. The scenario sandbox holds stock market caps constant.
Coverage
This initial selection includes three treasury issuers and two miners with comparable USD reporting. MARA appears under “Show excluded” with gross holdings only because subsidiary claims require additional attribution. International listings are outside this selection.
Methodology
Net senior claims = USD debt + preferred stock − cash. Net cash counts in shareholders' favor. All monetary amounts are in US dollars.
Treasury value = disclosed BTC exposure × BTC price; equity NAV = treasury value − net senior claims. Net senior claims include debt principal and preferred liquidation claims plus declared unpaid dividends, less unrestricted cash. Operating assets and liabilities are outside this model. These definitions use dynamic mode; fixed-ratio scenarios keep claims at their baseline share of treasury value.
Percentage of the gross treasury matched by debt and preferred obligations, net of cash. A net-cash balance displays as 0%.
The BTC-equivalent value left for common shareholders after net senior claims. Net cash can raise it above tokens held; the dashboard floors underwater equity at zero and retains eight decimal places (one satoshi).
What the whole capital structure pays per $1 of gross BTC treasury. When equity NAV is positive, it sets the status: below 1× is a discount; above 1× is a premium.
What common shareholders pay per $1 of their modeled net asset backing. Leverage scales the EV premium or discount. Not meaningful when equity NAV is zero or negative.
The common-equity BTC-equivalent backing each $1,000 invested in the stock, analogous to sats per dollar. The mNAV identity applies when equity NAV is positive and is approximate because displayed token equivalents are rounded.
Gross token treasury value per $1 of common equity NAV. Senior claims raise this ratio; net cash can lower it below 1×. Not meaningful when equity NAV is zero or negative.
The positive spot price at which modeled treasury-only common equity NAV reaches zero in dynamic mode. Shown only when USD net claims and BTC exposure are positive. This threshold does not establish company insolvency.