CEBE BPS (Common Equity Bitcoin Exposure per share)

The bitcoin backing each common share AFTER senior claims · the debt and preferred stock that get paid before common holders. The conservative, net-of-leverage counterpart to BPS, and Michael Saylor's risk metric. Galaxy Mind reports it as sats per $100 of stock.

If a company's liabilities came due today, CEBE BPS is the more relevant number · it is what common shareholders would actually have a claim to. The shorter a company's liability duration, the more CEBE BPS matters relative to BPS. With no debt or preferred, CEBE BPS equals BPS.