CEBE BPS measures Bitcoin exposure per share after debt and preferred stock claims
Strategy founder Michael Saylor introduced Common Equity Bitcoin Exposure (CEBE) BPS as a conservative risk metric for Bitcoin treasury firms.
CEBE BPS accounts for debt and preferred stock claims, providing a more accurate measure of Bitcoin exposure per share.
The metric differs from Bitcoin Per Share (BPS), which reflects common equity growth and can be affected by higher liabilities, potentially causing BPS and CEBE BPS to diverge.