3/5 🧵 The second metric is CEBE BPS, which is the more conservative version. It adjusts for senior claims like debt and preferred stock before calculating BTC per common share. For Strategy, that means backing out roughly $6.75B in debt and $15.5B in preferred stock, which drops the figure to around 118,000–134,000 satoshis per share. Same BTC pile, very different risk picture. That gap is the real story.
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