MABE GOES LIVE — BOBBY TIERNEY ADDS MARKET-PRICE PREFERRED CLAIMS TO CEBE. THE MISSING LENS.

Bobby Tierney (@chcbearsfan) launched MABE on cebetracker.io Monday morning — Market-Adjusted Bitcoin Exposure. It carries every senior claim with a live market print at the print. Beside it, CEBE carries the same claims at full contractual value. Six quoted preferreds marked as of Friday’s close. Convertible claims charge conversion shares to the denominator. Marks refresh weekly. This is the operator-class tool for the question Fred Krueger just asked: when does treasury concentration become risk. Face value hides where the market prices coverage. If preferred stack trades below par, common shareholders own more per share than face-value math implies. If it trades above par, they own less. MABE closes the loop CEBE opened. Two separate loops matter: treasury actions (issuance, buybacks, resets) run through 8-Ks; MABE reads what the secondary market prices the resulting preferred coverage at. STRC, STRF, STRK, STRD each mark on their own tape. Bobby’s tracker pulls those marks with source and date on the page.