To reach the target Capital B will need additional instruments beyond what exists today; the model simulates this funding gap month-by-month, with new shares issued at each month's share price × mNAV.
1Pick a target
Custom BTC target₿
BTC price band (power law)
BTC price on —auto: fair
2Pick an mNAV
How the model uses this: mNAV ramps up linearly from today's implied level to your chosen value over the period. Cash inflows (warrants, ATM, future instruments) roll over between months and are spent when BTC is acquired.
mNAV 20 is ~ like Hermes and Yves' bull case — speculative.
3Outstanding warrants
Exercised in the month share price ≥ strike × 1.30
4OCA conversion trigger
When holders voluntarily convert their BTC-denominated debt to shares
What changing this means: Share count from conversion is fixed — what changes is when holders convert and whether they convert at all. Higher trigger = claim stays outstanding longer.
Total BTC claim: 1,060 ₿. Tranches with multiple holders shown as "Multi".
6ATM (TOBAM €300M)
When Capital B taps the at-the-market facility to issue new shares for cash
What changing this means: The mNAV floor is the minimum premium at which Capital B is willing to issue new shares. Below this floor, no ATM happens. Above it, Capital B issues up to the cap. Each ATM-issued share is created at share price × mNAV — high mNAV produces fewer new shares per euro raised.
Focused on the 20-month horizon (today through end of 2027) where Capital B's current capital stack is most relevant. BTC price follows an exponential path from today's actual price to the band's 31-12-2027 power-law projection (@Giovann35084111). BTC accumulation assumed linear. Each month: cash inflows (warrants exercised when share ≥ strike × 1.30; ATM if mNAV ≥ floor and cap not exhausted; filler instruments if cash gap remains) buy BTC at that month's BTC price. Share price = (BTC stack × BTC price × mNAV) / shares outstanding, computed iteratively for convergence. OCAs convert when share ≥ conv × holder-trigger; only Moonlight (B-03) still has original gates so its holder needs share ≥ conv to convert voluntarily. Per-tranche BTC allocation per CEBE Tracker estimates.