Share Sales Above NAV Boost Crypto Per Treasury Share, Below NAV Dilute

The distinction matters because it reframes crypto treasury companies as capital-markets vehicles, not just holding shells: the NAV premium or discount becomes a governance and strategy signal in its own right. Management teams at these firms face a real incentive question, since issuance decisions can shift per-share crypto exposure without any move in the underlying asset, and holders are effectively exposed to that judgment call. The open question is whether issuers disclose and justify their issuance pricing discipline, or whether below-NAV sales quietly become the norm in weaker markets.