Crypto Treasury Stocks: mNAV and Dilution Drive Per-Share Value

The distinction between treasury size and per-share crypto exposure is the crux of how this cohort should be judged, and it cuts against the intuitive read that bigger holdings mean better vehicles. mNAV and dilution are the two levers that determine whether accumulation actually reaches existing holders, so the metric worth tracking is per-share token backing rather than headline holdings. Whether the market keeps rewarding treasury growth without that per-share discipline is the open question.