TREE NEWS reports: A larger bitcoin or ether treasury does not necessarily translate into more crypto per share or a positive stock return. The filings illustrate why the mNAV valuation formula matters for crypto treasury companies, where dilution can offset the benefit of holding more tokens.
Crypto Treasury Stocks: mNAV and Dilution Drive Per-Share Value
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AI take
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.
Generated by AI for reference only.
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