Bitcoin
Crypto Treasury Stocks: How mNAV and Dilution Affect Value
The Defiant·November 2, 2026·1 min read
A larger bitcoin or ether treasury does not necessarily mean more crypto per share or a positive stock return. Strategy's disclosures reveal how the valuation formula, including mNAV and dilution, impacts shareholder value, highlighting the importance of understanding these metrics for investors in crypto treasury stocks.
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