Bitcoin treasury investors are turning on companies diluting them to keep buying
Summary
Bitcoin treasury companies are being judged less on how much BTC they buy and more on how much BTC common shareholders actually own after dilution, preferred dividends, debt, and retained cash. Strategy sold $335.5 million of stock, mostly to replenish cash reserves for preferred obligations, while its BTC Yield slipped and share count rose. Metaplanet’s mNAV fell below 1.0x, turning issuance accretive financing off and pushing it toward buybacks instead. Capital B and BTC AB are still seeking large or costly financing packages despite modest BTC holdings. ETFs have removed some scarcity value from treasury stocks, so companies now need leverage, yield, or better capital discipline to avoid trading at discounts.
