Crypto Treasury Stocks: How mNAV and Dilution Affect Value

Your call?🐂 Bullish🐻 Bearish

$BTC

$77,932

-0.1%

$ETH

$2,293

+1.1%

A bigger bitcoin or ether treasury need not mean more crypto per share—or a positive stock return. Strategy’s disclosures show why the valuation formula matters.