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Crypto Treasury Stocks: How mNAV and Dilution Affect Value

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Based on a feed excerpt; full article content has not been acquired. Source evidence retrieved 02/11/2026, 14:27:25 UTC.

Briefings

A new analysis explains that increasing Bitcoin or Ethereum treasury holdings does not automatically increase per-share value or generate positive stock returns. The valuation formula used in the study shows that dilution can offset gains from treasury accumulation, meaning larger holdings may not improve individual investor returns.

Key points

• Treasury accumulation of Bitcoin or Ethereum does not guarantee higher per-share value or positive stock returns.
• The valuation formula reveals that dilution can negate gains from increasing treasury holdings.

Context

This research analyzes how mNAV and dilution factors affect crypto treasury stock valuations, revealing that larger holdings may not improve individual investor returns.

Limitations

Evidence is limited to the study's specific valuation formula analysis; uncertainty exists regarding broader market impacts and future implementation of these strategies.

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