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Why Dilution Changes Everything for Crypto Treasury Stocks
Hero Portfolio
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Crypto treasury companies live and die by per-share exposure, not headline asset totals.
BitMine significantly expanded its ETH holdings in 2025 — but it also expanded its share count through PIPE deals, warrants, and pre-funded warrants. More ETH doesn’t automatically mean more value per share if dilution keeps pace.
This is the key trap for investors: treasury growth can look impressive while per-share crypto ownership stagnates or even declines. For equity holders, the denominator matters as much as the numerator.
