No public BTC treasury company has traded below its Bitcoin NAV for a sustained period.

But at least one is now approaching parity.

As some of these companies raise capital through large at-the-market (ATM) programs to buy BTC, a risk is emerging: If the stock trades at or near NAV, continued equity issuance can dilute rather than create value.

⚠️ That is not capital formation. It is erosion.

🧭 Companies pursuing a Bitcoin treasury strategy should adopt safeguards now, while premiums still exist. Some ideas:

1️⃣ Announce pause to ATM issuance if the stock trades below 0.95 times NAV for 10 or more trading days.

2️⃣ Prioritize buybacks when BTC appreciates, but the equity fails to reflect that value.

3️⃣ Launch a strategic review if NAV discount persists. That might include a merger, spinoff, or sunset of the BTC strategy.

💼 Executive compensation should be aligned with NAV per share growth, not with the size of the Bitcoin position or total share count. We’ve seen this movie before with the miners: persistent issuance and outsized executive pay. No need for a sequel.

🚫 Once you are trading at NAV, shareholder dilution is no longer strategic. It is extractive.

📣 Boards and shareholders should act with discipline now, while they still have the benefit of optionality.