Part III · Bitcoin Treasuries · Chapter 4 of 14
mNAV and Accretive Dilution
Why premium-to-Bitcoin value can be rational, how share count can rise while sats per share also rises, and why mNAV is the market's execution grade.
Where this sits
Bitcoin Treasuries
Measure in Sats builds its argument the way geometry builds proofs: simple primitives first, then each layer cites the ones before it. This chapter is part of Part III — Bitcoin Treasuries. The full chapter is in the book; the chapter preview shows how all fourteen fit together, and the optionality layer and public explorer show the framework applied to live filing data.
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