NAV-premium flywheel and its inversion: how the mNAV premium gates whether issuance accretes or dilutes BTC per share
Issue
ATM · converts · pref
Raises cash
funds the next purchase
Buy BTC
outpaces its new claim
BTC per share
yield > credit cost
mNAV
0.72x
dilutive — the loop spins in reverse
discount
parity
premium
0.60x
1.0x parity
1.22x breakeven (mgt.)
1.40x
0.72x
mNAV 0.72x
discount regime
premium 1.30x
parity 1.10x
discount 0.70x
remaining levers: BTC price · discount narrowing