BTC-per-share accretion
The mechanism by which a treasury company can grow its bitcoin holdings faster than it dilutes shareholders. When a company issues equity at mNAV > 1.0× and uses the proceeds to buy BTC, BTC-per-share goes UP because each new dollar raised buys more BTC than the dilution dilutes. Saylor's Strategy made this the central thesis for MSTR.
How to read it
The test is simple: did BTC per share rise through the financing? Issuing stock at 2.0× mNAV to buy coins is massively accretive, each dollar raised buys a full dollar of bitcoin while costing shareholders only half a dollar of stack. The same issuance at 0.9× destroys value. So accretion is not a property of the company, it is a property of the premium at the moment of issuance.
On Galaxy Mind
Accretion is why the /treasuries scoreboard watches premiums so closely: a company trading rich has a working accretion engine, and the market knows it, which partly justifies the premium. It is also wired into the /fit engine's logic: rich premiums trim treasury sleeves toward spot bitcoin, compressed premiums hold the full sleeve.
Context
Strategy invented the modern playbook: sell equity and convertible debt into a premium, buy bitcoin, grow sats per share, repeat. The flywheel runs as long as the premium holds. The bear case has always been the same: at sub-1.0× mNAV the machine runs in reverse, which is why the discount zone is simultaneously the value zone and the danger zone.