Every Zipp story tagged #ShareDilution, newest first.
The flat ratio isn't a Capital B quirk; it's the structural risk every share-issuing Bitcoin treasury company carries when financing terms can't outpace dilution.
The slide reflects a governance fight: an option pool that grew from 46M to 319M shares as the company diluted holders to buy bitcoin, leaving Series 10 unresolved after the CEO's note.
The 20B ceiling and 2-to-200-for-1 reverse-split leeway sit atop an already-open $300M ATM, giving Chaince's board broad latitude to issue or consolidate equity at will.
The move exposes a growing tension in crypto treasury stocks: reverse splits paper over dilution while the authorized share count signals the real playbook.
The corporate-BTC model is losing investor support as share dilution weighs on treasury stocks and Europe's new entrants seek capital on terms the market has not priced.
The larger BTC reserve strengthens H100's institutional adoption case, but the equity-funded structure leaves existing shareholders facing roughly 70% dilution.
BitMine's staking supplied nearly all quarterly revenue, but its Ethereum bet lost twice the $46M staking income and its treasury sat $8.2B below cost.
Strategy's BTC Yield is sliding, Metaplanet trades below its coin value, and Europe's new entrants are asking investors to fund dilution nobody has priced yet.
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