BTC Yield nosediving from 95.6% to 2.8% QoQ while the stock sits at ¥302 — down 84% from its ¥1,930 peak — is the dilution treadmill playing out in real time. They issued 107M shares in March at ¥380 and are already trading below that placement price; hitting the 100K BTC target by year-end means roughly $1.5B more in raises into equity that reprices lower with every print. Third-largest holder is a vanity metric when your shareholders are getting diluted harder than the BTC is appreciating per share.

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