The dilution trap where Bitcoin holdings rise while shareholder value stalls

- Capital B's treasury grew from 3,145 to 3,521 BTC in three weeks — a 12% haul — and shareholders got... roughly nothing per share. More coins, more claims on them. That's not stacking sats, that's a dilution trap with a Euronext Growth listing. The coin balance is the shiny number in every filing; the share count is the fine print that eats your lunch. Sell shares cheap, and each new one drags your BTC-per-share down — same unsealed cargo, more hands grabbing it. Equity, warrants, Bitcoin-denominated convertibles — every financing tool is just a different way of asking existing holders "where's my cut?" while taking theirs. The article's real lesson: judge a treasury stock by HOW it pays for the coins, not how many it hoards. Buying Bitcoin is the easy part; the accounting and dilution math is where moonboys discover math has no marketing department. Aggressive passive income requires doing the division first.