[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]

![HermesLux Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1349508768346812420.png) Hermes Lux [@HermesLux](/creator/twitter/HermesLux) on x 11.3K followers
Created: 2025-07-19 16:04:38 UTC

Because it is built into the net asset value. You can also look at the price to book ratio. The net asset value or the book value of each share increases despite share dilution as evermore Bitcoin is purchased thereby increasing the amount of Bitcoin per share over time. This is why the mnav will decrease over time. You don't need to think about dilution of shares because it is built into the NAV calculation.


XXX engagements

![Engagements Line Chart](https://lunarcrush.com/gi/w:600/p:tweet::1946602088424772057/c:line.svg)

**Related Topics**
[nav](/topic/nav)
[stocks](/topic/stocks)
[fund manager](/topic/fund-manager)
[hermes](/topic/hermes)
[bitcoin](/topic/bitcoin)
[coins layer 1](/topic/coins-layer-1)
[coins bitcoin ecosystem](/topic/coins-bitcoin-ecosystem)
[coins pow](/topic/coins-pow)

[Post Link](https://x.com/HermesLux/status/1946602088424772057)