Some Metaplanet analysis of the plan they announced today.
Here’s the “conservative” version:
759M shares already issued, another 555M on the way, so ~73% dilution (per page 7 of the deck released today). Likely all issued in less than 100 trading days (per page 20 - assuming a modest increase in volume). At an average purchase price of $115k per BTC that'll give them an additional ~57k BTC at the current stock price of ~$11.70 for a total of around 66k BTC worth about $7.6B.
With a new total of 1.3B shares outstanding here's a chart showing the stock price at various mNAV's:
