With stock prices no longer comfortably above mNAV, crypto treasury firms are turning to riskier capital structures — PIPEs, convertibles, perpetual preferreds — to keep buying coins. Strategy alone issued $7B in preferreds last year (a third of all Wall Street preferred raises), while Metaplanet recently pulled in $255M via warrant-tied share placements with mNAV exercise clauses. The problem: PIPE-backed names like Nakamoto and Strive are already trading below their issuance prices with mNAV under 1.0, and CryptoQuant warns of potential 50% downside as the entire accretive-issuance playbook breaks down.

TLDR by @Benthic