In a report published on November 10, 2026, at 08:07:30 (UTC+8), TechFlow cited a post by Strive chief investment officer Ben Werkman on how Bitcoin treasury companies should weigh common-stock issuance, credit financing and share repurchases. His central point was that companies must consider the interests of both common and preferred shareholders.
Werkman said issuing common shares can increase Bitcoin holdings per share when the company’s common-stock market value exceeds the fair value of the Bitcoin on its balance sheet and all proceeds are used to buy BTC. Repurchasing shares with excess cash can also raise Bitcoin per share, but reduces cash reserves.
He argued that issuing credit products to buy BTC can increase Bitcoin per common share without issuing more common stock. That approach, however, brings dividend obligations and a cost of capital. Repeatedly using preferred-share financing to repurchase common stock could weaken the asset backing for dividends and affect credit quality.
The distinction for valuation is that more Bitcoin per common share is not, by itself, a measure of value created. Werkman’s comparison also requires attention to the cash used, financing costs and obligations to preferred shareholders; the report supplies no figures from which to calculate a valuation.