---
id: "action-evaluate-bitcoin-per-share"
type: "action-item"
source_timestamps: ["00:19:07", "00:20:12"]
tags: ["investing", "due-diligence", "equities"]
related: ["concept-bitcoin-per-share", "contrarian-mining-stock-dilution"]
speakers: ["Asher Genoot"]
action: "Analyze Bitcoin mining stocks strictly by the growth of their Bitcoin per share metric to avoid dilution."
outcome: "Avoid value-destroying mining stocks and select vehicles that actually compound your Bitcoin exposure."
sources: ["erictrump"]
sourceVaultSlug: "cardone-eric-trump-genoot-abtc-bitcoin-2026Jun25"
originDay: 2
---
# Evaluate Miners by Bitcoin per Share

## Action

Analyze Bitcoin mining stocks strictly by the **growth of [[concept-bitcoin-per-share]]** over time, not by hash rate or total Bitcoin mined.

## Why

[[entity-asher-genoot]] argues that hash rate and total BTC held are misleading proxies. A company can grow both metrics while simultaneously *destroying* per-share value by issuing too much new equity to fund the next [[concept-asic-miners]] refresh.

See the underlying mechanic in [[prereq-stock-dilution]] and the broader critique in [[contrarian-mining-stock-dilution]].

## How to apply it

1. Pull total Bitcoin held by the company across reporting periods.
2. Pull the diluted share count for each reporting period.
3. Compute BTC ÷ diluted shares.
4. Track the trajectory. **Only invest in entities where the metric is consistently growing.**
5. Pair this with valuation discipline (don't pay an unjustified premium to NAV — see [[question-abtc-market-premium]]).

## Expected outcome

Avoid value-destroying mining stocks. Select vehicles like [[entity-abtc]] that are structurally designed to compound your Bitcoin exposure rather than dilute it.

## Caveat

Bitcoin per share is necessary but not sufficient — also evaluate debt burden, governance quality, energy contracts, and any premium the market is currently assigning to NAV.