@valenting
Treasuries with large reserved allocations introduce future dilution risk. Assessing treasury management efficiency involves analyzing past capital deployment, spending transparency, and governance frameworks. A poorly managed treasury accelerates dilution, while well-deployed reserves can drive growth. Investors should model dilution scenarios by projecting future fundraising rounds and overlaying them on circulating supply forecasts. Risk-adjusted valuations should incorporate efficiency multipliers—higher for well-audited, transparent treasuries, lower for opaque ones. Historical precedent from similar projects helps calibrate expected treasury efficiency, ensuring that reserves are factored as either growth assets or dilution liabilities.
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