That's one framing.
If no more BTC were bought after today:
8349/26335 = 31.7% more BTC
26.4M shares / 97.0M basic shares = 27% more shares
Seems like a good deal for existing shareholders, even if warrant exercisers get modestly more sats/share. How much more depends on the average price at exercise, ASST issuance and at what price, BTC price, etc.
Assuming 3 weeks of 1300 BTC/week we then have:
8349/(26335+3900) = 27.6% more BTC
26.4M shares / 100.0M basic shares = 26.4% more shares (ESTIMATE, we don't know how many ASST shares will be ATM'd)
In this scenario, we get a larger stack that comes out more or less just like today, slightly more BTC/share for all. The larger stack is a win in its own right.
@monster_models