According to CoinMeta, Wu said that Strive, the chief investment officer of Bitcoin treasury company Ben Werkman, stated in a post that the growth rate of bitcoin holdings per share is a key indicator for measuring the efficiency of a treasury company's capital allocation, but it cannot be evaluated in isolation from financing costs and capital structure. When a company's stock price exceeds the net asset value of bitcoin, issuing additional common shares to purchase BTC or repurchasing stocks can also increase this indicator, but it may deplete cash reserves. Werkman warns that if funds obtained from preferred stock financing are continuously used to repurchase common shares, it may weaken the asset protection of preferred stock dividends and harm the interests of preferred stock investors.