Fully diluted mNAV (multiple to net asset value) is used in calcualtion (market cap/treasury nav).
Capital Structure
Equity Raise (%) buys the crypto asset. More equity raise dilutes shares.
Preferred Raise (%) buys the crypto asset, but doesn't dilute shares immediately.
$ amount raised is based off of market cap in a given year.
Preferred raise amount is a percentage of the equity raise (amplification).