🔺 Bitcoin treasury financing is moving from narrative to issuer analysis. The old frame was simple: “How many BTC did they add?” That is no longer enough. The better question is whether the financing wrapper compounds BTC/share after: - dividend obligation - dilution path - preferred terms - conversion / redemption mechanics - cost of capital - liquidity runway - downside reflexivity Recent SATA / Strive debates show why the sector needs sharper disclosure vocabulary. BTC on balance sheet is the headline. Treasury Flow Clarity is the analytical layer: What changed? Who absorbs the risk? Did BTC/share improve? Did leverage increase? Did liquidity compress? Did disclosure make it investable? This is where Bitcoin treasury companies become comparable issuer-risk and capital-structure opportunities. DeltaSignal is tracking Treasury Flow Clarity across public BTC issuers: BTC/share impact, financing wrappers, dilution vectors, liquidity runway, and disclosure quality.