ZOOZ Strategy: How Much of the Bitcoin Treasury Really Reaches Each Share?

The main article already established that ZOOZ now looks much more like a public bitcoin vehicle than like an operating flywheel business. This follow-up isolates the next question, and it is the one that matters most to common shareholders: how much of that treasury really reaches each share.

As of March 20, 2026, the company still held about 1,047 bitcoins with an aggregate fair market value of $73.8 million. But the key number is no longer only how much bitcoin ZOOZ owns. It is how many present and potential shares sit against it. Year-end 2025 closed with 161,995,282 issued shares, plus another 106,492,820 warrants, RSUs and options, before an additional 4,000,000 earnout rights. In other words, a large part of the argument has moved from the asset side of the balance sheet to the share-count side of the story.

That is also why the post-balance-sheet buyback looks less dramatic than the headline may imply. Between January 5 and February 12, 2026, ZOOZ repurchased about 1.83 million shares at a total cash outlay of roughly $0.88 million including direct fees. That is directionally positive, but it offsets only about 1.1% of the year-end share base and only about 1.7% of the combined equity-linked overhang and earnout layer. The treasury is large. The denominator is still not clean.

How Much Bitcoin Is Left Per Share

If one uses the March 20, 2026 bitcoin fair value and divides it by the year-end 2025 share count, the result is about $0.46 of bitcoin value per share, or roughly 646 sats per share. That is the simple and comfortable headline read.

But once the 106.5 million equity-linked instruments already hanging over the stock are added, the potential share count rises to 268.5 million and bitcoin per share drops to about $0.275, or about 390 sats. Add the 4.0 million earnout rights on top, and the read falls further to about $0.271 and about 384 sats per share. That is roughly a 41% cut versus the basic share-count reading.

That is the core point. A reader who looks only at the size of the bitcoin treasury sees an asset. A reader who divides it only by the year-end share count sees a stock. But a reader who also acknowledges the existing dilution stack sees something different: a large asset pool, but a much thinner per-share capture.

Not Every Dilutive Layer Is Equal, But A Large Part Of It Sits Close To Common Equity

The healthy counter-argument is that not all 106.5 million equity-linked instruments should be treated as if they will certainly convert. That is a fair objection. Some warrants may never get exercised, and the 4.0 million earnout rights are themselves contingent on price milestones. On that reading, a fully diluted share count could overstate the eventual denominator.

But the basic-share reading makes the opposite mistake. A meaningful part of this stack sits much closer to common equity than to a distant optional tail. The risk-factor section shows 24,566,602 RSUs and 635,694 options, and Note 12 also shows that during 2025 the company issued 29,525,926 pre-funded warrants with a $0.0001 exercise price and no expiry. That is already a layer that is difficult to dismiss as purely hypothetical. And even that is not the whole story: the company explicitly says the 106.5 million figure does not include future issuances reserved under the 2015 plan.

On that view, more than one-third of the year-end share base already sits in layers that are relatively close to common equity, even if not all of them are identical in immediacy. So the real question is not whether there will be any dilution at all. It is how much of it will open, and how fast.

The SEPA And The ATM Keep The Denominator Open Going Forward

The dilution story here is not only a legacy of 2025. It is also an active financing option going forward. ZOOZ already used the Yorkville SEPA during 2025 and sold 394,546 shares under it for an aggregate $0.4 million at a weighted average price of $1.03 per share. In parallel, it sold another 1,142,820 shares through the ATM for an aggregate $3.9 million at a weighted average price of $3.49 per share.

The more important number is not only what was done, but what remains available. The SEPA allows the company to sell up to $12.0 million of shares over two years, at 97% of market price under the VWAP formula, subject to a 4.99% Yorkville ownership cap and a 19.99% issuance limit within any 12-month period without shareholder approval. In addition, the amended ATM agreement from September 2025 allows the company to offer and sell up to $1.0 billion of ordinary shares under the shelf registration statement.

That does not mean the company is about to issue $1.0 billion of stock tomorrow. That is not the point. The point is that the capital structure remains open. So even if the bitcoin count stays flat, bitcoin per share can still weaken if management keeps expanding the denominator for financing, liquidity, or strategic reasons.

Why The Buyback Still Does Not Change The Picture

On November 3, 2025, the board approved a share repurchase program of up to $50 million. By March 20, 2026, only a very small part of it had actually been used. Based on the program disclosure and the subsequent-events note, the company repurchased 1,831,033 shares at an average price of $0.47 per share, for a total cash outlay of roughly $0.88 million including direct fees. That is less than 2% of the authorized program size.

The implication is that the buyback is currently more of a capital-allocation signal than a structural denominator change. It shows that management is aware of the share-price side of the story and is willing to act there too, but it is still small against the 106.5 million equity-linked instruments, the 4.0 million earnout rights, and the financing channels that remain open.

The trading layer does not currently force a fast re-rating either. The April 3, 2026 market snapshot still showed 161.9 million issued and tradable shares, a last price of 98.7 agorot, daily turnover of about NIS 51.6 thousand, short float of 0.40%, and SIR of 1.54. This is a thinly traded stock with low short pressure, not a market setup that naturally compresses the gap quickly between treasury value and per-share value.

The Bottom Line Of This Follow-Up

ZOOZ's bitcoin treasury is real, but for a common shareholder the more important question is how much of that treasury remains after the model acknowledges everything already sitting above the stock. On a basic year-end share count, the answer is about $0.46 of bitcoin value per share. On a fully diluted plus earnout view, it is only about $0.27. That is not a cosmetic gap. It is roughly 41%.

The counter-thesis is that not all of the dilution stack will actually convert, so the fully diluted view is too harsh. That is partly true. But the clean-share-count view is too generous in the opposite direction, because a large part of the stack already sits economically close to common equity, and the company also kept both an active SEPA and a very large ATM facility available. So the right way to read ZOOZ is no longer only through the question of how much bitcoin sits in the treasury. It is through the question of whether management can preserve bitcoin per share.

The tracking point from here is simpler than the headline. Not only the bitcoin price, but also the pace at which the denominator opens. If ZOOZ manages to hold the treasury without returning to aggressive dilution, the read on the stock can improve quickly. If the denominator keeps expanding, even a large treasury may not reach each existing share with the same force.