$Marathon Digital Holdings Inc(MARA)$ Printing new shares doesn't mean dilution unless the equity per share decreases while the share count is increasing, which doesn't appear to be the full picture of what is happening at MARA. It looks more like value is being protected for shareholders. It is dilution in the sense that if a shareholder is holding a fixed number of shares while the share count is increasing, that shareholder's ownership percentage in the company is decreasing, but if the value per share is simultaneously increasing (and I don't mean the stock price), it's possible that the shareholder is losing no value and possibly even gaining value. Confusion about this can be an edge for investors who see it for what it is and can look beyond the "dilution is bad" mindset.