From what I read it is a 25BTC initial IPO for 250.000 shares (at 0.0001)
In the event of success a second IPO round will take place for 250BTC/ 250.000 shares (at 0.001)
Since initial shareholder's shares would count 10x, the total amount of shares would then be 2.750.000. So no dilution, but the opposite.
Not an investor, just wondering out loud-
Thank you for clarifying this Mrrr. I thought I had this written out more clearly.