If there are going to be 2.75 Million shares and current investors are only getting 10x shares, then they are getting a bad deal, especially since it was promised that there would be no dilution. What Klye should have done is up the Phase 1 offering to 2.25 Million Shares @ .0001 BTC (he'll have to live without that extra 2.5 BTC for now) and still increase investors' shares 10x, while holding the last 250,000 shares for the Phase 2 IPO.

That way, there are still 250,000 shares on hold for Phase 2 and current investors don't see any dilution.