Distinguishing between "the responsible use of debt against strong cash flowing businesses to pull forward bitcoin accumulation" and "the degenerate risk taking of bitcoin treasury companies with no supporting cash flow" will require a very careful review and lots of nuance, and ultimately I believe it will be what separates the winners from the losers in this cycle. Borrowing money to buy bitcoin is great, as long as you never find yourself in a situation where you need to sell that bitcoin to service the loan.
Issuing equity is a different game, which ends when mNAVs go to 1x. Any company trading above that should dilute the common.