Michael Saylor and Jack Mallers go toe-to-toe over Strategy's bitcoin reporting metrics
Key takeaways
- Saylor said investors can calculate Strategy's mNAV using common equity, preferred equity and convertible debt, but argued that gross assets per share and net assets per share are equally valid valuation frameworks.
- Mallers asked Saylor how he defines multiple-to-net asset value (mNAV), noting that some investors include out-of-the-money securities in their calculations and asking whether he agrees with that approach.
- Mallers also challenged Saylor's view on dilution, asking for an example of a dilutive transaction if issuing equity for cash is not considered dilutive.
The two bitcoin treasury leaders renewed the debate over Strategy's m NAV and dilution, with Saylor arguing that equity issuance for cash strengthens, rather than dilutes, shareholders.By James Van Straten|Edited by Stephen Alpher Jun 11, 2026, 11:52 a.m. 2 min read Make preferred on What to know: Michael Saylor and Jack Mallers debated how investors should assess Strategy's valuation at BTC Prague on Wednesday. Saylor said investors can calculate Strategy's mNAV using common equity, preferred equity and convertible debt, but argued that gross assets per share and net assets per share are equally valid valuation frameworks. Defending Strategy's capital raises, Saylor said issuing equity for cash or bitcoin is not inherently dilutive because shareholders receive tangible assets in returnThe debate over Strategy's (MSTR) recent dilutive transaction resurfaced, this time featuring Strategy Executive Chairman Michael Saylor and Strike and Twenty One Capital (XXI) CEO Jack Mallers, on Wednesday at BTC Prague, as the two weighed in on how investors should assess the company's increasingly complex capital structure.
Mallers asked Saylor how he defines multiple-to-net asset value (mNAV), noting that some investors include out-of-the-money securities in their calculations and asking whether he agrees with that approach. (Strategy currently has $6.7 billion of convertible debt that is out of the money, meaning the securities are not expected to convert into equity at the current $115 share price).
Mallers also challenged Saylor's view on dilution, asking for an example of a dilutive transaction if issuing equity for cash is not considered dilutive.