Michael Saylor and Jack Mallers go toe-to-toe over Strategy's bitcoin reporting metrics

Markets Share Share this article Copy link X icon X (Twitter) LinkedIn Facebook Email Michael Saylor and Jack Mallers go toe-to-toe over Strategy's bitcoin reporting metrics The two bitcoin treasury leaders renewed the debate over Strategy's mNAV 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 return The 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. Saylor responded that mNAV can be calculated by including the notional value of convertible debt, common equity and preferred equity. However, he argued that mNAV is only one valuation framework. Investors can also evaluate gross assets per share and net assets per share, which may exclude preferred equity or convertible debt from the calculation. According to Saylor, the distinction matters less when debt and preferred equity represent only a small portion of the company's overall asset base. On dilution, Saylor argued that issuing equity for cash is not inherently dilutive because shareholders receive a tangible asset in return, whether cash or bitcoin. He said raising capital strengthens the balance sheet, expands the capital base and improves creditworthiness. As an example, Saylor pointed to Strategy's recent addition of approximately $100 million to its U.S. dollar reserves, bringing the total to roughly $1 billion . Bitcoin News More For You Bitcoin advances, holds above key technical level that ether, solana can't break through By Omkar Godbole , Shaurya Malwa | Edited by Sheldon Reback 1 hour ago BTC's dominance rate has risen from last week's low, a sign of renewed capital flowing into the largest cryptocurrency as major altcoins struggle. What to know : Bitcoin advanced and its market dominance rose to 59%, underscoring renewed investor preference for the largest cryptocurrency as major altcoins lag below key technical levels. Lesser-known tokens BEAT and VELVET have posted explosive gains, over 500% and 800%, respectively. Derivatives data show ongoing long liquidations, muted new leverage, and steady... Read full story Latest Crypto News As SpaceX IPO approaches, Polymarket, Ventuals assign $2 trillion valuation onchain 31 minutes ago Bitcoin advances, holds above key technical level that ether, solana can't break through 1 hour ago Japan’s parliament poised to pass sweeping bill to regulate crypto like stocks 1 hour ago BlackRock's income-paying bitcoin ETF nears launch at a fee that undercuts rivals 2 hours ago Philippines' central bank says Binance and its local partner lack licenses to operate 3 hours ago Singapore bank DBS to offer tokenized gold to retail customers 3 hours ago Top Stories Live updates: Bitcoin nears $63,000 ahead of highly anticipated SpaceX IPO 6 hours ago Privacy returns to focus as Ethereum developers explore new token standards 17 hours ago Corporate bitcoin buying has collapsed from $500 million per day to almost negligible 6 hours ago BlackRock and Fidelity are quietly turning bitcoin ETFs into a two-firm market 17 hours ago Bitcoin has reached a deep bear-market valuation zone. The hard part may come next. 7 hours ago Mastercard prepares for a future where AI agents make payments 19 hours ago