Saylor and Mallers debate Strategy valuation metrics and dilution at BTC Prague

Michael Saylor and Jack Mallers debated how investors should assess Strategy's valuation at the BTC Prague conference on Wednesday, June 11, 2026. Saylor said mNAV can be calculated using the notional value of convertible debt, common equity, and preferred equity. He added that gross assets per share and net assets per share are also valid frameworks.

Mallers asked how mNAV should be defined and whether out-of-the-money securities should be included. 7 billion of convertible debt that is out of the money at the current $115 share price. Mallers also challenged Saylor's position that issuing equity for cash is not dilutive and asked for an example of a dilutive transaction.

Saylor responded that issuing equity for cash or bitcoin is not inherently dilutive because shareholders receive tangible assets in return. He said raising capital strengthens the balance sheet, expands the capital base, and improves creditworthiness.

U.S. Dollar reserves, bringing the total to roughly $1 billion. Saylor stated that the distinction between valuation frameworks matters less when debt and preferred equity represent only a small portion of the company's overall asset base.