Saylor and Mallers debate Strategy's mNAV metric and dilution at BTC Prague
By
James Van Straten
Summary
At BTC Prague, Strategy Executive Chairman Michael Saylor and Strike/XXI CEO Jack Mallers debated the company's mNAV (multiple-to-net asset value) metric and dilution concerns. Mallers questioned how mNAV should be calculated, noting some investors include out-of-the-money securities. Saylor defended Strategy's equity issuance approach, arguing it strengthens rather than dilutes shareholders. The debate centers on Strategy's complex capital structure, which includes $6.7 billion in convertible debt.
Source
bskySaylor and Mallers debate Strategy's mNAV metric and dilution at BTC Praguecoindesk.comKey quotes
· 3 pulledMallers 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.
Saylor argued that equity issuance for cash strengthens, rather than dilutes, shareholders.
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.
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