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

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.