Michael Saylor says Mnav is just one metric as Strategy dilution debate continues

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.