Here’s a tighter, more polished rewrite with a clearer newsroom tone:

Debate over Strategy’s mNAV methodology and concerns about dilution has resurfaced, with Michael Saylor arguing that issuing equity for cash ultimately strengthens shareholder value rather than weakening it.

The latest exchange took place at BTC Prague, where Strategy Executive Chairman Michael Saylor and Strike and Twenty One Capital (XXI) CEO Jack Mallers discussed how investors should interpret the company’s increasingly complex capital structure.

Mallers questioned Saylor’s approach to calculating multiple-to-net asset value (mNAV), noting that some market participants include out-of-the-money convertible securities in their estimates, and asked whether Saylor agrees with that method. Strategy currently holds about $6.7 billion in convertible debt that is out of the money, meaning it would not convert into equity at the current share price of roughly $115.

He also pressed Saylor on the concept of dilution, asking what would qualify as a dilutive transaction if raising equity for cash is not considered dilutive.

Saylor responded that mNAV can be measured in several ways, including by incorporating the notional value of convertible debt, common equity, and preferred shares. However, he said mNAV is only one valuation lens. Investors can also use metrics such as gross and net asset value per share, which may exclude certain liabilities like convertible debt or preferred equity. He added that these distinctions matter less when such obligations represent a relatively small portion of the overall balance sheet.

On dilution, Saylor argued that issuing equity in exchange for cash is not inherently negative, since shareholders receive a tangible asset in return. He said such capital raises strengthen the balance sheet, expand financial flexibility, and improve creditworthiness. As an example, he pointed to Strategy’s recent addition of about $100 million in U.S. dollar reserves, bringing total cash holdings to roughly $1 billion.

Separately, analysts continue to debate whether recent Bitcoin ETF outflows are being driven by capital rotation into anticipated IPOs such as SpaceX and Anthropic, though some market observers, including Sygnum’s Fabian Dori, argue the data may suggest a different explanation.