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. 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 eq…
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