{"id":9171,"date":"2026-06-12T03:11:50","date_gmt":"2026-06-12T00:11:50","guid":{"rendered":"https:\/\/handoli.com\/index.php\/2026\/06\/12\/it-took-michael-saylor-seven-minutes-to-define-mnav\/"},"modified":"2026-06-12T03:11:50","modified_gmt":"2026-06-12T00:11:50","slug":"it-took-michael-saylor-seven-minutes-to-define-mnav","status":"publish","type":"post","link":"https:\/\/handoli.com\/index.php\/2026\/06\/12\/it-took-michael-saylor-seven-minutes-to-define-mnav\/","title":{"rendered":"It took Michael Saylor seven minutes to define mNAV"},"content":{"rendered":"
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Michael Saylor spent nearly seven minutes at the BTC Prague 2026 conference this week explaining the meaning of the term \u201cmultiple-to-Net Asset Value\u201d or \u201cmNAV.\u201d<\/p>\n

However, the clip of Saylor\u2019s rambling response went viral for the wrong reason. Almost nobody could follow the answer.<\/p>\n

The length and complexity of the definition was also humorous given that Saylor is the founder of Strategy (formerly MicroStrategy), a DAT that publishes its mNAV on its homepage<\/a>: 1.18x.<\/p>\n

How can the answer be precisely 1.18x, yet be so difficult to define?<\/p>\n

The first problem? There is no NAV.<\/h2>\n

Debt-laden companies with payables and other obligations don\u2019t have \u201cNAV\u201d in the first place, which is a controlled term reserved for regulated funds.<\/p>\n

Nonetheless, crypto investors likened \u201cNAV\u201d to the value of the crypto holdings at a digital asset treasury (DAT) company.<\/p>\n

According to Strategy\u2019s website, the company owns $52.9 billion worth of bitcoin (BTC), and Strategy\u2019s enterprise value is $62.1 billion. Therefore, Strategy has a 1.18x multiple above its $52.9 billion \u201cNAV,\u201d which isn\u2019t really a NAV, but well, whatever.<\/p>\n

And it would be whatever, if only the reality were that simple. In fact, it gets worse.<\/p>\n

Indeed, at BTC Prague 2026 on Wednesday, Twenty One executive Jack Mallers asked Saylor to define mNAV. Like Saylor, Mallers is a leader of a publicly-traded DAT but remains a little confused about what mNAV really means.<\/p>\n

A Bitcoin media outlet posted the exchange with a blunt caption: \u201cSaylor gives nearly a 10-minute answer when Jack Mallers asks him to define mNAV.\u201d<\/p>\n

The recording started trending<\/a> immediately on X, earning hundreds of thousands of combined views.<\/p>\n

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WATCH: Saylor gives nearly a 10 minute answer when Jack Mallers asks him to define mNAV \"\ud83e\udd14\" https:\/\/t.co\/pd60k7Puu6<\/a> pic.twitter.com\/vNYhsHXDJm<\/a><\/p>\n

\u2014 Bitcoin News (@BitcoinNewsCom) June 10, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Mallers\u2019 question, and Saylor\u2019s barely comprehensible response, were as authentic as they were funny. Trying to calm the virality, Mallers wrote<\/a>, \u201cPretty basic questions and I was asking them genuinely. How is that shade?\u201d\u00a0<\/p>\n

For example, he asked Saylor how Strategy counts out-of-the-money convertibles. He also wanted an example of a \u201cdilutive\u201d transaction, since Saylor insists swapping equity for dollars isn\u2019t necessarily dilutive.<\/p>\n

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Michael Saylor\u2019s Strategy makes up metrics to explain MSTR dilution<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n

Read more: Strategy\u2019s\u00a0bitcoin premium\u00a0vanishes as mNAV\u00a0crashes to\u00a01x<\/a><\/em><\/p>\n

A personal definition of mNAV<\/h2>\n

Even the most basic metric is one that Saylor needs multiple paragraphs to explain.<\/p>\n

From the stage, he described mNAV as the equity market cap:<\/p>\n