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mNAV justified by accretive dilution on the stock to acquire bitcoin -

is quite different from mNAV justified by access to issue debt to acquire Bitcoin.

Both increase btc/share.

The first is ephemeral and better the smaller the current bitcoin treasury,

The second is enduring and advantaged in certain ways by large size.

The first will rotate with sentiment to newer and smaller LBE’s,

The second will endure for as long as the CAGR of bitcoin is higher than the CAGR of the cost of debt.

#mstr

Thanks for the reply. Good points.

Valuation is in the eye of the beholder/investor.

The value investor will see opportunity on the lower mNAV.

The growth investor will see opportunity in the higher mNAV which generates a higher BTC yield.

Most mNAV calculations are simplified and don’t take debt or cash into account (effectively EV - enterprise value).