Speaking at the Bitcoin 2025 conference in Las Vegas, Strategy (MSTR) Executive Chairman Michael Saylor reaffirmed the company’s dynamic capital strategy, emphasizing its flexibility in the face of market volatility.
Addressing a question about what would happen if Strategy’s market multiple to net asset value (mNAV) dropped below 1—a scenario seen during the previous bear cycle—Saylor differentiated Strategy from more rigid investment vehicles like the Grayscale Bitcoin Trust (GBTC).
“GBTC is a closed-end trust—a corporate structure without the ability to adjust its capital base,” he explained. “In contrast, Strategy is a fully operational business with the tools to raise debt, restructure capital, and adapt in real time.”
Saylor argued that a sub-1 mNAV multiple typically signals a loss of investor confidence in management. Should Strategy ever find itself in that position, he said the firm would be ready to act decisively. “If our stock price dropped to $1 tomorrow, we’d issue preferred shares or debt instruments like STRK and STRF, and use the capital to buy back our common stock,” he said, describing a proactive approach to recapitalization.
At the heart of Strategy’s playbook is optionality, Saylor emphasized. “Value creation stems from maintaining financial optionality. The broader your set of tools and choices, the more resilient and valuable you become.”
He concluded by pointing to Strategy’s multiple at-the-market (ATM) offerings across various capital markets as a core strength. “What makes us formidable is our access to diverse liquidity channels and the ability to act across multiple markets simultaneously,” Saylor said, framing the firm’s financial agility as a strategic advantage.
