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Saylor is blazing such a trail he’s breaking his own brain

BlokchainB

Michael Saylor spent nearly seven minutes at the BTC Prague 2026 conference this week explaining the meaning of the term “multiple-to-Net Asset Value” or “mNAV.”

However, the clip of Saylor’s rambling response went viral for the wrong reason. Almost nobody could follow the answer.

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 

How can the answer be precisely 1.18x, yet be so difficult to define?

Debt-laden companies with payables and other obligations don’t have “NAV” in the first place, which is a controlled term reserved for regulated funds.

Nonetheless, crypto investors likened “NAV” to the value of the crypto holdings at a digital asset treasury (DAT) company.

Stacker_Stocks

> Michael Saylor spent nearly seven minutes at the BTC Prague 2026 conference this week explaining the meaning of the term “multiple-to-Net Asset Value” or “mNAV.”
>
> However, the clip of Saylor’s rambling response went viral for the wrong reason. Almost nobody could follow the answer.
>
> 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](https://www.strategy.com/): 1.18x.
>
> How can the answer be precisely 1.18x, yet be so difficult to define?
>
> ## The first problem? There is no NAV.
>
> Debt-laden companies with payables and other obligations don’t have “NAV” in the first place, which is a controlled term reserved for regulated funds.
>
> Nonetheless, crypto investors likened “NAV” to the value of the crypto holdings at a digital asset treasury (DAT) company.
>
> [**...read more at protos.com**](https://protos.com/it-took-michael-saylor-seven-minutes-to-define-mnav/)

The first problem? There is no NAV.The first problem? There is no NAV.