Grain of Salt
Mike Flaum ("Grain of Salt"), San Francisco-based tech and Bitcoin investor and author of books on Bitcoin treasury companies, regular panelist on Bitcoin Today Recast and True North.
2
APPEARANCES
2
PODCASTS
Oct 8, 2026
Grain of SaltGUEST
And so when I'm talking right now, you wanna know what's in my head, I'm gonna show you what's in my head, so I have to make these slides.
Grain of SaltGUEST
So the reason why our industry's a little bit screwed up, the two leading companies, which are awesome, in digital credit are both Strategy and Strive, and I will do all the math on this slide.
Grain of SaltGUEST
And so when they're, when they're saying they have a 1.25 amplification, if we use Strive math, it's 20%.
Grain of SaltGUEST
And people are like, "Well, those two things don't line up." And I'm like, "Well, they kinda do." When you have 50% amplification, that means your multiple is 2.0, 'cause 2 times 50 is 100.
45 MINS LATER
Grain of SaltGUEST
What this is showing you right now, um, and you, the M NAV is 1.15, and this number will change literally every 15 seconds ba- you know, provided the stock is trading.
Grain of SaltGUEST
So this is your M NAV right here, and it's telling you right over here, this, this is a path metric here.
6 MINS LATER
Tim KotzmanHOST
Can you break down why Strategy's MNAV breakeven, or whatever, however you wanna term it, is 1.22 and not 1? Can you walk us through that?