Saylor and Mallers Clash Over Strategy's Dilution | CoinDesk Daily

**Jennifer Sanasie** (0:00)
Saylor and Mallers face off at BTC Prague, and prediction market's BetSpaceX is undervalued at $1.77 trillion.
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Michael Saylor and Jack Mallers debated strategy's capital structure at Bitcoin Prague on Wednesday. Mallers questioned whether issuing new shares to buy Bitcoin hurts existing shareholders by diluting their ownership. Saylor pushed back, arguing it isn't dilution because shareholders get a tangible asset in return, either in cash or Bitcoin. He pointed to strategy recently adding $100 million to its cash reserves, now totaling about $1 billion. SpaceX prices its NASDAQ IPO today, with the company currently valued at $1.77 trillion, but betterers on prediction markets think that's too low. On-chain perpetuals on Hyperliquid and Polymarket have converged on the $1.8 trillion to $2.1 trillion range. Polymarket also gives a 68% chance SpaceX closes above $2 trillion on day one, but just a 6% chance of breaking $3 trillion. And Cal-She will start requiring some users to disclose their employers to crack down on insider trading. The platform said the rule applies to markets with heightened insider or manipulation risk. Cal-She blocked more than 100 potential insider trades in the first quarter and referred over 20 cases to law enforcement. Get more updates on coindesk.com.