Michael Saylor walked onto the stage at BTC Prague 2026 on June 12 and did what Michael Saylor does best: made the case that Bitcoin is the most important asset humanity has ever created. His keynote, titled “Digital Capital, Equity, and Credit,” laid out a framework for how corporations should think about Bitcoin on their balance sheets, complete with a price projection that would make even the most hardened bull do a double take: $7 million per BTC.

What Saylor actually said

The keynote arrived mid-afternoon on the second day of the three-day conference, which ran from June 11 to 13 in Prague, Czech Republic. Strategy, the company formerly known as MicroStrategy, now holds over 700,000 BTC. That positions the firm as one of the largest corporate Bitcoin holders on the planet.

“Bitcoin has already won.”

That was his headline declaration. The rest of the talk drilled into the mechanics of how digital capital differs from traditional equity and credit structures, and why corporate treasurers should be rethinking their entire approach to reserves.

Saylor’s $7 million price target represents a potential peak scenario, not a near-term forecast.

The fireside chat and the mNAV debate

Saylor’s BTC Prague appearances weren’t limited to the keynote. On June 11, the day before his main stage address, he sat down for a fireside chat on the VIP stage with Julian Liniger. The conversation covered Bitcoin valuation metrics and the specific strategies that corporate buyers like Strategy employ when managing a Bitcoin treasury of this magnitude.

One topic that generated notable discussion at the conference was the concept of mNAV, or modified net asset value, a metric used to evaluate how companies holding Bitcoin on their balance sheets are valued relative to their actual Bitcoin holdings. The conference also featured a debate involving Jack Mallers, the CEO of Strike, who reportedly pushed back on some of Strategy’s financial reporting metrics.

BTC Prague’s growing footprint

The event itself drew over 10,000 attendees and featured more than 200 speakers spread across multiple stages. No major protocol announcements or token launches accompanied the conference.

What this means for investors

Strategy’s accumulation of over 700,000 BTC is the result of a multi-year strategy involving equity raises, convertible debt, and a willingness to endure significant volatility. Strategy’s balance sheet is heavily concentrated in a single volatile asset. If Bitcoin enters a prolonged bear market, the leverage cuts both ways.