I wouldn't downplay all the debt they've accumulated due to bitcoin purchases and everything else, because it's significant and not merely a trivial thing to the company or to its investors.

Wall Street probably doesn't like to see a company take on debt to buy an extremely speculative asset like bitcoin--at least when said asset has performed so poorly over a short-term interval as bitcoin has done recently.  In fact, remove that word 'probably'.  MSTR is getting hammered at the moment, and Saylor's announcement of a new cash reserve (oh, how I just had to chuckle when I read that news) seems like desperation and makes it look like he really doesn't know what the fuck he's doing.

My prediction is that in a year or so, that mNAV metric won't be in use ever again and will make people roll their eyes if perchance it's mentioned in the media somehow.  But I guess it all depends on bitcoin's price performance, just like it has since Saylor started this whole crypto treasury experiment.