TLDR
- Saylor says MSTR investors should hold for at least four years.
- He says a seven-to-10-year investment horizon is preferable.
- Strategy holds about $4.8 billion in U.S. dollar reserves.
- Strategy owns 840,447 BTC at an average cost of $75,385 per Bitcoin.
- Saylor says MSTR buybacks are not a priority unless shares trade at a deep NAV discount.
Strategy Executive Chairman Michael Saylor has called on MSTR investors to approach the stock with at least a four-year time horizon, while saying seven to 10 years is preferable. His comments come as Strategy continues to adjust its capital strategy around Bitcoin, preferred stock, and a growing U.S. dollar reserve.
Saylor says investors should also expect difficult years as Strategy develops what he describes as a broader digital credit business. MSTR has fallen about 38% in 2026 and roughly 73% over the past year, although the stock gained around 5% on Monday to about $97.68.
Saylor Says MSTR Requires a Long-Term Investment Horizon
Saylor compares Strategy’s current development stage with periods when large technology companies invested heavily before their business models became established. He argues that MSTR investors need to judge Strategy over several years rather than focus only on short-term Bitcoin moves or quarterly stock performance.
“I feel your pain,” Saylor said while discussing the recent pressure on MSTR. “But I think we have to be prepared to have difficult years.” He also described MSTR as a way to gain amplified exposure to Bitcoin, while direct Bitcoin ownership provides a different risk profile.
Strategy is also building around preferred securities such as STRC rather than relying only on Bitcoin accumulation. Saylor says strengthening the credit side of the business could support Strategy’s equity valuation over time, although that outcome remains dependent on how the business develops.
Strategy Keeps $4.8 Billion Cash Reserve as Buybacks Stay Secondary
Share repurchases are not currently Strategy’s main priority. Saylor said the company could consider buying back MSTR if the stock trades at a “very, very deep discount to NAV,” but management is currently giving more attention to STRC, liquidity, and the company’s credit products.
Strategy now holds about $4.8 billion in U.S. dollars. The cash reserve gives the company flexibility to buy Bitcoin, repurchase common or preferred shares, repay debt, and fund dividend obligations without depending entirely on new capital raises.
Between August 10 and August 16, Strategy raised $333.7 million by selling 3.46 million MSTR shares. The company used $132.2 million to repurchase about 1.39 million STRC shares, allocated $52.4 million to STRC dividends and added $149.1 million to its dollar reserve.
CEO Phong Le has defended common-stock issuance when MSTR trades above the value of the assets backing each share. He argues that raising capital at a premium and using proceeds to acquire Bitcoin can increase the amount of Bitcoin supporting each common share.
Bitcoin Strategy Shifts Toward Greater Capital Flexibility
Strategy currently holds 840,447 BTC acquired for $63.36 billion at an average price of $75,385 per Bitcoin. The company made no Bitcoin purchases during the latest reporting week despite raising more than $333 million through MSTR sales.
Saylor says Strategy must retain the ability to both buy and sell Bitcoin as market conditions change. “We have to be able to sell Bitcoin as well as buy Bitcoin,” he said, reflecting a broader approach that uses Bitcoin alongside cash reserves and preferred securities.
Future Bitcoin purchases may also depend on valuation. Saylor said Strategy may hold more cash when Bitcoin trades well above its 200-week average price, while prices near or below that level could create opportunities for renewed accumulation.
