Michael Saylor: Strategy may initiate a stock repurchase when its share price falls to a sufficiently "cheap" level.

Michael Saylor, founder of Strategy, said share repurchases are not a current priority, but the company may buy back its own stock if MSTR’s share price falls to a sufficiently cheap level. During a Monday Q&A event, Saylor stated: “If MSTR trades at a very, very deep discount to its net asset value (NAV), you might see us take such action.” Saylor added that the company plans to maintain a large cash reserve to gain greater flexibility, which can be used to purchase Bitcoin, repurchase MSTR shares or preferred stock, or pay down debt. This flexibility also applies to Bitcoin. “We must be able to both sell Bitcoin and buy Bitcoin,” he noted. The company’s strategy prioritizes the development of STRC, cash reserves, and credit operations over share repurchases. He also explained how Bitcoin’s price will impact Strategy’s future purchase plans: when BTC trades well above its 200-week moving average, Strategy may hold onto more of the cash it raises; when Bitcoin’s price approaches or falls below this long-term average, it could be viewed as a buying opportunity. For MSTR investors, Saylor said they should view the investment with a minimum four-year time horizon, ideally holding for 7 to 10 years. He concluded: “I can feel your pain. But I think we must be prepared to go through tough years.”