Strategy Investors Should Hold MSTR for 7 to 10 Years

A Four-Year Floor, Not a Ceiling

Speaking to investors this week, Saylor set explicit expectations for how long shareholders should be willing to stay in the stock. He said MSTR holders need at least a four-year time horizon, and that seven to 10 years is preferable for the strategy to fully play out. The remarks come as Strategy works through a stretch of volatility that has tested even its most patient backers.

Saylor did not sugarcoat the near-term picture and addressed investor frustration directly. He said he understood the pain shareholders have felt, but that the company has to be prepared to have difficult years as it executes a multi-decade bitcoin accumulation plan. The comment comes as Strategy, long known for a “never sell” bitcoin policy, has broken from that approach four times already this year.

Moreover, it bears mentioning that Bitcoin.com News reported recently that the firm has realized more than $102 million in bitcoin losses over the past eight months alone, selling coins below its average purchase price to help fund dividend and buyback obligations tied to its preferred stock lineup.

$4.8 Billion Cushion, No Buyback Yet

Strategy is currently sitting on $4.8 billion in cash, a reserve Saylor said is primarily there to cover dividend payments on STRC, the company’s Stretch preferred stock. That cash also gives Strategy flexibility to buy more bitcoin, repurchase MSTR or preferred shares, or pay down debt, depending on market conditions.

Despite investor pressure for a share buyback amid MSTR’s underperformance this year, Saylor made clear that repurchases are not the priority right now. He said buybacks would only become likely if MSTR were trading at a very deep discount to NAV, short for net asset value. The company has previously authorized up to $1 billion for that scenario, but the trigger has not been hit yet this year.

As things stand, Saylor maintains that his priority is “fixing the credits,” a reference to keeping STRC and Strategy’s other preferred instruments trading near par value rather than spending down cash on buybacks.

The Ledger Behind the Message

As of today, Strategy’s ledger holds 840,447 BTC, acquired for a total cost of roughly $63.36 billion at an average price of $75,385 per bitcoin (a direct source of the unrealized losses weighing on the stock and, in part, why Strategy has begun selling small tranches of bitcoin this year).

Still, the company insists the broader accumulation campaign is not reversing course, and CEO Phong Le has pushed back on the idea that the recent sales signal a retreat, noting the company has purchased roughly 175,000 BTC since the start of the year against roughly 7,000 BTC sold. Le further stated that Strategy will resume bitcoin buying later this year during a recent media appearance.

Looking ahead, Saylor’s message will likely be viewed as a plea for shareholders to treat MSTR less like a bitcoin price tracker and more like a long-duration bet on the company’s capital structure, one that has been time and again pitched to survive drawdowns without forced selling of its core bitcoin position.