Saylor says share buyback isn’t priority as Strategy builds $4.8 billion cash reserve

Executive Chairman Michael Saylor indicated that share repurchases are not a priority, though Strategy (MSTR) may consider buying back shares if valuations become sufficiently attractive.

The remarks came during a Monday Q&A session after a challenging period for Strategy’s common shareholders. MSTR has fallen roughly 38% so far this year and 73% year‑over‑year, pressured by the recent decline in bitcoin’s BTC$64,319.64 decline, as well as by the consistent issuance of common stock to fund more bitcoin purchases, build cash reserves, pay dividends, and repurchase preferred stock.

Saylor added that if MSTR trades at a substantial discount to its net asset value, the company could undertake actions such as share repurchases.

For the time being, Strategy is concentrating on its preferred‑stock operations, particularly STRC.

CEO Phong Le also defended Strategy’s practice of issuing new MSTR shares. He noted that, while some investors fear dilution, selling shares can be advantageous when MSTR trades above the underlying asset value; the proceeds are then used to purchase bitcoin, potentially increasing the bitcoin backing per share.

The recent decline in STRC has also prompted a shift in Strategy’s capital‑management approach.

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