Michael Saylor: repurchase of MSTR stocks is not a priority

Executive Chairman Michael Saylor of Strategy stated that repurchases of MSTR stocks were not currently a priority for the company and could only be considered if MSTR had a substantial discount on net assets (NAV). Strategy is now more focused on the business and cash reserves of the SRC priority shares, with approximately $4.8 billion in cash held to cover the rest of the STRC dividends and to retain flexibility for the purchase of bitcoin, the repurchase of MTRs or priority shares and the repayment of debts. Saylor states that the company needs to have the capacity to buy and sell bitcoin and will adjust the pace of cash retention and purchase to the level of the bitcoin relative to the 200-week average price. He considered that the MSTR investor should hold at least four years, preferably between 7 and 10 years, and stated that the investor “must be prepared to go through difficult years”。