Saylor Shifts Focus at Strategy: Liquidity Trumps Buybacks

Strategy Inc., led by Executive Chairman Michael Saylor, has shifted its focus from buying back common shares to building liquidity and supporting its preferred stock offerings. This decision comes despite maintaining a substantial cash position of approximately $4.8 billion.

The company's ordinary shareholders have seen their shares decline roughly 38 percent year-to-date and about 73 percent over the past twelve months, largely due to weakness in Bitcoin's price and ongoing issuance of common shares.

Saylor emphasized that repurchasing MSTR stock is not an immediate goal, but rather something the company would consider if it were trading at a very deep discount to its net asset value. He noted that 'if MSTR is trading at a very, very deep discount to NAV, then probably you would see us do something like that.'

Instead, attention remains centered on the preferred stock side of the business, particularly the STRC series. Saylor stressed that 'fixing the credit' is the higher priority, as strengthening that segment could ultimately expand the equity premium and benefit common shareholders more effectively than immediate buybacks.