Strategy Must Be Able to Sell Bitcoin: Saylor Sets Expectations for Long-Term Investors

Michael Saylor has outlined Strategy's approach to its $4.8 billion cash position. The Executive Chairman emphasized that the company must retain the ability to sell Bitcoin when necessary, not just buy it.

The company can use this cash to purchase more Bitcoin, repurchase MSTR common stock or preferred shares, and pay down debt. Saylor stated that common-share buybacks are currently not a priority, but may be considered if MSTR is trading at a significant discount to its net asset value (NAV).

Saylor also set expectations for MSTR shareholders regarding the investment's duration and volatility. He advised investors to have a time horizon of at least four years, preferably seven to ten years, and to be prepared for difficult years along the way.